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Dryships returns to tankers with $102.5m acquisition

Dryships returns to tankers with $102.5m acquisition
George Economou’s Dryships has re-entered the tanker market buying an aframax and a VLCC.

Dryships is splashing out $102.5m for a newbuild 113,205 dwt aframax being built in Korea and due for delivery in Q2 this year, and a 2011-built, 320,105 dwt VLCC, which it will also take delivery of in the second quarter.

Both vessels are expected to be employed on the spot market.

Economou, chairman and ceo of Dryships commented; “We are very excited to have re-entered the tanker market by acquiring a modern aframax tanker of eco- design and one very large vrude varrier at historical low prices.

“We continue to look at opportunities to diversify and grow our fleet with high quality tonnage and significant operating leverage.”

Dryships quit the tanker sector in mid-2015 selling its six aframaxes to companies belonging to Economou.