Only a few days after completing its refin[ds_preview]ancing, Greek company DryShips Inc. will expand into the gas carrier market by purchasing four VLGC.
The newbuildings are currently under construction at Hyundai Heavy Industries (HHI). Each of the four VLGC are going to be employed on long term charters to major oil companies and oil traders, said DryShips.
Under the terms of the LPG Option Agreement, the Company will have three months to exercise four separate options to purchase up to the four VLGCs at a price of 83.5 mill. $ per vessel. The total purchase price will be 334 mill. $ resprectively.
The George Economou-led company intends to finance any acquisition of the vessels by using cash on hand, its undrawn liquidity under the previously announced new Sifnos revolver.
If acquired, the vessels will be managed by TMS Cardiff Gas, a company controlled by DryShips‘ Chairman and CEO George Economou. TMS Cardiff Gas has a strong track record in managing gas carriers including LNG vessels and is approved by all major oil and gas customers.
»We believe in the long-term prospects of the gas carrier market. Having the option to acquire a fleet of four sister ships of very high specifications, ready for delivery in the near term and chartered to major industry players, provides us with a unique opportunity to enter this new segment in a solid footing that can be a stepping stone for further expansion,« said George Economou.
wpDataTable with provided ID not found!
