DryShips Sells 17 Vessels for Huge Loss

Athens-based dry bulk transport firm DryShips, Inc. introduced Monday agreements to promote 17 vessels and says its remaining fleet is now held on the market, which is able to result in impairment losses that would attain near $800 million.

The agency gross sales agreements have been entered into with non-public entities managed by DryShips’ Chairman and CEO George Economou.

The 17 vessels bought comprise of 13 capesize and 4 panamax bulk carriers. DryShips’ says the ships and their employment agreements are being bought for an combination worth of $377 million, together with $236.7 million of debt. As a results of the sale, DryShips says it expects to acknowledge an impairment cost of $373 million within the Q3 2015. The transactions are anticipated to shut in This fall 2015.

In addition to the vessels, DryShips’ Board of Directors will classify the corporate’s remaining fleet, consisting of 20 panamax and a couple of supramax bulk carriers, as held on the market. This is predicted to result in a further impairment cost of roughly $422 million in Q3 2015, making for a complete impairment cost of $795 million.

The NASDAQ-listed firm’s inventory (DRYS) fell greater than 39% to $0.25 per share as of three p.m. EDT.

DryShips nonetheless has a majority curiosity in Ocean Rig UDW Inc., an offshore deepwater drilling companies firm that owns and operates 13 extremely deepwater drilling items, comprised of two extremely deepwater semisubmersible drilling rigs and 11 extremely deepwater drillships, together with 3 nonetheless below development.