DEFINITIVE

Genco Shipping & Trading Time Charter

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to sign a time charter for the Genco Predator, a 2005-built Supramax vessel, with Pacific Basin Chartering Ltd. for approximately 11 to 13.5 months at a rate of $22,500 per day, less a 5% third-party brokerage commission. The time charter is expected to commence on or about May 7, 2010 and is subject to the completion of definitive documentation. Currently, Genco has approximately 67% of its fleet's estimated available days secured on contracts for the remainder of 2010.

DryShips Announces Signing of Drilling Contract

DryShips Inc. (NASDAQ: DRYS) announced that its fully-owned subsidiary Ocean Rig UDW Inc has signed definitive documentation following the previously announced Letter of Award. The contract signed with Borders & Southern Petroleum plc is for a two well contract for exploration drilling offshore the Falkland Islands for a period of about 90 days, commencing in the fourth quarter of 2011, immediately after the completion of the current contract. The contract value is approximately $77m

Tidewater Signs Agreement Of Intent

Tidewater, Inc. has signed an agreement of intent to acquire six newbuild vessels from Hvide Marine Incorporated, for an aggregate price of $22 million. Closing, which is expected sometime during July 1999, is subject to customary due diligence matters, including executing a definitive agreement and satisfactory inspections of the vessels by Tidewater.

Ambassadors International Acquires merican West Cruises

Ambassadors International, Inc., announced that its wholly-owned subsidiary, Ambassadors Cruise Group, LLC has completed its acquisition of American West Steamboat Company LLC and related entities ("American West Cruises"), one of North America's premier river and coastal cruise companies. The signing of a definitive agreement was previously announced on December 27, 2005.

FastShip Signs With NASSCO For Construction Of Fleet

FastShip has signed a Memorandum of Understanding with National Steel and Shipbuilding Company (NASSCO), a subsidiary of General Dynamics, for the building of the first generation high-speed vessels comprised of the FastShip trans-Atlantic transportation fleet. Under the proposed agreement, NASSCO, designer and builder of new ships headquartered in San Diego, will construct four revolutionary vessels in the FastShip fleet

Genmar Sells Hatteras Yachts to Brunswick

Genmar Holdings, Inc. announces that it has signed a definitive agreement to sell Hatteras Yachts, Inc. to Brunswick Corporation for approximately $80 million in cash. The agreement contains provisions allowing for an additional payment of up to $20 million based on Hatteras achieving certain financial targets over the next 20 months. Consistent with its June 27, 2001announcement, Genmar's Board of Directors considered all appropriate alternatives with respect to Hatteras and concluded a

OMI to Be Acquired by Teekay and TORM

OMI Corporation (OMI), Teekay Shipping Corporation (Teekay) (NYSE: TK) and A/S Dampskibsselskabet TORM (TORM) announced that Teekay and TORM have entered into a definitive agreement to acquire OMI. The agreement was unanimously approved by OMI's Board of Directors. Under the agreement, OMI shareholders will receive $29.25 in cash for each share of OMI common stock they hold. Teekay and TORM will equally split the total cost of the transaction of approximately $2

Grandunion Signs LOI for Aries

Grandunion, Inc., a company controlled by Michael Zolotas and Nicholas Fistes, announced that it has entered into a letter of intent with Aries Maritime Transport Limited (NASDAQ:RAMS) that contemplates, among other things, the acquisition of three Capesize drybulk carriers with an approximate net asset value of $36m in exchange for 15,977,778 newly issued shares of Aries, and a change of control of the company's Board of Directors.

Genco Plans to Sign Time Charter

Genco Shipping & Trading Limited (NYSE:GNK) announced that it has reached an agreement to enter into a time charter for the Genco Vigour, a 1999-built Panamax vessel, with Global Maritime Investments Ltd. for approximately 10.5 to 13.5 months at a rate of $24,000 per day, less a 5% third-party brokerage commission. The time charter is expected to commence on or about January 8, 2010 following the expiration of the vessel's current time charter and is subject to the completion of definitive

Ocean Rig Announces Financing, Contract Developments

Ocean Rig UDW Inc., a global provider of offshore deepwater drilling services, has announced:   $1.35 billion Bank Facility The Company announced that it has received firm commitments from lenders for a $1.35 billion syndicated secured term loan to partially finance the construction costs of the Ocean Rig Mylos, the Ocean Rig Skyros and the Ocean Rig Athena. This facility has a 5 year term, and approximately an 11 year repayment profile