-- Enter its 1996 built 150,393 dwt Capesize bulk carrier MV Samsara into a time charter for a period of about 12 months at a daily rate of $139,000. The vessel commenced its new charter retroactively from November 7, 2007. -- Enter its 1995 built 151,066 dwt Capesize bulk carrier MV Brisbane into a time charter for a period of about 12 months at a daily rate of $145,000. The vessel is expected to commence its new charter on or about December 1, 2007. -- Enter its 2000 built 72,561 dwt Panamax bulk carrier MV Marbella into a time charter for a period of about 12 months at a daily rate of $82,500. The vessel is expected to commence its new charter on or about November 15, 2007.An updated fleet list including recent employment developments as of Nov. 12, 2007 can be found in the next page of this press release. George Economou, Chairman and CEO of DryShips Inc., commented: "With the recent fixtures that represent about 9% of the total Panamax equivalent operating days of the DryShips fleet in 2008, we have locked-in about $94.5 million of EBITDA for 2008. We continue to take advantage of the current strong freight environment. By opportunistically fixing a fragment of our vessel portfolio on short-term charters we are setting the foundations for further vessel acquisitions at today's high prices that will maintain our overall exposure to the spot market." About DryShips DryShips Inc. is an international provider of drybulk cargo marine transportation services. Headquartered in Athens, Greece, DryShips currently owns and operates a fleet of 44 drybulk carriers comprising 5 Capesize, 29 Panamax, 2 Handymax and 8 newbuilding drybulk vessels, with a combined deadweight tonnage of approximately 4 million tons. DryShips Inc.'s common stock is listed on NASDAQ Global Market where it trades under the symbol "DRYS." Fleet List as of Nov. 13, 2007
Year Current Gross Rate Built DWT Type Employment per Day Earliest Latest Capesize: Manasota 2004 171,061 Capesize Spot $175,000 Prompt Prompt Alameda 2001 170,269 Capesize TC $73,000 8-Jan 8-Mar Samsara 1996 150,393 Capesize TC $139,000 8-Oct 8-Dec Netadola 1993 149,475 Capesize TC $52,500 Prompt Prompt Brisbane 1995 151,066 Capesize TC $145,000 8-Oct 8-Dec 9.0 792,264 5 Panamax: Heinrich Oldendorff 2001 73,931 Panamax BB $28,000 8-Apr 8-Jun Padre 2004 73,601 Panamax TC $81,000 8-Oct 8-Nov Mendocino 2002 76,623 Panamax TC $37,500 Prompt 7-Dec Maganari 2001 75,941 Panamax TC $18,400 8-Apr 8-Jul Coronado 2000 75,706 Panamax TC $81,750 8-Sep 8-Oct Marbella 2000 72,561 Panamax TC $82,500 8-Oct 8-Nov Ocean Crystal 1999 73,688 Panamax TC $40,000 Prompt Prompt Primera 1998 72,495 Panamax TC $78,600 8-Sep 8-Oct La Jolla 1997 72,126 Panamax TC $46,000 Prompt 7-Dec Lanzarote 1996 73,008 Panamax TC $43,750 Prompt Prompt Iguana 1996 70,349 Panamax TC $77,000 8-Oct 8-Nov Waikiki 1995 75,473 Panamax TC $36,750 8-Jan 8-Mar Sonoma 2001 74,786 Panamax Baumarine $72,140 Toro 1995 73,034 Panamax Baumarine $69,537 Lacerta 1994 71,862 Panamax Baumarine $70,051 Catalina 2005 74,432 Panamax Spot $80,000 Prompt Prompt Majorca 2005 74,364 Panamax Spot $72,000 Prompt Prompt Ligari 2004 75,583 Panamax Spot $95,000 Prompt Prompt Bargara 2002 74,832 Panamax Spot $75,300 Prompt Prompt Capitola 2001 74,832 Panamax Spot $80,000 Prompt Prompt Samatan 2001 74,823 Panamax Spot $80,000 Prompt Prompt Ecola 2001 73,931 Panamax Spot $82,000 Prompt Prompt Redondo 2000 74,716 Panamax Spot $85,000 Prompt Prompt Xanadu 1999 72,270 Panamax Spot $84,500 Prompt Prompt Menorca 1997 71,662 Panamax Spot $84,500 Prompt Prompt Formentera 1996 70,002 Panamax Spot $72,000 Prompt Prompt Solana 1995 75,100 Panamax Spot $88,750 Prompt Prompt Paragon 1995 71,259 Panamax Spot $85,500 Prompt Prompt Tonga 1984 66,798 Panamax Spot $70,500 Prompt Prompt 8.2 2,129,788 29 Handymax: Matira 1994 45,863 Handymax Spot $70,000 Prompt Prompt 13.0 45,863 1 Supramax Clipper Gemini 2003 51,201 Supramax BB $27,000 8-Nov 9-Jan 4 51,201 1 Newbuildings: TBN 2007 170,000 Capesize TBN 2009 180,000 Capesize TBN 2009 180,000 Capesize TBN 2010 180,000 Capesize TBN 2010 82,000 Kamsrmax TBN 2010 82,000 Kamsrmax TBN 2009 75,000 Panamax TBN 2010 75,000 Panamax 1,024,000 8 Total Fleet 8.4 4,043,116 44 1. For spot vessels the TCE rate is for the current voyage 2. Prompt implies next 60 days 3. For vessels trading in the Baumarine pool the TCE rate is the Pool's estimate for earnings in the month of October 4. Vessels highligthed blue represent new spot fixtures since last update 5. Vessels highlighted red represent new short period charters since last update 6. Vessels highlighted in green represent updated forecast estimates for the respective month by Baumarine since the last update 7. The quoted rates are not indications of future earnings and the Company gives no assurance or guarrantee of future ratesForward-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 U.S. Securities and Exchange Commission. Visit our website at www.dryships.com Email: management@dryships.com
Contact Information: Investor Relations / Media: Nicolas Bornozis Capital Link, Inc., New York Tel. 212-661-7566 E-mail: nbornozis@capitallink.com