New York-listed DryShips is planning to sell another vintage panamax dry bulk carrier. George Economou led DryShips is selling 2001 Japanese built panamax dry bulk carrier 75K DWT MV Maganari around $9 million. MV Maganari went through special survey in February 2016. Chinese shipowners have been active in picking up vintage panamax dry bulk carriers.
In 2006, DryShips bought MV Maganari for $34.9 million from Meridian Marine Management. In January 2018, DryShips sold another vintage panamax dry bulk carrier 2001 built 73K DWT MV Mei Lan Hu (ex MV Ecola) for $8.5 million. New York listed DryShips has 12 panamax dry bulk carriers in its fleet.
DryShips CEO George Economou steak at DryShips increased worth over $222 million.
DryShips CEO and founder George Economou was today revealed to have 72,421,515 shares which are worth $222 million. George Economou’s fleet, including DryShips and private companies, runs to 135 ships worth $5.4 billion. Furthermore, George Economou’s companies have 15 new-buildings add a further $1.8 billion.
George Economou led, the US-listed DryShips win a legal battle over share issues against Michael Sammons, who owns 45,000 shares in DryShips. Michael Sammons was seeking to stop DryShips issuing new shares to its financial backer Kalani Investments at deep discounts. Michael Sammons application for a temporary restraining order in the Marshall Islands was denied. George Economou led DryShips via shelf registration issuing $2 billion stocks to Kalani Investments at discounts of up to 90% of the company’s tangible book value. Kalani Investments is backed by Marc Bistricer.
New York-listed, George Economou-led DryShips bought 2014 built kamsarmax dry bulk carrier 82K DWT M/V United Ocean from United Ocean for $23 million. Previously, George Economou-led DryShips bought sistership M/V United Splendour. After recapitalization, New York-listed DryShips has been aggressively buying both tankers and dry bulk carriers so far in 2017.
New York-listed George Economou led DryShips bought 2 kamsarmax dry bulk carriers from Emanuele Lauro led Scorpio Bulkers. Hedge-fund manager Marc Bistricer’s Kalani Investments injecting a lot of cash to DryShips. DryShips bought 2014 built sistership kamsarmax dry bulk carriers 81K DWT M/V SBI Cakewalk and M/V SBI Charleston for $45 million. Monaco based Scorpio Bulkers has a fleet of 46 dry bulk carriers in oceans. Lastest sale of ships closes the gap between Scorpio Bulkers’ share price and NAV (Net Asset Value).
Greek tycoon George Economou led New York-listed DryShips bought 2014 built kamsarmax dry bulk carrier 81K DWT M/V United Ocean from United Ocean Group for $22 million. United Ocean Group also sold another 2012 built kamsaramax dry bulk carrier 82K DWT M/V United Galaxy for $21 million. United Ocean Group also trying to sell 2012 built 81K DWT M/V Oshima Island and 2014 built 82K DWT M/V United Splendour.
Greek tycoon George Economou-led New York-listed shipowner and operator DryShips chartered out 4 newcastlemax dry bulk carriers:
- MV Valley Star
- MV Moritz Oldendorff
- MV Super Star
- MV Wish Star
for average $19,450 for a year. George Economou-led New York listed shipowner and operator DryShips will pocket a total of $7.1 million from this deal.
Greek tycoon George Economou led shipowner and operator DryShips has extended a loan to from 3 to 5 years. Revolving credit facility switched from secured to unsecured with interest LIBOR plus 650 bps. Furthermore, Toronto real-estate magnate Marc Bistricer’s company Kalani Investments provided funds to Greek DryShips.
Greek shipping magnate George Economou in control of 90% of DryShips debt. George Economou steps in to become the lender of $85.1 million arranged by HSH Nordbank. New York-listed DryShips is no longer in any danger from its lenders exercising any of their rights under the company’s existing defaults. Currently, Greek shipping magnate George Economou holds $154.5 million debts of DryShips, and the remaining $16.5 million is still being negotiated with third party lenders.