Dryships Continues Fleet Renewal and Expansion

DryShips Inc., a provider of marine transportation services for drybulk cargoes announced that the company has entered into agreements to sell the Panamax vessel MV Waikiki 75,473 dwt built in 1995 for $63m. Delivery to the new owners will take place during the third quarter of 2008. Once the sale is concluded, the company expects to realize a gain of approximately $36.5m.  The company will sell the Panamax vessel MV Solana 75,100 dwt built in 1995 for $63m. Delivery to the new owners will take place during the third quarter of 2008. Once the sale is concluded, the company expects to realize a gain of approximately $28.7m.
An agreement was made to sell the Panamax vessel MV Lacerta 71,862 dwt built in 1994 for $55.5m. Delivery to the new owners will take place during the third quarter of 2008. Once the sale is concluded, the company expects to realize a gain of approximately $44m.
Dryships will acquire a 76,500 dwt Panamax vessel built in 2004 for $86.75m.
The vessel will be delivered to the company, charter free, during the third quarter of 2008.  The company will also acquire a 170,012 dwt Capesize vessel built in 2004 for $158m.  The vessel will be delivered to the company, charter free, during the third quarter of 2008.  Dryships will also acquire a 177,000 dwt Capesize vessel under construction in for $153m to be delivered during the first quarter of 2009.