DryShips Inks Deal to Write Off Receivables

  • Business & Finance

Nasdaq-listed owner of drybulk carriers and tankers DryShips Inc.has entered into agreement with one of its charterers to write-off about USD 16.5 million in overdue receivables related to charter hire payments due on 11 vessels on time charter.

As part of the transaction, the charterer has agreed to forgo the exercise of certain “in-the-money” purchase options related to 7 vessels on time charter and provide new charters for 11 vessels at $12,500/day gross with 50-50 profit sharing starting as of June 1, 2015 and for an average period of about 4.5 years.

“We are pleased to have reached an agreement with one of our charterers that allows DryShips to put a floor on its downside while providing upside potential. With the negative conditions in the drybulk market we believe this is a prudent way to take advantage of market volatility,” said George Economou, Chairman and CEO.

DryShips owns a fleet of 39 drybulk carriers with a combined deadweight tonnage of approximately 4.3 million tons, and 8 tankers with a combined deadweight tonnage of over 1 million tons.

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