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DryShips acquires its first Very Large Gas Carrier

Staff Writer |
DryShips has acquired one Very Large Gas Carrier (VLGC) currently under construction at Hyundai Heavy Industries (HHI) for $83.5 million.

DryShips financed the closing price of $21.9 million by using part its undrawn liquidity under the $200 million New Sifnos Revolver, which now stands at $142.9 million.

The $61.6 million balance of the purchase price for the VLGC will be payable in installments until the vessel's delivery from HHI.

The VLGC will be employed on a fixed rate time charter with five years firm duration to an oil major. The charterer has options to extend the firm employment period by up to three years.

DryShips expects a total gross backlog associated with this time charter of up to $92.7 million including the optional periods, and expects to take delivery of the vessel in June 2017.

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