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Dryships buying six more vessels for $226.4m

Dryships buying six more vessels for $226.4m
George Economou’s Dryships has acquired a further six vessels for $268m as it lines up a $226.4m possible share sale to Kalani Investments.

Dryships is buying one aframax tanker, two 2014-built kamsarmax bulkers and one kamsarmax newbuilding under construction and two VLGCs from companies belonging to Economou under a previously announced deal. The aframax and two secondhand bulkers are expected to be delivered to the company in Q2, the newbuilding resale in Q3 and the VLGC pair before the end of the year.

All the vessels will be deployed on the spot market apart from the two VLGCs which have 10-year charters to an undisclosed oil major.

Dryships said the acquisitions would be financed by cash on hand, the available liquidity under the senior secured credit facility with Sifnos Shareholders, an entity affiliated with Economou, and new bank debt.

“We are very pleased to announce the acquisition of six more vessels since the beginning of our transformation project that started at the end of last year. In the last three months, we have acquired a total of fourteen vessels with an average age of two years, for a total cost of approximately $662m,” said Economou, chairman and ceo of Dryships.

Dryships also entered into an agreement with Kalani Investments under which it can sell up to $226.4m in common stock over the next 24 months. Proceeds would be used for general corporate purposes.