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Dryships in one-year charter for newcastlemax newbuild

Dryships has chartered on of its 206,000 dwt newcastlemax newbuild bulkers for one year.

The Nasdaq listed shipowner said the vessel had been chartered for one-year to an undisclosed major grain house. The company said it expected gross revenues of $7.1m from the charter that starts at the end of April.

“We are very pleased to have employed one of our newly acquired vessels upon its delivery, at a gross charter rate, which will be highly accretive to the company’s earnings and will provide visible cash flow,” said George Economou, chairman and ceo of Dryships.

“We continue to execute our strategy to restore the company’s earnings capacity, taking advantage of the positive developments in the dry bulk market.”

Dryships has four newcastlemax newbuildings to be delivered in Q2 this year.

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