Dryships capesize trio sale to Economou falls through

The plan by Dryships chairman and ceo George Economou to buy three capesizes from company has fallen through, and Petrobras has terminated the charter on one of its PSVs.

The sale by Dryships of three 2013-built capesizes Fakarava, Rangiroa and Negonego has failed apparently over transferring loans on the vessels.

“Mr Economou has expressed his desire to proceed with the sale of the vessels subject to the transfer of the existing loan at the current fair market value of the vessels and we are in discussions with the respective lenders to achieve this,” Dryships said.

The company also said it had reached agreement with the charterer of the vessels for a lumpsum payment and conversion of daily rate charters to index linked charters.

Adding to its woes Dryships oddly timed move into the OSV market last October with six vessels on charter to Petrobras has hit a speed bump with the Brazilian state oil and gas firm terminating the charter on a PSV. The contract on the OSV Vega Crusader is being terminated on 8 March this year. The vessel contracted to Petrobras until 8 January 2017 and Dryships said it would result in a $2.2m loss to EBITDA this year.

Meanwhile discussions continue with its banks over restructuring its debt. “While discussions are ongoing, the company may elect to suspend principal repayments to preserve cash liquidity,” it said.

Posted 16 February 2016

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Marcus Hand

Editor, Seatrade Maritime News