DryShips Inc. (NASDAQ:DRYS) has announced signing of agreements to acquire one 320,105 DWT, a big crude carrier built in 2011 and one 113,644 DWT Aframax which is still under construction in South Korea. Delivery of both vessels is expected during the second quarter of 2017 and will be used in the spot market. Both vessels are being acquired at a price of $102.5 million.
DryShips Inc owns a number of a fleet of cargo vessels that operate worldwide. The company also operates one Very Large Gas Carrier, 13 Panamax drybulk carriers and 6 offshore vessels. The company is one of the NASDAQ Stock listed at SEC. The company’s Chairman and CEO George Economou said they are investing in diversifying the fleets with improved operating capacity and high quality.
The company announced on February 17th in intends to issue $200 common stock to the public. The company has appointed Kalani Investments as the underwriter for the issue. The company has already filed a prospectus supplement for the issue. In a statement, DryShips Inc said Kalani is not only an investor but also an underwriter for the common stock.
Many private investors are optimistic that the shipping industry is headed for a recovery turnaround. A number of bulk shippers like Star Bulk Carriers Corp. (NASDAQ:SBLK), Eagle Bulk Shipping Inc (NASDAQ:EGLE) and DryShips Inc initiated and completed placement offerings with a number of private investors recently. The money gives each company a boost to make deals even at the lowest points of the market cycle. In the view of investors, this is a big gamble with potential to reap big and equally fail massively.
Last December Eagle Bulk Shipping became the first shipper to announce securing external capital. The shipper said in mid-December that it had signed an agreement with a number of investors for placement of common stock to raise about $100 million. Eagle Bulk Shipping intended to use the proceeds towards acquisition of dry bulk vessels. The issuance followed two more deals by the shipper to buy more ships bring a six-year acquisition drought to an end.