DRYSHIPS
Cancels the purchase of the Panamax “Maple Valley”
- New time charter contract for “Alameda”

JAN, 29.2009
 

 

DryShips, listed in Nasdaq (George Economou – Chairman & Chief Executive Officer), a global provider of marine transportation services for drybulk cargoes, has entered into an agreement to cancel the previously announced acquisition of the 2005 built Panamax drybulk carrier “Maple Valley” for a purchase price of USD 61m from an unrelated third party.

In view of market conditions and following negotiations, the company and the seller have mutually agreed to cancel the Memorandum of Agreement in consideration of a payment of USD 8m to the seller and the seller’s retention of the USD 6.1m deposit that was previously paid. This cancellation will further reduce DryShips’ 2009 capital expenditures by USD 46.9m.

The company also announced that it has entered into a time charter for the “Alameda”, its only remaining unfixed spot based Capesize drybulk carrier. “Alameda” will be chartered at a gross rate of USD 21,000 per day for a period of approximately two years. The charter is expected to commence during late February or early March 2009. The M/V “Alameda” is a 170,662 dwt Capesize drybulk carrier, built in 2001.