$DRYS: DryShips Inc. Announces Agreements to Sell Its Tanker Fleet


Yet again, DryShips, Inc. slippery deck CEO Mr. Economou ...may be running a scam. The press release really stated such:

"In agreeing to make the 20% advance payments (approximately $49 million for the 4 firm Suezmax sales) to DryShips rather than to retain a 10% deposit in a joint bank account which is the market standard, and by maintaining the flexibility to deliver the vessels to the purchasers forward, which enables DryShips to capitalize from today's strong spot charter rates, Mr. Economou has once again demonstrated his willingness to go the extra mile to support the best interests of DryShips. At the end of 2014, his personal $80 million equity investment as well as his personal guarantee of the ABN AMRO Bridge Loan, without which that transaction could not have been consummated, were crucial for DryShips. We look forward to his continued support for the benefit of all shareholders."

Is this real?? Does this guy - or his office rather -  use press releases for this (almost) penny stock to rise and fall....Meanwhile traders are loading up on the shares because they are $.80 a pop...not worth the risk if you ask me. Not worth the risk.

Newswire:
DryShips Inc. DRYS 2.41% (the "Company" or "DryShips"), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its majority owned subsidiary, Ocean Rig UDW Inc., of off-shore contract drilling oil services, announced today that it has entered into firm sales agreements with entities controlled by the Company's Chairman and Chief Executive Officer, George Economou, to sell its four Suezmax tankers, Vilamoura, Lipari, Petalidi and Bordeira, for an en-bloc sales price of $245 million. In addition, it has entered into agreements with entities controlled by Mr. Economou to potentially sell its six Aframax tankers, Belmar, Calida, Alicante, Mareta, Saga and Daytona. The agreements to sell the Aframax fleet are not effective until the purchaser confirms his unconditional acceptance latest by June 30, 2015.

Under the terms of the firm sales agreements on the four Suezmax tankers, the purchasers will pay upfront 20% to DryShips and the balance purchase price will be due on delivery which will be between July 1, 2015 and October 31, 2015, at the Company's option.

Read more: http://www.benzinga.com/news/15/03/5368251/dryships-inc-announces-agreements-to-sell-its-tanker-fleet#ixzz3VvLaL2Vw