DryShips Inc. (NASDAQ:DRYS) has disclosed that it has signed a charter deal for its Newcastlemax drybulk vessels with a grain house. The duration of the charter contract is slated to be one year and will commence as soon as the vessel is delivered. A gross backlog amounting to $7.1 million is anticipated by the diversified owner of cargo vessels.
“We are very pleased to have employed one of our newly acquired vessels upon its delivery, at a gross charter rate, which will be highly accretive to the Company’s earnings and will provide visible cash flow,” said the chairman and CEO of DryShips Inc, George Economou.
Vessel fleet
Currently, DryShips has a widely diversified fleet of cargo vessels. This includes Panamax drybulk vessels numbering 13 and kamsarmax drybulk vessels numbering three. DryShips is also expecting a number of vessels to be delivered in the course of this year. This includes Newcastlemax drybulk vessels numbering four whose delivery date is sometime in 2017’s second quarter and two second-hand Kamsarmax vessels whose delivery date is 2017’s second quarter. One new Kamsarmax drybulk vessel is also slated for delivery in the third quarter of 2017.
Besides the drybulk vessels, DryShips is also expecting to take delivery of a large crude carrier sometime in 2017’s second quarter, one new Aframax tanker in 2017’s second quarter and one used Aframax tanker in the same period. Other vessels include four new VLGCs whose delivery date is in the second half of this year. Additionally, DryShips has also ordered offshore support vessels numbering six in total. Two of these vessels will be used for platform supply while four of them will act as recovery vessels in case of oil spills.
Capital injection
The announcement of the charter contract comes a little over a week since DryShips entered into a financing deal with Kalani Investments to support its transformation project, part of which involves acquiring additional sea vessels. The deal with Kalani Investments will see the financier purchase common shares of DryShips worth approximately $226.4 million within a period of two years.
On Wednesday shares of DryShips jumped by 24.71% to close the day at $2.17.
