Economou's Dryships puts $2bn on shelf

Recapitalised owner sets the scene for further fundraisers at a busy time for its chief executive.

George Economou’s DryShips has sown the seeds for further growth capital with a $2bn shelf registration today.

Its mixed securities filing was released at a time when Economou has been particularly active in the market.

Following a recapitalisation effort DryShips has liquidity of $455m.

Since strengthen in its balance sheet the owner has moved into the VLGC market with a related party transaction and returned to the tanker market with a couple of sale and purchase deals in quick succession.

As TradeWinds reported last week, Economou has also contracted four VLCC newbuildings at a price of around $75m each at Hanjin’s Subic yard.

It is unclear at this stage if those ships will join DryShips or be held in Economou’s vast private fleet. 



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16 Mar 10:05 GMT