-- To enter its 1999 built 73,688 dwt Panamax bulk carrier "M/V Ocean
Crystal" into a time charter for a period of between six and eight months
at a daily rate of $40,000. This new time charter commenced on March 31,
2007.
-- To enter its 2001 built 170,662 dwt Capesize bulk carrier "M/V
Alameda" into a time charter for a period of between 9 and 11 months at a
daily rate of $73,000. This new time charter commenced on April 13, 2007.
-- To enter its 1994 built 45,863 dwt Handysize bulk carrier "M/V Matira"
into a time charter for a period of between 6 and 8 months at a daily rate
of $32,300. This new time charter is expected to commence no later than
April 20, 2007.
-- To enter its 1995 built 75,473 dwt Panamax bulk carrier "M/V Waikiki"
into a time charter for a period of between 9 and 11 months at a daily rate
of $36,750. This new time charter is expected to commenced on April 13,
2007.
Mr. George Economou, Chairman and CEO of DryShips Inc., commented:
"With these fixtures we have secured 44% of our fleet days in 2007 under
short- and medium-term time charters. Our strategy is to take advantage of
the robust freight rate environment, positioning the Company to benefit
from the upside potential of the spot market with the remaining 56% of our
fleet days. We believe this strategy enables us to optimize our fleet
operation and maximizes our earnings potential."
About DryShips Inc.
DryShips Inc. is an international provider of drybulk carriers.
Headquartered in Athens, Greece, DryShips currently owns and operates a
fleet of 33 drybulk carriers comprising 4 Capesize, 24 Panamax, 3 Handymax
and 2 newbuilding Panamax vessels, with a combined deadweight tonnage of
approximately 2.7 million.
DryShips Inc.'s common stock is listed on NASDAQ Global Market where it
trades under the symbol "DRYS."
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking
statements. Forward-looking statements reflect our current views with
respect to future events and financial performance and may include
statements concerning plans, objectives, goals, strategies, future events
or performance, and underlying assumptions and other statements, which are
other than statements of historical facts.
The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical
operating trends, data contained in our records and other data available
from third parties. Although DryShips Inc. believes that these assumptions
were reasonable when made, because these assumptions are inherently subject
to significant uncertainties and contingencies which are difficult or
impossible to predict and are beyond our control, DryShips Inc. cannot
assure you that it will achieve or accomplish these expectations, beliefs
or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include
the strength of world economies and currencies, general market conditions,
including changes in charter hire rates and vessel values, changes in
demand that may affect attitudes of time charterers to scheduled and
unscheduled drydocking, changes in DryShips Inc.'s operating expenses,
including bunker prices, dry-docking and insurance costs, or actions taken
by regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions, potential
disruption of shipping routes due to accidents and political events or acts
by terrorists.
Risks and uncertainties are further described in reports filed by DryShips
Inc. with the US Securities and Exchange Commission.
Visit our website at www.dryships.com
Contact Information: Company Contact: Gregory Zikos Chief Financial Officer DryShips Inc. Tel. 011 30 210 809 0513 E-mail: management@dryships.com Investor Relations / Media: Nicolas Bornozis Capital Link, Inc. ,New York Tel. 212-661-7566 E-mail: nbornozis@capitallink.com