Why Gamble?

DryShips yesterday announced that it had agreed to cancel the previously declared acquisition of four Panamax dry bulk carriers from companies beneficially owned by Mr. George Economou for a purchase price of $400 million. Based upon the deterioration in the dry bulk market and the inability to obtain bank financing, which would necessitate a significant cash outflow from the company’s cash reserves, the Audit Committee of the Company determined that it did not make sense to proceed with the transaction.

The vessels included a:

•    75,228 DWT Panamax built in 2008
•    75,204 DWT Panamax built in 2007
•    75,000 DWT Panamax to be delivered from China in the 4th quarter 2008
•    75,000 DWT Panamax to be delivered from China in the 1st quarter 2009

This is only an excerpt of Why Gamble?

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.