-- The sale of the 1984 built, 166,000 dwt capesize bulk carrier, MV
Shibumi for a price of approximately $24.6 million. Delivery to new owners
will take place in the second quarter of 2007. It is expected that the
DryShips will realize a book gain of about $17.8 million on the sale.
-- The purchase of the 2001 built, 73,931 dwt panamax bulk carrier, MV
Zella Oldendorff for a price of approximately $39.7 million. Delivery to
the Company is scheduled for the third quarter of 2007.
Mr. George Economou, DryShips' Chairman and Chief Executive Officer,
commented:
"The above transactions confirm DryShips' stated strategy of renewing its
fleet through the disposal of older vessels and their substitution by
younger ships. The sale of the 22 year old Shibumi and its replacement by a
5 year old vessel will ensure DryShip's longevity of earnings into the
future."
About DryShips Inc.
DryShips Inc., based in Greece, is an owner and operator of drybulk
carriers that operate worldwide. As of the day of this release, DryShips
owns a fleet of 36 drybulk carriers consisting 4 Capesize, 27 Panamax, 3
Handymax and 2 newbuilding Panamax vessels, with a combined deadweight
tonnage of approximately 2.9 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 charterhire 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. 011 302 10 809 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