Dryships buys its first VLGC from chairman Economou

Dryships has bought its first VLGC from its chairman and ceo George Economou for $83.5m.

The newbuilding under construction at Hyundai Heavy Industries (HHI) has a five-year fixed time charter attached, with options for up to another three years, and is due for delivery in June 2017. The five-year charter is worth $54m, and increases to $92.7 with all the options attached.

It is the first of four options to buy VLGC newbuilds from companies owned by Economou that Dryships announced last week.

“We are very pleased to have declared our first option to purchase a high specification VLGC with long term employment to an oil major at above market rates,” commented Economou in his role as Dryships chairman and ceo.

“This acquisition allows us to deploy the company’s available liquidity immediately and will be highly accretive to earnings and cash flow.”

Posted 10 January 2017

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Marcus Hand

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