The tycoon has purchased 57,142,857 shares at $1.40 each as the bulker and tanker owner pushed through a shares issue today.

Economou's move appears to have strengthened his holding in the company and is seen as crucial in insuring the success of the issue.

His contribution is part of a $350m fundraising effort from the Nasdaq-listed company.

In all, DryShips is selling of 250,000,000 shares at the same $1.40