FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of November 2007
Commission File Number 000-51141
DRYSHIPS INC.
80 Kifissias Avenue
Amaroussion 15125, Athens Greece
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F [X] Form 40-F [_]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ___
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ___
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes [_] No [X]
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-______________.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached hereto as Exhibit 1 is a copy of the Press Release of DryShips, Inc. dated November 13, 2007.
Exhibit 1
![[drys6k111307002.gif]](drys6k111307002.gif)
DRYSHIPS INC., CONTINUES TO TAKE ADVANTAGE OF STRONG FREIGHT ENVIRONMENT
November 13, 2007 Athens, Greece, DryShips, Inc., (NASDAQ:DRYS) a global provider of marine transportation services for drybulk cargoes today announced that it has entered into short-term charters for two of its Capesize and one of its Panamax vessels with first class charterers. Specifically, DryShips has agreed to:
·
Enter its 1996 built 150,393 dwt Capesize bulk carrier MV Samsara into a time charter for a period of about 12 months at a daily rate of $139,000. The vessel commenced its new charter retroactively from November 7, 2007.
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Enter its 1995 built 151,066 dwt Capesize bulk carrier MV Brisbane into a time charter for a period of about 12 months at a daily rate of $145,000. The vessel is expected to commence its new charter on or about December 1, 2007.
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Enter its 2000 built 72,561 dwt Panamax bulk carrier MV Marbella into a time charter for a period of about 12 months at a daily rate of $82,500. The vessel is expected to commence its new charter on or about November 15, 2007.
An updated fleet list including recent employment developments as of Nov. 12, 2007 can be found in the next page of this press release.
George Economou, Chairman and CEO of DryShips Inc., commented: “With the recent fixtures that represent about 9% of the total Panamax equivalent operating days of the DryShips fleet in 2008, we have locked-in about $94.5 million of EBITDA for 2008. We continue to take advantage of the current strong freight environment. By opportunistically fixing a fragment of our vessel portfolio on short-term charters we are setting the foundations for further vessel acquisitions at today’s high prices that will maintain our overall exposure to the spot market.”
About DryShips
DryShips Inc. is an international provider of drybulk cargo marine transportation services. Headquartered in Athens, Greece, DryShips currently owns and operates a fleet of 44 drybulk carriers comprising 5 Capesize, 29 Panamax, 2 Handymax and 8 newbuilding drybulk vessels, with a combined deadweight tonnage of approximately 4 million tons.
DryShips Inc.'s common stock is listed on NASDAQ Global Market where it trades under the symbol "DRYS".
Fleet List as of Nov. 12, 2007
| Year |
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| Current | Gross Rate | Redelivery | ||
| Built | DWT | Type | Employment | per Day | Earliest | Latest | |
Capesize: |
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Manasota | 2004 | 171,061 | Capesize | Spot | $175,000 | Prompt | Prompt | |
Alameda | 2001 | 170,269 | Capesize | TC | $73,000 | Jan-08 | Mar-08 | |
Samsara | 1996 | 150,393 | Capesize | TC | $139,000 | Oct-08 | Dec-08 | |
Netadola | 1993 | 149,475 | Capesize | TC | $52,500 | Prompt | Prompt | |
Brisbane | 1995 | 151,066 | Capesize | TC | $145,000 | Oct-08 | Dec-08 | |
| 9.0 | 792,264 | 5 |
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Panamax: |
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Heinrich Oldendorff | 2001 | 73,931 | Panamax | BB | $28,000 | Apr-08 | Jun-08 | |
Padre | 2004 | 73,601 | Panamax | TC | $81,000 | Oct-08 | Nov-08 | |
Mendocino | 2002 | 76,623 | Panamax | TC | $37,500 | Prompt | Dec-07 | |
Maganari | 2001 | 75,941 | Panamax | TC | $18,400 | Apr-08 | Jul-08 | |
Coronado | 2000 | 75,706 | Panamax | TC | $81,750 | Sep-08 | Oct-08 | |
Marbella | 2000 | 72,561 | Panamax | TC | $82,500 | Oct-08 | Nov-08 | |
Ocean Crystal | 1999 | 73,688 | Panamax | TC | $40,000 | Prompt | Prompt | |
Primera | 1998 | 72,495 | Panamax | TC | $78,600 | Sep-08 | Oct-08 | |
La Jolla | 1997 | 72,126 | Panamax | TC | $46,000 | Prompt | Dec-07 | |
Lanzarote | 1996 | 73,008 | Panamax | TC | $43,750 | Prompt | Prompt | |
Iguana | 1996 | 70,349 | Panamax | TC | $77,000 | Oct-08 | Nov-08 | |
Waikiki | 1995 | 75,473 | Panamax | TC | $36,750 | Jan-08 | Mar-08 | |
Sonoma | 2001 | 74,786 | Panamax | Baumarine | $72,140 |
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Toro | 1995 | 73,034 | Panamax | Baumarine | $69,537 |
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Lacerta | 1994 | 71,862 | Panamax | Baumarine | $70,051 |
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Catalina | 2005 | 74,432 | Panamax | Spot | $80,000 | Prompt | Prompt | |
Majorca | 2005 | 74,364 | Panamax | Spot | $72,000 | Prompt | Prompt | |
Ligari | 2004 | 75,583 | Panamax | Spot | $95,000 | Prompt | Prompt | |
Bargara | 2002 | 74,832 | Panamax | Spot | $75,300 | Prompt | Prompt | |
Capitola | 2001 | 74,832 | Panamax | Spot | $80,000 | Prompt | Prompt | |
Samatan | 2001 | 74,823 | Panamax | Spot | $80,000 | Prompt | Prompt | |
Ecola | 2001 | 73,931 | Panamax | Spot | $82,000 | Prompt | Prompt | |
Redondo | 2000 | 74,716 | Panamax | Spot | $85,000 | Prompt | Prompt | |
Xanadu | 1999 | 72,270 | Panamax | Spot | $84,500 | Prompt | Prompt | |
Menorca | 1997 | 71,662 | Panamax | Spot | $84,500 | Prompt | Prompt | |
Formentera | 1996 | 70,002 | Panamax | Spot | $72,000 | Prompt | Prompt | |
Solana | 1995 | 75,100 | Panamax | Spot | $88,750 | Prompt | Prompt | |
Paragon | 1995 | 71,259 | Panamax | Spot | $85,500 | Prompt | Prompt | |
Tonga | 1984 | 66,798 | Panamax | Spot | $70,500 | Prompt | Prompt | |
| 8.2 | 2,129,788 | 29 |
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Handymax: |
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Matira | 1994 | 45,863 | Handymax | Spot | $70,000 | Prompt | Prompt | |
| 13.0 | 45,863 | 1 |
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Supramax |
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Clipper Gemini | 2003 | 51,201 | Supramax | BB | $27,000 | Nov-08 | Jan-09 | |
| 4 | 51,201 | 1 |
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Newbuildings: |
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TBN | 2007 | 170,000 | Capesize |
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TBN | 2009 | 180,000 | Capesize |
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TBN | 2009 | 180,000 | Capesize |
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TBN | 2010 | 180,000 | Capesize |
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TBN | 2010 | 82,000 | Kamsrmax |
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TBN | 2010 | 82,000 | Kamsrmax |
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TBN | 2009 | 75,000 | Panamax |
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TBN | 2010 | 75,000 | Panamax |
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| 1,024,000 | 8 |
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Total Fleet | 8.4 | 4,043,116 | 44 |
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1. For spot vessels the TCE rate is for the current voyage |
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2. Prompt implies next 60 days |
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3. For vessels trading in the Baumarine pool the TCE rate is the Pool's estimate for earnings in the month of October | ||||||||
4. Vessels highligthed blue represent new spot fixtures since last update |
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5. Vessels highlighted red represent new short period charters since last update |
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6. Vessels highlighted in green represent updated forecast estimates for the respective month by Baumarine since the last update | ||||||||
7. The quoted rates are not indications of future earnings and the Company gives no assurance or guarrantee | ||||||||
of future rates. |
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Forward-Looking Statement
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although DryShips Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, DryShips Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in DryShips Inc.'s operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by DryShips Inc., with the U.S. Securities and Exchange Commission.
Visit our website at www.dryships.com
Email: management@dryships.com
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. ,New York
Tel. 212-661-7566
E-mail: nbornozis@capitallink.com
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
DryShips Inc.
---------------------------------
(Registrant)
Dated: November 13, 2007
By: /s/ George Economou
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George Economou
Chief Executive Officer