Dryships $150m loan for four VLGCs

DryShips has announced that it has received firm commitment for a senior secured credit facility of up to $150m with ABN AMRO bank and KEXIM to partly finance the delivery its four Very Large Gas Carriers (VLGCs).

The four high specifications VLGCs currently under construction at Hyundai Heavy Industries are scheduled for delivery in June, September, October and December of this year and will be employed on long term charters to major oil companies and oil traders, with a total gross backlog of approximately $390 million, including optional periods.

DryShips’ Chairman and Chief Executive Officer, George Economou said: “We have come a long way since a year ago, when we were in discussions with commercial lenders about the restructuring of our debt. We are pleased that we have put all this behind us and grateful for the support of ABN AMRO and KEXIM in arranging our first bank financing since 2014.”

For more information visit www.dryships.com

19th June 2017