DryShips (NASDAQ: DRYS) shares are down 16% this morning following word the company will sell up to $226.4 million of its common stock to Kalani Investments Ltd. over a period of 24 months. In consideration for entering into the agreement, the company has agreed to issue up to $1.5 million of its common stock to Kalani as a commitment fee. Proceeds from any sales of common stock will be used for general corporate purposes. DryShips also entered into agreements to acquire six vessels for a total gross price of $268 million. These vessels are comprised of one Aframax tanker, three Kamsarmax drybulk vessels, and two very large gas carriers (VLGCs). “We are very pleased to announce the acquisition of six more vessels since the beginning of our transformation project that started at the end of last year. In the last three months, we have acquired a total of fourteen vessels with an average age of two years, for a total cost of approximately $662 million,” DryShips chairman and CEO George Economou stated in the news release.
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About DryShips Inc.
DryShips is a diversified owner of ocean going cargo vessels that operate worldwide. The company owns a fleet of (i) 13 Panamax drybulk vessels; (ii) four Newcastlemax drybulk vessels, which are expected to be delivered in the second quarter of 2017; (iii) three Kamsarmax drybulk vessels, two second-hand vessels expected to be delivered in the second quarter of 2017 and one newbuilding expected to be delivered in the third quarter of 2017; (iv) one very large crude carrier, which is expected to be delivered in the second quarter of 2017; (v) one Aframax tanker newbuilding and one Aframax second-hand tanker, both of which are expected to be delivered in the second quarter of 2017; (vi) four VLGC newbuildings, two of which are expected to be delivered in June and September 2017 and the other two before the end of 2017; and (vii) six offshore support vessels, comprising two platform supply and four oil spill recovery vessels. For more information visit www.dryships.com.
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