DryShipsInc (NASDAQ: DRYS) introduced Monday that it has actually participated in arrangements to get 4 contemporary Newcastlemax mass service providers as the business remains to expand its fleet.

The arrangements were participated in with unaffiliated 3rd parties.

The 4 Newcastlemax mass service providers are around 206,000 DWT each as well as have a typical age of 3.0 years. DryShips claimed it anticipates to take shipment of the vessels prior to completion of June 2017.

DryShips will certainly fund the overall gross acquisition rate of around $124 million utilizing cash money available. Current liquidity stands at around $455 million, the business claimed.

Two of the vessels will certainly be used under time charter agreements, while the various other 2 will certainly sell the place market.

“We are very pleased to have increased the size of our drybulk fleet by acquiring four modern sister vessels at historical low prices,” commented George Economou, Chairman as well asChief Executive Officer “Spot rates for drybulk vessels have continued to improve since the beginning of the year and our outlook for drybulk is positive given the modest order-book and the continued strength of the Chinese economy that generates demand for raw commodities. We continue to look at opportunities to diversify and grow our fleet with high quality tonnage and significant operating leverage.”

DryShips’ had fleet currently includes 13 Panamax mass service providers, one Very Large Crude Carrier, on Aframax vessel newbuilding, 2 Very Large Gas Carrier newbuildings, as well as 6 overseas assistance vessels, making up 2 system supply as well as 4 oil spill recuperation vessels.

Newcastlemax vessels are usually described as having an optimum light beam of 50 meters as well as optimum size overall of 300 meters i.e., the biggest vessel able to go into the port of Newcastle,Australia