Dryships Inc. announces successful delivery of its first modern newcastlemax vessel and commencement of a one year time charter contract

DryShips Inc, a diversified owner of ocean going cargo vessels, announced today that it has taken delivery of its first previously announced 205,855 DWT Newcastlemax drybulk vessel built in 2014.

The vessel was successfully delivered to its one year time charter with a major grain house, which is expected to provide a total gross backlog of USD 7.1 million.

Mr. George Economou, Chairman and Chief Executive Officer commented: ÔÇ£We are very pleased to take delivery of our first modern Newcastlemax vessel. With three sister vessels to follow, two of which are also employed under time charter contracts, we expect our earnings and cash flows will built up during the second half of 2017.ÔÇØ