Dryships set for expansion into VLGC sector

Dryships is set to enter the gas carrier market with an option agreement to buy four VLGC newbuildings from its chairman and ceo George Economou.

The agreement comprises four separate options to buy the VLGCs under construction at Hyundai Heavy Industries for $83.5m per vessel. The zero cost options are valid until 4 April 2017.

Newbuildings due for delivery between June and December this year and all have time charters of five or 10 years attached. If Dryships takes up the options the vessels by another Economou controlled company TMS Cardiff Gas.

As ceo and chairman of Dryships, Economou commented: “We believe in the long-term prospects of the gas carrier market. Having the option to acquire a fleet of four sister ships of very high specifications, ready for delivery in the near term and chartered to major industry players, provides us with a unique opportunity to enter this new segment in a solid footing that can be a stepping stone for further expansion.”

Posted 06 January 2017

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Marcus Hand

Editor, Seatrade Maritime News

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