mv MOSTOLES is to be sold

More buying and selling of DryShips vessels
Three in and one out as fleet expansion continues for Greek shipping firm.

 DryShips today announced that it has entered into the following agreements with unaffiliated third parties:

• To purchase a 2001 built, 74,000 dwt Panamax bulk carrier, “M/V Heinrich Oldendorf” for $49.0 million, from Oldendorff Carriers GmbH & Co. KG of Germany, scheduled to be delivered in the second quarter of 2007.

Upon delivery to DryShips, the vessel will commence a bareboat charter back to the seller for a period between 11 and 13 months at a daily bareboat charter rate of $28,000.

• To purchase a 2001 built, 74,832 dwt Panamax bulk carrier, to be renamed “MV Capitola” upon delivery, for $49.0 million, scheduled to be delivered charter free in the second quarter of 2007.

• To purchase a 2002 built, 74,816 dwt Panamax bulk carrier, to be renamed “MV Bargara” upon delivery, for $49.0 million, scheduled to be delivered charter free in the second quarter of 2007.

• To sell the 1981 built, 75,395 dwt Panamax bulkcarrier, “M/V Mostoles”, for $13.3 million with delivery to the new owners scheduled during the second quarter of 2007.

DryShips expects to realize a book gain on this sale of approximately $ 10.3 million.


Upon completion of the recent sale and purchase activity, DryShips will have a fleet of 36 vessels, composed of 5 Capesize, 28 Panamax, 1 Handysize and 2 newbuilding Panamax vessels, with an average age of 8.6 years, compared to the industry average of 12.6 years, and a combined cargo-carrying capacity of approximately 3.04 million deadweight tons.

Mr. George Economou, Chairman and CEO of DryShips Inc., commented: “We continue to consistently implement our fleet renewal and expansion strategy and reaffirm our leadership position in the drybulk sector. During 2007, DryShips has entered into
agreements to acquire 7 vessels with an average age of 7.5 years and sell 6 vessels with an average age of 14 years. Our goal is to replace our older vessels with younger and more modern ones with a higher upside potential. Company’s ultimate objective is to enhance the quality of our earnings thus maximizing long term shareholder value.”