DryShips Inc. (DRYS) Enters One Year Time Charter Contract for a Newcastlemax Vessels


DryShips Inc. (NASDAQ:DRYS) announced today that it has entered into a one year time charter with a major grain house for one of its 206,000 dwt Newcastlemax dry bulk vessels for an expected duration of about one year.

The Company anticipates a total gross backlog of $7.1 million, and the contract to commence upon the delivery of the vessel, expected before the end of April 2017.

Mr. George Economou, Chairman and Chief Executive Officer commented: “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. We continue to execute our strategy to restore the Company’s earnings capacity, taking advantage of the positive developments in the drybulk market.”

Read more: DryShips: Economou Strikes Again

Shares of DryShips are currently trading at $1.78, up $0.04 or 2.29%. DRYS has a 1-year high of $8908.80 and a 1-year low of $0.58. The stock’s 50-day moving average is $1.63 and its 200-day moving average is $4.27.

DryShips, Inc. engages in ocean transportation services for drybulk and petroleum cargoes. The company operates its business through three segments: Drybulk and Offshore support. The Drybulk segment provides drybulk commodities transportation services for the steel, electric utility, construction and agri-food industries, which consists transportation and handling of Drybulk cargoes through ownership and trading of vessels. The Offshore Support segment consists of offshore support services to the global offshore energy industry through the operation of a diversified fleet of offshore support vessels. 

 

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