First VLGC Joins DryShips Fleet

DryShips Greece-based owner of dry bulk carriers DryShips has taken delivery of the previously acquired very large gas carrier (VLGC) newbuilding.  The ship, built at South Korean shipyard Hyundai Heavy Industries (HHI) will be employed under a time charter on a fixed rate with five years firm duration to an unnamed oil major, the company said. As informed, the charterer has options to extend the firm employment period by up to three years. DryShips expects a total gross backlog associated with this time charter of up to USD 92.7 million, including the optional periods. The purchase is a part of a “zero cost” option agreement which DryShips inked in January to purchase up to four high specifications VLGCs capable of carrying liquefied petroleum gas (LPG). Since the beginning of this year, DryShips has taken delivery of eleven vessels and expects to take delivery of six more by the end of 2017.