DryShips to Buy Newcastlemax from Economou Entity

zoomIllustration. Source: Pxhere under CC0 Creative Commons license

The 2017-built unit would be purchased from an entity that owned by George Economou, the company’s Chairman and CEO.

DryShips explained that the acquisition includes existing financing in place and will be effected by way of long-term bareboat charter party with purchase obligation.

The bulker is expected to be delivered to DryShips in the second quarter of 2019 and in connection with the transaction, an entity owned by Economou has also agreed to time charter the vessel on an index-linked time charter of flexible duration, with optionality for DryShips to convert this index-linked time charter to fixed rate charter.

Economou’s TMS Dry would manage the vessel.