Dryships Continues Fleet Renewal

DryShips, Inc., announced that the company has entered into an agreement to purchase a 2001 built, 172,579 dwt Capesize bulk carrier, for $152.25m. The vessel will be delivered charter free during the second quarter of 2008. The company has entered into an agreement to sell the 1993 built, 149,475 dwt Capesize bulk carrier, MV Netadola for $93.9m. Delivery to the new owners will take place during the first quarter of 2008. Once the sale is concluded the company expects to realize a gain of approximately $62.2m.