NEW YORK—Greek drybulk shipper Dryships Inc. said Thursday its agreed to sell three Panamax vessels and buy three newer carriers -- two Capesize and one Panamax.
Panamaxes are the largest vessels that can fit though the locks of the Panama Canal. Capesize vessels are so named because they are too big to fit through the Panama or Suez Canals and must instead navigate the Cape of Good Hope or Cape Horn to travel between oceans.
DryShips will sell two 1995-built Panamaxes and one 1994-built carrier. The company expects to realize a gain from the three sales of $109.2 million.
The vessels will be delivered to their new owners in third quarter.
The company has agreed to buy a 2004-built Panamax for $86.8 million and a 2004-built Capesize for $158 million. Both are set to be delivered without charters in the third quarter.
DryShips also agreed to purchase a Capesize currently being built for $153 million. It is expected to be delivered in the first quarter of 2009.
Shares fell 68 cents to $81.82 in afternoon trading.
