-- 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 rates
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 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