GREECE-based, New York-listed shipping company DryShips has announced it has agreed to acquire a Newcastlemax drybulker from an entity linked with company chairman and chief executive, George Economou.

The bulker was launched in and was purchased for about US$50m.

According to DryShips, the purchase price was based on “the average fair market value of the vessel, as determined by independent third party broker valuations”.

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The purchase includes existing financing in place and is expected to be affected by way of long-term bareboat charter party with purchase obligation.

The vessel is expected to be delivered to DryShips in the second quarter of 2019.

TMS Dry Ltd, an entity owned by Mr Economou, has agreed to manage the vessel.

The company is a diversified owner and operator of ocean going cargo vessels that operate worldwide.

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