Newbuild Suezmax Tanker Joins DryShips Fleet

Nasdaq Athens-based shipowner DryShips has taken delivery of the 159,855 deadweight tons newbuilding Suezmax tanker. The vessel was acquired from and chartered out to entities affiliated with the companys Chairman and Chief Executive Officer, George Economou, the company informed. The vessel is the companys sixth newly acquired ship. It was chartered back to the seller and on May 24, 2017, commenced its five year time charter plus optional periods in charterer’s option, at a base rate plus profit share. The total expected gross backlog under the time charter, assuming an average spot market for Suezmaxes for the next 5 years of USD 25,000 per day is estimated to be approximately USD 43.1 million, DryShips said. Commenting on the delivery and its chartering, the companys President and Chief Financial Officer, Anthony Kandylidis, said that the charter is expected to provide stable and visible long term cash flow, while maintaining upside to the spot market. DryShips owns a fleet of 32 dry bulkers, with 3 Newcastlemax drybulk vessels and 3 Kamsarmax drybulk vessels slated for delivery in the second quarter of 2017. The company also has 1 Very Large Crude Carrier, which is expected to be delivered in the second quarter of 2017, along with 2 Aframax tankers, 1 Suezmax tanker, 4 VLGCs which are expected to be delivered in June, September, October and December of 2017; and 6 offshore support vessels.