DryShips (NASDAQ: DRYS) shares are down 20% this morning, hitting a new 52-week low of $2.03. The company this morning said it has taken delivery of the previously announced high specifications newbuilding Very Large Gas Carrier (VLGC). The VLGC will be employed to an oil major under a time charter on a fixed rate with five years firm duration, with an option for the charterer to extend the firm employment period by up to three years. DryShips said it anticipates a total gross backlog associated with this time charter of up to $92.7 million including the optional periods. The company has taken delivery of 11 vessels in 2017 and expects to take delivery of six more by the end of the year.
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About DryShips Inc.
DryShips, Inc. is a diversified owner of ocean going cargo vessels that operate worldwide. The company owns a fleet of (i) 13 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels, 3 of which are expected to be delivered in the third quarter of 2017; (iii) 5 Kamsarmax drybulk vessels; (iv) 1 Very Large Crude Carrier; (v) 2 Aframax tankers; (vi) 1 Suezmax tanker; (vii) 4 Very Large Gas Carriers, 3 of which are expected to be delivered in September, October and December of 2017; and (viii) 6 offshore support vessels, comprising 2 platform supply and 4 oil spill recovery vessels. For more information, visit the company’s website at www.dryships.com.
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