DryShips gets larger ship from sale of HILLE OLDENDORFF
Trading up from Supramax to Panamax at little cost


DryShips, Inc.,the Greek dry bulk shipping company announced yesterday that it has entered into the following agreements with unaffiliated third parties:

• To purchase a 2005 built, 74,477 dwt Panamax bulk carrier, to be renamed mv MAJORCA, for $53.5 million, scheduled to be delivered charter free in the second quarter of 2007.

• To sell the 2005 built, 55,566 dwt Supramax bulk carrier, mv HILLE OLDENDORFF, for $50.5 million with delivery to the new owners scheduled to occur during the second quarter of 2007. DryShips say they expect to realize a book gain on this sale of approximately $12.7 million.

Mr. George Economou, Chairman and CEO of DryShips Inc., commented: “We are continuing with our strategy of fleet renewal. With the sale of the 2005 built Supramax mv HILLE OLDENDORFF and purchase of the 2005 built Panamax mv MAJORCA we have succeeded in replacing, for a small premium, a smaller vessel with a larger vessel of the same age that has significantly higher earnings potential.”


DryShips Inc., is an international provider of drybulk carriers. Headquartered in Athens, Greece, DryShips currently owns and operates a fleet of 34 drybulk carriers comprising 5 Capesize, 24 Panamax, 3 Handymax and 2 newbuilding Panamax vessels, with a combined deadweight tonnage of approximately 2.9 million.

HILLE OLDENDORFF was built by Nantong Cosco KHI, Nantong China as the JOSCO TONGZHOU. Photo shows her at her naming and delivery ceremony at the shipyard on April 6th, 2005.