March 3, 2005 ATHENS, Greece, - DryShips Inc. (Nasdaq: DRYS), announced today that it has taken delivery of the panamax bulkcarrier m.v. "Tonga," 66,798 dwt, built 1984, as well as the handymax bulkcarrier m.v. "Matira," 45,863 dwt, built 1994. These vessels are the first of 11 drybulk carriers that were referred to as "Identified Vessels" in the prospectus dated February 3, 2005.
DryShips Inc. has also agreed to acquire an additional 8 vessels for approximately $418 million from unaffiliated third parties. These vessels consist of 2 capesize bulkcarriers currently employed in the spot market and 6 panamax bulkcarriers 5 of which have time charter contracts. The company has already taken delivery of 2 of these 6 panamax bulk carriers, the m.v. "Coronado," 75,706 dwt, built 2000 and m.v. "Xanadu," 72,270 dwt, built 1999.
After taking delivery of the 11 Identified vessels and the 8 additional vessels DryShips will have a fleet of 25 vessels consisting of 4 capesize, 19 panamax and 2 handymax bulkcarriers aggregating 2.1 million dwt and with an average age of 11 years.
The table below describes in detail our fleet development and current employment profile:
About DryShips Inc.
DryShips Inc., based in Greece, is an owner and operator of drybulk carriers that operate worldwide. DryShips currently owns a fleet of 10 drybulk carriers and has entered into agreements to purchase an additional 15 vessels.
Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our 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 our records and other data available from third parties. Although DryShips Inc. 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 our control, DryShips Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in DryShips Inc.' operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Visit our website at www.dryships.com
Company Contact:
Christopher J. Thomas
Chief Financial Officer
DryShips Inc.
011-30-210-809-0570
E-mail: management@dryships.gr
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: nbornozis@capitallink.com
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