Dryships writes off charterer owings to renegotiate contracts

The 11 vessels will, effective from 1 June, be chartered at $12,500 per day gross, with a 50/50 profit share, for an average of 4.5 years. The charterer will also forgo profitable purchase options related to seven of the vessels.

George Economou, Dryships chairman and ceo, stated: “We are pleased to have reached an agreement with one of our charterers that allows DryShips to put a floor on its downside while providing upside potential. With the negative conditions in the drybulk market we believe this is a prudent way to take advantage of market volatility.”