George Economou’s DryShips has continued its buying spree with the declaration of another option on a very large gas carrier (VLGC).
The Nasdaq-listed company will acquire a vessel currently under construction at Hyundai Heavy Industries (HHI) for $83.5m.
This marks Economou’s second move in the VLGC sector, following his entry into this market in early January.
The vessel comes attached to a five-year time charter, with options of up to three additional years.
In total DryShips has options on four VLGCs being built at HHI.
DryShips chairman George Economou said: “We are very pleased to have declared our second option to purchase a high specification VLGC with long term employment to an oil major at above market rates.
“This second investment in the gas carrier segment marks our confidence to the expected positive long-term fundamentals of the gas market and allows us to deploy the company’s available liquidity immediately.”
DryShips, which will take delivery of the vessel in September, expects its latest deal to boost its revenue by $54m.
Economou hungry for tonnage
Economou has not only been active in the VLGC market over the past month.
As TradeWinds reported last week, Economou-controlled TMS Tankers is linked to the acquisition of the 115,700-dwt Nissos Anafi (built 2012) from compatriot Kyklades Maritime.
Economou is also believed to be exploring VLCC newbuildings after confirmed the acquisition of an aframax tanker late last month.
