DryShips Announces Fleet Update
News Release
DryShips Inc.
July 22, 2011
ATHENS, GREECE – July 21, 2011 - DryShips Inc. (NASDAQ: DRYS) (the “Company” or
“DryShips”), a global provider of marine transportation services for drybulk and petroleum
cargoes and off-shore contract drilling oil services, announced the following sale and purchase
activities:
? The Company sold the 72,126 DWT Panamax bulker M.V. La Jolla (built in 1997).
Delivery of the vessel took place in July 2011
? The Company sold the 75,607 DWT Panamax bulker M.V. Conquistador (built in 2000).
Delivery of the vessel is expected to take place in July 2011
? The Company sold the 151,066 DWT Capesize bulker M.V. Brisbane (built in 1995).
Delivery of the vessel is expected to take place in September 2011
? The Company sold the 150,393 DWT Capesize bulker M.V. Samsara (built in 1996).
Delivery of the vessel is expected to take place in August 2011
The aggregate sale price for all four vessels amounted to $75.5 million, resulting in an aggregate
book loss of $106.9 million.
George Economou, Chairman and CEO, commented:
“The Company has sold a number of older dry bulk vessels recently as part of a fleet renewal
program. The prevailing low freight rates, due to the current fleet oversupply, has led to a decline
in asset values in general but specifically for older ships the decline was even sharper. Given the
number of newbuildings that have joined the fleet and expected deliveries over the next two years
we expect heightened charterer discrimination against older vessels and a consequential
acceleration in the decline in values. With this in mind we have sold eight older vessels since
January 2010. In the near term we will focus on replacing these vessels by acquiring vessels or
fleets with fixed rate employment and financing in place.”
Vessel Built DWT Delivery Date
MV Iguana 1996 70,349 Jan 2010
MV Delray 1994 71,862 Feb 2010
MV Xanadu 1999 72,270 Sep 2010
MV Primera 1998 72,495 Apr 2011
MV La Jolla 1997 72,126 Jul 2011
MV Conquistador 2000 75,607 Jul 2011
MV Brisbane 1995 151,066 Sep 2011
MV Samsara 1996 150,393 Aug 2011
“DryShips”), a global provider of marine transportation services for drybulk and petroleum
cargoes and off-shore contract drilling oil services, announced the following sale and purchase
activities:
? The Company sold the 72,126 DWT Panamax bulker M.V. La Jolla (built in 1997).
Delivery of the vessel took place in July 2011
? The Company sold the 75,607 DWT Panamax bulker M.V. Conquistador (built in 2000).
Delivery of the vessel is expected to take place in July 2011
? The Company sold the 151,066 DWT Capesize bulker M.V. Brisbane (built in 1995).
Delivery of the vessel is expected to take place in September 2011
? The Company sold the 150,393 DWT Capesize bulker M.V. Samsara (built in 1996).
Delivery of the vessel is expected to take place in August 2011
The aggregate sale price for all four vessels amounted to $75.5 million, resulting in an aggregate
book loss of $106.9 million.
George Economou, Chairman and CEO, commented:
“The Company has sold a number of older dry bulk vessels recently as part of a fleet renewal
program. The prevailing low freight rates, due to the current fleet oversupply, has led to a decline
in asset values in general but specifically for older ships the decline was even sharper. Given the
number of newbuildings that have joined the fleet and expected deliveries over the next two years
we expect heightened charterer discrimination against older vessels and a consequential
acceleration in the decline in values. With this in mind we have sold eight older vessels since
January 2010. In the near term we will focus on replacing these vessels by acquiring vessels or
fleets with fixed rate employment and financing in place.”
Vessel Built DWT Delivery Date
MV Iguana 1996 70,349 Jan 2010
MV Delray 1994 71,862 Feb 2010
MV Xanadu 1999 72,270 Sep 2010
MV Primera 1998 72,495 Apr 2011
MV La Jolla 1997 72,126 Jul 2011
MV Conquistador 2000 75,607 Jul 2011
MV Brisbane 1995 151,066 Sep 2011
MV Samsara 1996 150,393 Aug 2011