Greek shipping magnate George Economou has increased his order for newcastlemax bulk carriers to a total of eight (8) newbuildings. George Economou boasts a diverse newbuilding fleet comprising more than 30 vessels, valued at over $3 billion. Surprisingly, George Economou’s commitment to newcastlemax bulkers in China turns out to be twice as substantial as previously believed. In June 2023, George Economou placed orders for a quartet of 210K DWT newcastlemax bulk carriers at Yangzhou Cosco Shipping Heavy Industry. However, recent reports from shipbrokers indicate that George Economou has extended his contract, securing an additional four identical newcastlemax bulk carriers at the state-owned yard. 6-November-2023
Tensions are intensifying at Performance Shipping, as Greek shipowner George Economou escalates his efforts to gain control of the US-listed tanker company by taking his legal battle to the New York State Supreme Court. George Economou, who holds approximately 9% of Performance Shipping’s shares through his investment entity Sphinx, initiated a hostile tender offer in October to purchase all outstanding common stock of Performance Shipping at $3.00 per share in cash. This offer is viewed as highly conditional, with most conditions under the control of the company and its board. These conditions include the cancellation of the company’s Series C convertible preferred stock, which is held by chairwoman Aliki Paliou and her husband, CEO Andreas Michalopoulos. George Economou has chosen to sue insiders and directors of Performance Shipping, alleging a breach of fiduciary duties to shareholders. He claims they improperly established a dual-class capital structure that granted control of Performance Shipping to the family of its former leader, Simeon Palios. Paliou Palios, Simeon Palios’ daughter, controls roughly 90% of Performance Shipping through her investment vehicle Mango, along with Michalopoulos and his firm Mitzela. Sphinx alleges that four directors—Giannakis Evangelou, Antonios Karavias, Christos Glavanis, and Reidar Brekke—conspired to secure control of Performance Shipping for Mango, Mitzela, and the “Paliou family insiders,” thus strengthening chair Paliou and her family’s position at the expense of public shareholders. The lawsuit specifically contends that the insiders and directors devised an exchange offer that allowed holders of tradable stocks to exchange them for nonvoting Series B preferred shares, which they could not sell but could later convert to Series C preferred shares with ten times the voting power of common stock and other rights, including dividend receipt. According to Sphinx, the Performance Shipping board permitted Paliou Palios to use a private placement to expedite her exchange of Series B preferred shares for Series C preferred shares several months ahead of other public shareholders who accepted the exchange offer. George Economou, represented by lawyers from Cadwalader, Wickersham & Taft, argues that “under this scheme, the Paliou family insiders effectively issued to themselves a new class of super-voting shares,” alleging that the directors breached their duties and disenfranchised common stockholders. Sphinx also noted in a filing with the US Securities and Exchange Commission (SEC) that New York-based investment bank Maxim facilitated multiple stock issuances between May 2022 and March 2023 that significantly diluted the value and voting power of the remaining common shares, while safeguarding the Paliou family insiders from typical costs borne by shareholders during a capital raise. George Economou, the Greek shipping magnate who owns over 100 ships, is seeking court intervention to cancel the Series C preferred shares issued to Paliou and Michalopoulos and a declaration that these shares should not have voting rights at Performance Shipping’s 2024 AGM, scheduled for February. Additionally, he is requesting the reinstatement of common shares for public shareholders who participated in the exchange offer. In the meantime, George Economou has extended his cash offer for all outstanding shares of common stock in Performance Shipping until November 15, 2023. George Economou has also acquired a significant stake in OceanPal, another shipping company controlled by the Palios family that was spun off from Diana Shipping in 2022. However, George Economou’s intentions regarding this investment in OceanPal remain undisclosed. 31-October-2023
Athens-based George Economou-led shipowner and operator TMS Dry Ltd initiates a proposal to acquire Performance Shipping and oust its board, following a dispute with the leadership since acquiring a share in the company in August 2023. Greek shipping magnate George Economou has put forward a bid to take over Performance Shipping, a Greek-based tanker company, subsequent to obtaining a stake earlier in August 2023. Upon investing, the head of TMS Group voiced significant disapproval of the management practices at the New York-listed organization. According to a filing with the SEC (Securities and Exchange Commission), this aggressive acquisition strategy could lead to George Economou taking comprehensive control, altering the executive team, dismissing the current board, and potentially divesting entirely or partially from the company’s fleet. 13-October-2023
George Economou intensifies efforts to acquire Performance Shipping, initiating a tender offer for all its remaining common shares. Greek shipping tycoon George Economou has set in motion a tender offer to acquire all the remaining shares of the tanker company Performance Shipping, which is listed in New York, proposing a cash transaction of $3 per share. The company, under the leadership of Andreas Michalopoulos, disclosed in a U.S. Securities and Exchange Commission (SEC) filing that Economou currently holds an 8.8% share, calculated from the company’s 11.7 million outstanding shares as of 29 September 2023. Economou possesses approximately 1.03 million shares, acquired for $1.48 million. The offer, extended through his investment arm Sphinx, a Maryport Navigation subsidiary, is set to expire on November 8, 2023, subject to any extensions. This bid presents a significant 78.6% premium on the closing price of Performance Shipping’s shares, which was $1.68 on 10 October 2023. Following this announcement, the company’s stock price surged, closing at $2.15 in the latest trading session on Wednesday. George Economou, who owns a fleet of over 100 ships, is vying for a position on the board of Performance Shipping, which has a fleet of eight aframax tankers. He is also demanding the resignation of four current directors, including CEO Andreas Nikolaos Michalopoulos. He has proposed that John Liveris, a former chairman of OceanFreight and former board member of Ocean Rig, be elected at the forthcoming annual shareholders’ meeting. Should John Liveris be elected, he would replace the incumbent chairperson and major shareholder of Performance Shipping, Aliki Paliou, whose tenure on the board concludes next year. Sphinx, George Economou’s investment firm, clarified in a regulatory disclosure that, should the offer be successful, it would result in them nominating the majority of the board members and acquiring at least half of the issued shares on a fully diluted basis. This would correspond to at least the majority of the company securities’ voting power, making these shares the only ones with the right to vote on director elections. Performance Shipping, once known as Diana Containerships, has previously charged George Economou with covertly amassing a significant portion of its shares and adopting an increasingly confrontational stance. While open to dialogue, the company expressed concerns about his intentions. In addition, George Economou has taken a strategic position in another venture connected to the Palios family, OceanPal, an offshoot of the bulk carrier company Diana Shipping, overseen by Semiramis Paliou. Holding roughly a 9% stake in OceanPal, which owns three panamax bulk carriers and two capesize bulk carriers valued at around $61.5 million, George Economou reserves the right to engage in discussions concerning various elements of OceanPal’s business, including its board structure, management, operations, and strategic directions. George Economou may also consider augmenting his stake through additional open market acquisitions or transactions with other shareholders. 12-October-2023
George Economou, a Greek shipowner, has disclosed a notable investment in another Nasdaq-listed shipowner OceanPal. This recent action involves the Nasdaq-listed OceanPal, as indicated in a document submitted to the US Securities and Exchange Commission.
George Economou’s investment entity, Sphinx, which is a branch of Maryport Navigation, has acquired over 324K shares at an approximate cost of $563K. This represents a 9.1% ownership in Nasdaq-listed shipowner OceanPal, considering the company’s 3.55 million outstanding shares as of 30 June 2023. Nasdaq Stock Market (Nasdaq)-listed OceanPal’s, Diana Shipping’s (DSX) new separate sister company, fleet consists of three (3) panamax bulk carriers and two (2) capesize bulk carriers, overseen by both Diana Wilhelmsen Management and Steamship Shipbroking Enterprises. The fleet, averaging 18 years in age, is valued at nearly $61.5 million. This acquisition marks George Economou’s second investment in shipowners associated with the Palios family this year. Earlier in August 2023, George Economou, who owns more than 100 ships across dry bulk, tanker, and LNG categories, invested in the Nasdaq-listed aframax tanker expert, Performance Shipping. Performance Shipping, previously known as Diana Containerships, and OceanPal, an offshoot of Diana Shipping, are led by Aliki Paliou and Semiramis Paliou. With this stake in Nasdaq-listed shipowner OceanPal, George Economou gains the authority to engage in discussions about various company facets, including board structure, management, operations, strategy, and future prospects. Sphinx’s document also mentions the possibility of George Economou considering increasing his stake either through open market acquisitions or by purchasing from other shareholders. George Economou’s recent involvement with Nasdaq-listed shipowner OceanPal has sparked fresh conjecture about his objectives. A statement from Performance Shipping earlier this month mentioned that George Economou has been taking progressively assertive steps against the company. While Performance Shipping is open to dialogue with George Economou, Performance Shipping also expressed concerns about George Economou’s intentions. 29-September-2023
George Economou-led shipowner and operator TMS Dry Ltd has inked an agreement for a duo of kamsarmax bulk carrier new buildings at Chengxi Shipyard in China. Athens-based shipowner and operator TMS Dry Ltd has engaged Chengxi Shipyard to construct and deliver two (2) 82k DWT kamsarmax bulk carrier new buildings. TMS Dry Ltd will take the delivery of two (2) kamsarmax bulk carrier new buildings in 2026. Currently, George Economou-led shipowner and operator TMS Dry Ltd has eight (8) ultramax bulk carriers and four (4) capesize bulk carriers on order in China, demonstrating TMS Dry Ltd’s substantial presence. To acquire these bulk carrier new buildings, TMS Dry Ltd is willing to pay Chengxi Shipyard around $35 million per ship. The CSSC-affiliated Chengxi Shipyard has successfully secured a total of 25 shipbuilding contracts so far. The allure of kamsarmax bulk carriers has also captivated various Chinese shipowners recently. 28-July-2023
George Economou-led shipowner and operator DryShips and TMS Dry Ltd joins the race to commission bulk carriers in China as shipyard vacancies diminish. Urgently seize the limited berths as shipowners anticipate a potential shortage in the supply of dry bulk tonnage in the forthcoming years. Athens-based shipowner George Economou has included two (2) additional substantial bulk carriers in his expanding order book. These supplementary orders coincide with a surge in dry bulk procurement, as shipowners endeavor to secure the remaining delivery slots in 2025 and 2026. 28-June-2023
Athens-based George Economou-led shipowner and operator TMS Dry Ltd acquired 2021 built newcastlemax bulk carrier 208K DWT MV MP The Vrabel and 2021 built newcastlemax bulk carrier 208K DWT MV MP The Vinatieri for around $126 million total. Athens-based shipowner and operator TMS Dry Ltd acquired MV MP The Vrabel and MP The Vinatieri from New York investment company Mangrove Partners. Recently, George Economou ordered tanker and bulk carrier newbuildings in China. 30-March-2023
Athens-based George Economou-led shipowner and operator Cardiff Marine has ordered two (2) 210K DWT newcastlemax bulk carrier new buildings at Cosco Shipping Heavy Industry Yangzhou Shipyard. Cardiff Marine will be paying around $64 million each for scrubber-fitted newcastlemax bulk carrier new buildings. In 2023, George Economou ordered tanker new buildings at Chinese shipyards worth around $600 million. Last year, George Economou-led shipowner and operator TMS Dry Ltd. ordered four (4) 63K DWT ultramax bulk carriers at Nantong Xiangyu Shipbuilding & Offshore Engineering for around $32 million each. In 2019, George Economou took DryShips off the Nasdaq Capital Market and evolved into a privately controlled company. 27-March-2023
Athens-based George Economou-led shipowner and operator TMS Dry Ltd acquired 2015 built kamsarmax bulk carrier 81K DWT MV BTG Kailash and 2015 built kamsarmax bulk carrier 81K DWT MV BTG Olympos for around $71 million. George Economou-backed TMS Dry Ltd acquired MV BTG Kailash and MV BTG Olympos from Bulk Trading Group (BTG) which is a joint venture between Kristian Gerhard Jebsen Skipsrederi (KGJS) and JP Morgan’s Global Maritime Investment Fund. Greek shipowner George Economou has been a constant bulk carrier buyer. Since June 2021, Greek shipowner George Economou acquired one (1) newcastlemax bulk carrier, two (2) capesize bulk carriers, one (1) kamsarmax bulk carrier, and two (2) panamax bulk carriers on the secondhand S&P (Sale and Purchase) market for a total estimated cost of about $190 million. Furthermore, Greek shipowner George Economou ordered four (4) ultramax bulk carrier newbuildings at Nantong Xiangyu Shipbuilding & Offshore Engineering for around $32 million each. 19-May-2022
Athens-based George Economou-led shipowner and operator TMS Dry Ltd. ordered four (4) 63K DWT ultramax bulk carriers at Nantong Xiangyu Shipbuilding & Offshore Engineering for around $32 million each. Athens-based TMS Dry Ltd.’s initial contract to construct the ultramax bulk carriers was struck in August 2021 but enacted only lately. TMS Dry Ltd.’s ultramax bulk carrier order would vastly develop Nantong Xiangyu Shipbuilding & Offshore Engineering’s client base. Greek George Economou spend approximately $190 million on six (6) bulk carriers in the secondhand market between June 2021 and January 2022. 18-April-2022
George Economou-led shipowner and operator DryShips acquired 2007 built kamsarmax bulk carrier 206K DWT MV Baosteel Elevation for around $18 million from a Japanese shipowner. Furthermore, Athens-based shipowner and operator DryShips acquired MV Baosteel Elevation’s sistership 2007 built kamsarmax bulk carrier 206K DWT MV Baosteel Evolution for around $19 million. 11-February-2022
Athens-based shipowner and operator TMS Dry Ltd. sold 2000 built panamax bulk carrier 74K DWT MV Topeka to a Chinese shipowner and operator. George Economou-led shipowner and operator TMS Dry Ltd. offloaded 20-year-old panamax bulk carrier which was the oldest bulk carrier in the fleet. Despite the problems induced by pandemic, Chinese shipowners are still pursuing secondhand panamax deals. Chinese shipowners think deals amid slow or falling ship values. Chinese shipowners are well-known for expressing interest in aging panamax bulk carriers, as two reported deals highlight this week. Athens-based George Economou-led shipowner and operator TMS Dry Ltd. sold 2000 built panamax bulk carrier 74K DWT MV Topeka for around $6 million. Currently, MV Topeka’s scrap price is $5 million. 2000 built panamax bulk carrier 74K DWT MV Topeka is the oldest unit in TMS Dry Ltd’s fleet and has been a sales candidate for quite some time. Athens-based shipowner and operator TMS Dry Ltd. circulated the MV Topeka in November 2019. Nevertheless, selling the MV Topeka should be deemed a success for TMS Dry Ltd., given the pandemic’s alarming impact on the S&P (Sale and Purchase) market. 13-February-2020
In a recent transaction connected to Greek capesize ventures, the elegantly constructed MV Aquabella from 2005, hailing from the George Economou-led Carras Group, is rumored to have garnered an impressive sum of $19.75m, acquired by esteemed Chinese investors. This BWTS-furnished vessel, MV Aquabella, is anticipated to make a swift transition to its Chinese recipients. In a distinct yet notable mention, certain American maritime intermediaries associate George Economou with the acquisition of the relatively young panamax, the exquisitely built 2015, 77,200 DWT MV Sea Vision, at a consideration of approximately $30 million. In 2019, George Economou took DryShips off the Nasdaq Capital Market and evolved into a privately controlled company. 19-May-2020
Athens-based George Economou-led shipowner and operator DryShips shareholders support program to go private. DryShips’ investors have demonstrated substantial backing for George Economou’s strategy to take the diversified shipowner off the Nasdaq Capital Market. DryShips’ investors have approved the plant by an overwhelming preponderance. 90% of all DryShips’ stakeholders on Wednesday endorsed the formerly declared plan of merger. George Economou-led SPII Holdings and Sileo Acquisition will purchase the remaining outstanding common shares at $5.25 each. Sileo Acquisition will be merged with and into Athens-based George Economou-led shipowner and operator DryShips, which will continue as the surviving company and evolve a wholly-owned subsidiary of SPII Holdings. George Economou-led shipowner and operator DryShips will evolve into a privately controlled company. DryShips’s shares will no longer be listed on the Nasdaq Capital Market. Furthermore, George Economou owns commercial tanker pool operator Heidmar. Currently, Athens-based shipowner and operator DryShips owns and operates 20 dry bulk vessels. 12-October-2019
Athens-based George Economou-led shipowner and operator DryShips has reported a net loss of $12.7 million loss for Q2 2019 due to millions of dollars in dry-docking costs for seven ships. Greek shipowner and operator DryShips was primarily affected by a $26 million spend on fitting exhaust gas scrubbers and BWTS (ballast water treatment systems) on seven (7) ships. George Economou-led shipowner and operator DryShips
owns tanker pool operator Heidmar. DryShips will spend another $66 million on fitting exhaust gas scrubbers and BWTS (ballast water treatment systems) to more ships through 2020. In October 2019, Nasdaq-listed Dryships’ shareholders vote on the company’s proposed merger with Economou’s DryShips off the public market. 17-September-2019
Athens-based George Economou-led shipowner and operator DryShips is disbursing approximately 21% below NAV (Net Asset Value) to buy back the remaining shares in New York-listed DryShips. George Economou aims to take the DryShips private. $5.25 per share price is fair based on a few criteria that go beyond merely evaluating NAV (Net Asset Value) of DryShips. Analyses indicate that George Economou-led shipowner and operator DryShips’ bid appears to be in line with fair value, assuming that most New York-listed shipowners are trading at relatively enormous discounts to NAV (Net Asset Value). 14 other New York-listed tanker and dry bulk shipowners indicate that these companies were trading at an average of 77% of Net Asset Value) for tanker shipowners and 73% for dry bulk shipowners. Athens-based George Economou-led shipowner and operator DryShips’ offer price of $5.25 represents a 66% premium to the stock’s closing price at the time the investment was declared on 12 June, and a 37% premium to the 16 August closing before DryShips’ improved offer was declared. George Economou-backed SPII Holdings will acquire the 14.5 million DryShips shares. Before initiating the offer, SPII Holdings owned 72.4 million shares or 83.35% of DryShips. 12-September-2019
Athens-based George Economou-led shipowner and operator DryShips stakeholders will soon get an opportunity to vote on a strategy to take the dry bulk shipowner off Nasdaq. On 9 October, DryShips scheduled to hold a special shareholder meeting to vote on a submitted merger with George Economou-backed privately held SPII Holdings. George Economou-backed privately held SPII Holdings would acquire all of DryShips’ outstanding shares for $5.25 each. Originally, SPII Holdings offered $4 per share. George Economou-led shipowner and operator DryShips’ withdrawal from Nasdaq-listing has been viewed as welcome news by some Wall Street analysts. If the DryShips merger deal is agreed upon, George Economou-backed privately held SPII Holdings subsidiary Sileo Acquisitions would be merged with and into DryShips, which would carry on as the surviving company and wholly-owned SPII SPII Holdings subsidiary. Currently, New York-listed shipowner and operator DryShips would become privately held as a consequence of the proposed merger.
If approved, Athens-based George Economou-led shipowner and operator DryShips’ shares would no longer be exchanged on the Nasdaq. DryShips controls tanker pool operator Heidmar. Currently, Athens-based George Economou-led shipowner and operator DryShips has a diversified fleet of 27 vessels. 10-September-2019
Athens-based George Economou-led shipowner and operator DryShips seems near an end after 14 years, leaving a legacy that, overall, is considered as corrective to shipping. George Economou-led shipowner and operator DryShips listed the New York IPO (Initial Public Offering) in 2005. In 2006, dry bulk shipowner and operator DryShips produced overblown returns to investors, even shortly becoming the largest US-listed shipowner by market capitalization. However, George Economou-led shipowner and operator DryShips had a lot of corporate-governance protests, shareholder cases, US Securities and Exchange Commission subpoenas, massive equity-value destruction, and, eventually, the perception that it profited few but George Economou himself. Athens-based George Economou-led shipowner and operator DryShips’ public life approached an end in Wall Street. George Economou will buy out the remaining 17% of DryShips’ shares not already under his management. Currently, DryShips’ fleet is worth $454 million. Furthermore, DryShips has capesize newbuilding order that is valued at around $52 million and DryShips’ 100% stake in Connecticut pools operator Heidmar, which is worth a calculated $34 million. This calculation does not comprise nine (9) bulk carriers financed through sale-and-leaseback trades that are worth a combined $321 million. Therefore, this calculation puts the DryShips’ NAV (Net Asset Value) at approximately $674 million. Considerable New York financial community will not be unhappy to witness DryShips go private. Unfortunately, Athens-based George Economou-led shipowner and operator DryShips had corporate-governance failures that cause it challenging for the entire shipping industry to function efficiently in Wall Street. George Economou-led shipowner and operator DryShips was unimaginable to examine for years and, unfortunately, is the poster child for corporate-governance negligences that make it challenging for the entire shipping industry to function efficiently in the capital markets. Greek shipowner and operator DryShips’ IPO (Initial Public Offering) on the Nasdaq Exchange in February 2005 was a shipping milestone in many forms. Greek shipowner and operator DryShips raised nearly double the planned funds. Some analysts’ estimations had DryShips pricing 50% higher than its NAV (Net Asset Value) at the time. Investors didn’t have exposure to dry bulk shipping. In 2005, it was the right arrangement at the right time and George Economou knew how to sell it. After George Economou-led shipowner and operator DryShips’ IPO (Initial Public Offering) in 2005, eleven (11) international shipowners sold IPOs (Initial Public Offerings) at the Wall Street and seven (7) of them were Greek shipowners. In September 2007, the boom in the dry bulk market rocketed George Economou-led shipowner and operator DryShips’ stock to $131 each. DryShips became the biggest New York-listed stock by market capitalization, outperforming respected goliaths shipowners such as Overseas Shipholding Group (OSG) and John John Fredriksen-backed Frontline. No other shipping company has ever been traded more than DryShips. In September 2014, George Economou-led shipowner and operator DryShips had lost 88% from its $18 IPO (Initial Public Offering) pricing. In, Nasdaq-listed shipowner and operator DryShips commenced an association with a financial company called Kalani Investments that, according to allegations in a pending US shareholder lawsuit, compelled DryShips to lose 99.9% of DryShips’ shares’ values. George Economou-led shipowner and operator DryShips has refuted allegations of shareholder fraud, expressing that DryShips disclosed all elements of equity sales and following reverse stock splits in public securities filings. Nasdaq-listed shipowner and operator DryShips has summoned that the lawsuit is dismissed for lack of merit. Kalani’s case was dismissed by a federal judge in New York in August for lack of evidence. Both DryShips and Top Ships continue to collaborate with US Securities and Exchange Commission (SEC) subpoenas over the Kalani dealings. 22-August-2019
Athens-based George Economou-led shipowner and operator DryShips will pay around $76 million in taking DryShips into private ownership. Greek shipowner and operator DryShips’s BOD (Board of Directors) has endorsed a merger deal between the Nasdaq-listed George Economou-led shipowner and operator DryShips and George Economou-backed SPII Holdings. George Economou-backed SPII Holdings will obtain the 14.5 million Nasdaq-listed DryShips shares that SPII Holdings does not already own for $5.25 each in cash. Previously, George Economou-backed SPII Holdings owned 72.4m shares or 83.35% of Nasdaq-listed George Economou-led shipowner and operator DryShips. SPII Holdings’ merger is anticipated to complete in Q4 2019 and is subject to approval by DryShips’ shareholders. 19-August-2019
Athens-based George Economou-led shipowner and operator DryShips has appointed a committee to consider the non-binding offer of $4.00 per share proposed by George Economou-backed SPII Holdings on 12 June 2019. CEO George Economou strives to obtain the remaining 16.6% of the DryShips he does not already own. Greek shipowner and operator DryShips’ share price jumped 24% to $3.93 on the New York Stock Exchange after the takeover offer was publicized. George Economou’s 83.4% stake in DryShips is worth $278 million at the current share price. Nasdaq-listed shipowner and operator DryShips has been known as a dry bulk shipowner, whereas DryShips has bought six (6) tankers since 2017. Previously, DryShips bought out tanker pool operator Heidmar. In 2005, DryShips was listed on the New York Stock Exchange. Nonetheless, dry bulk shipping markets struggled to bounce back after the 2008 recession. 9-July-2019
George Economou-backed SPII Holdings is offering $4 per share in cash for New York-listed George Economou-led shipowner and operator DryShips. Recently, DryShips acquired tanker pool operator Heidmar. Athens-based shipowner and operator DryShips’ shares have soared in Nasdaq after George Economou made an offer to buy the diversified shipowner and operator DryShips. Dry bulk shipping market spectators acknowledged that private ownership is in the best interests of the DryShips. George Economou-backed SPII Holdings’ proposal not only offers influential value to the DryShips’ shareholders but is also in the most suitable interests of the DryShips. SPII Holdings’ offer would also permit DryShips shareholders to realize an appealing value in cash for their investment. Nasdaq-listed shipowner and operator DryShips’ BOD (Board of Directors) has initiated a committee consisting exclusively of disinterested executives to evaluate the George Economou-backed SPII Holdings’ proposal. Currently, Nasdaq-listed shipowner and operator DryShipsNasdaq-listed shipowner and operator DryShips’ 83.4% is owned by George Economou. In June, George Economou-led shipowner and operator DryShips completely acquired tanker pool operator Heidmar. 13-June-2019
Athens-based George Economou-led shipowner and operator DryShips disbursed $100 million to BWTS (Ballast Water Treatment Systems) and scrubbers and EGS (Exhaust Gas Scrubbers). New York-listed Greek shipowner and operator DryShips anticipates Q1 operating income plunges mainly due to the expenses. DryShips anticipates 1,300 off-hire days across all the fleet. George Economou-led shipowner and operator DryShips has planned and commenced executing a general future-proofing strategy for its fleet update. George Economou publicized schedules to dedicate $350 million to install EGS (Exhaust Gas Scrubbers) on all the fleet under DryShips and private company TMS. 15-May-2019
Athens-based George Economou-led shipowner and operator DryShips acquired 2007 built newcastlemax bulk carrier 208K DWT MV Netadola for around $50 million from George Economou-backed Cardiff Marine. Nasdaq-listed Greek shipowner and operator DryShips the newcastlemax bulk carrier with its current lease financing and a leaseback agreement that incorporates a purchase obligation. DryShips has approved to charter 2007 built newcastlemax bulk carrier 208K DWT MV Netadola on an indexed linked contract, which DryShips can transform to a fixed-rate time charter. Greek shipping tycoon George Economou has a record of trading ships between public and private entities. Currently, diversified shipowner and operator DryShips has a fleet of more than 30 bulk carriers and tankers. 4-May-2019
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. 22-March-2018
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. 6-October-2017
George Economou-led New York-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. 12-July-2017
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. 27-April-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). 25-April-2017
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. 13-April-2017
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. 12-April-2017
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. 10-April-2017
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. 1-December-2016