DryShips Inc. Announces Certain Updates
March 15 2018 - 9:00AM
DryShips Inc. (NASDAQ:DRYS) (“DryShips” or the “Company”), a
diversified owner of ocean going cargo vessels, announced today the
following updates:
- 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.
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
Forward-Looking Statement
Matters discussed in this press release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business. The Company
desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including
this cautionary statement in connection with such safe harbor
legislation.
Forward-looking statements reflect the Company’s current views
with respect to future events and financial performance and may
include statements concerning plans, objectives, goals, strategies,
future events or performance, and underlying assumptions and other
statements, which are other than statements of historical
facts.
The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further
assumptions, including without limitation, management’s examination
of historical operating trends, data contained in the Company’s
records and other data available from third parties. Although the
Company believes that these assumptions were reasonable when made,
because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible
to predict and are beyond the Company’s control, the Company cannot
assure you that it will achieve or accomplish these expectations,
beliefs or projections.
Important factors that, in the Company’s view, could cause
actual results to differ materially from those discussed in the
forward-looking statements include the factors related to the
strength of world economies and currencies, general market
conditions, including changes in charter rates, utilization of
vessels and vessel values, failure of a seller or shipyard to
deliver one or more vessels, failure of a buyer to accept delivery
of a vessel, the Company’s inability to procure acquisition
financing, default by one or more charterers of the Company’s
ships, changes in demand for drybulk commodities, oil or natural
gas, changes in demand that may affect attitudes of time
charterers, scheduled and unscheduled drydockings, changes in the
Company’s voyage and operating expenses, including bunker prices,
dry-docking and insurance costs, changes in governmental rules and
regulations, changes in the Company’s relationships with the
lenders under its debt agreements, potential liability from pending
or future litigation, domestic and international political
conditions, potential disruption of shipping routes due to
accidents, international hostilities and political events or acts
by terrorists.
Risks and uncertainties are further described in reports filed
by DryShips Inc. with the Securities and Exchange Commission,
including the Company’s most recently filed Annual Report on Form
20-F. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, except as required by law.
If one or more forward-looking statements are updated, no inference
should be drawn that additional updates will be made.
Investor Relations / Media:
Nicolas BornozisCapital Link, Inc. (New York)Tel.
212-661-7566E-mail: dryships@capitallink.com
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