April 1, 2005 ATHENS, Greece - DryShips Inc. (Nasdaq: DRYS), announced today that it has taken delivery of the capesize bulkcarrier m.v. "Netadola," 149,475 dwt, built 1993, as well as the panamax bulkcarriers m.v. "Samsara," 73,688 dwt, built 1999, m.v. "Iguana," 70,349 dwt, built 1996, m.v. "Toro," 73,034 dwt, built 1995, m.v. "Paragon," 71,259 dwt, built 1995, and the handymax bulkcarrier m.v. "Alona," 48,640 dwt, built 2002. These vessels are part of 11 drybulk carriers that were referred to as "Identified Vessels" in the prospectus dated February 3, 2005.
In addition, the Company also took delivery of m.v. "La Jolla," 72,126 dwt, built 1997, one of the 8 Additional Vessels as described in the press release dated March 3, 2005. DryShips Inc. has also agreed to acquire 2 more Additional Vessels for approximately $102 million from unaffiliated third parties. These vessels are the panamax bulkcarriers m.v. "Catalina," 74,432 dwt, built 2005, and m.v. "Belmonte," 73,601 dwt, built 2004. The Company has already taken delivery of "Catalina."
After taking delivery of the 11 Identified Vessels, the 8 Additional Vessels as described in the press release dated March 3, 2005 and these 2 more Additional Vessels described above, DryShips will have a fleet of 27 vessels consisting of 4 capesize, 21 panamax and 2 handymax bulkcarriers aggregating 2.3 million dwt and with an average age of 9 years.
The table below describes in detail our fleet development and current employment profile:
* Where the Redelivery column is left blank it signifies that the vessel is trading in the spot market. For those vessels employed in the spot market and where rates are quoted above, the Company has calculated the estimated rates under current specific contracted voyages. The Company gives no guarantee that these rates are correct, or that the rates are sustainable beyond the duration of the current voyage. The quoted rates are not indications of future earnings and the Company gives no assurance or guarantee of future rates after the current voyage.
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 18 drybulk carriers and has entered into agreements to purchase an additional 9 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.'s 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.
Risks and uncertainties are further described in reports filed by DryShips Inc. with the US Securities and Exchange Commission.
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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