DryShips Buys First Very Large Gas Carrier

DryShips said it has acquired one very large gas carrier currently under construction at Hyundai Heavy Industries for $83.5 million that will be employed by an unnamed large oil company.

The employment is a fixed rate time charter with five years firm duration, with options to extend the employment by up to three years. The company expects a total gross backlog associated with this time charter of up to $92.7 million including the optional periods, and expects to take delivery of the vessel in June 2017.

The company financed the deal with $21.9 million drawn from a $200 million revolver and the balance will be paid in installments until the vessel has been delivered.

Leave a Comment