DryShips (DRYS) Sells Three Vessels, Acquires Four

July 3, 2008 1:27 PM EDT

DryShips Inc. (Nasdaq: DRYS) entered into agreements to sell: The Panamax vessel MV Primera 72,495 dwt built in 1998 for US $75 million, The Panamax vessel MV Paragon 71,259 dwt built in 1995 for US $61 million, The Panamax vessel MV Menorca 71,662 dwt built in 1997 for US $77 million.

DryShips also entered into agreemetns to acquire: A 75,228 dwt Panamax vessel built in 2008 which is expected to be delivered within 2008; A 75,204 dwt Panamax vessel built in 2007 which is expected to be delivered within 2008, A 75,000 dwt Panamax vessel under construction in China scheduled to be delivered during the fourth quarter of 2008, A 75,000 dwt Panamax vessel under construction in China scheduled to be delivered during the first quarter of 2009.

In line with its strategy of selling older vessels and replacing them with modern vessels, the Company has entered into agreements to acquire the following vessels from companies beneficially owned by George Economou, Chairman and CEO of DryShips Inc., on terms that the Company believes are comparable to those that may be obtained from an independent third party.

CEO, George Economou, said, "The transactions reiterate our positive outlook on the fundamentals of the drybulk industry and reinforce our position of taking advantage of the strong freight environment with our large, versatile and modern fleet."

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