DryShips Inc. (DRYS) Announces Certain Updates

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DryShips Inc. (DRYS) Announces Certain Updates

Dryships Inc DRYS By Greg Goebel from Loveland CO, USA (Yigtp_1b) [CC BY-SA 2.0], via Wikimedia Commons

ATHENS, Greece, March 15, 2018 (GLOBE NEWSWIRE) — DryShips Inc. (NASDAQ:DRYS) (“DryShips” or the “Company”), a diversified owner of ocean going cargo vessels, announced today the following updates:

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  • As of March 14, 2018, the Company has repurchased a total of 1,724,942 shares of its common stock for an aggregate amount of $6.7 million, including commissions, pursuant to its previously announced stock repurchase program under which the Company may repurchase up to $50.0 million of its outstanding common stock.
  • On March 8, 2018, the Company signed the previously announced $30.0 million secured credit facility with a commercial lender. The $30.0 million secured credit facility is secured by two of the Company’s drybulk vessels, has a tenor of six years, bears an interest rate of LIBOR plus margin, is repayable in quarterly installments and has customary financial covenants. The Company drew down the full amount of the facility on March 13, 2018.
  • On March 7, 2018, the Company’s previously announced $35.0 million secured credit facility with a commercial lender was fully drawn down. The $35.0 million secured credit facility is secured by three of the Company’s drybulk carriers, has a tenor of six years, bears an interest rate of LIBOR plus margin, is repayable in quarterly installments and has customary financial covenants.

About DryShips Inc.

The Company is a diversified owner of ocean going cargo vessels that operate worldwide. The Company owns a fleet of 35 vessels comprising of (i) 12 Panamax drybulk vessels; (ii) 4 Newcastlemax drybulk vessels; (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 and (viii) 6 offshore support vessels, including 2 platform supply and 4 oil spill recovery vessels.

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DryShips’ common stock is listed on the NASDAQ Capital Market where it trades under the symbol “DRYS.”

Visit the Company’s website at www.dryships.com

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