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DryShips Adds Fourth VLGC To Its Fleet

Capable of carrying liquefied petroleum gas (LPG), the high specification ship will be employed under a time charter on a fixed rate with ten years firm duration to an oil major trading company.

DryShips informed that it expects a total gross backlog associated with this time charter of up to USD 103.8 million.

With this vessel, the company has taken delivery of all of the 17 ships it acquired since the beginning of 2017.

In January 2017, DryShips enter into a “zero cost” option agreement to purchase up to four high specifications VLGCs, which were under construction at South Korean shipyard Hyundai Heavy Industries (HHI).

The ships in question were bought at a price of USD 83.5 million per unit.

The acquisition was financed by using cash on hand, DryShips’ undrawn liquidity under the new Sifnos revolver and proceeds from its issuer managed equity transaction.