DryShips shares are running hot in pre-market trading following the completion of a $200m pact with Kalani Investments.

Stock in the George Economou-backed company climbed by more than 50% at one point and at the time of writing was changing hands at $3.58 each, still up over 45%.

It follows a post-close update from DryShips on Monday explaining Kalani had bought 22,539,773 shares in the company at an average of $3.08