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            october 24, 2019

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Dryships announces fleet update


Greece-based DryShips Inc., a provider of marine transportation services for drybulk cargoes and off-shore contract drilling oil services, announced the following sale and purchase developments:
• The Company sold the 70,349 DWT Panamax bulker M.V. Iguana (built in 1996) for a price of $23.4 million resulting in a book loss of $2.3 million. Delivery of the vessel took place on 19 January 2010
• The Company sold the 71,862 DWT Panamax bulker M.V. Delray (built in 1994) for a price of $20.1 million resulting in a book gain of $11.5 million. Delivery of the vessel took place on 5 February 2010.
• The loan amount for the two above-mentioned vessels will remain available to the Company for replacement vessels.
• The Company has placed an order for two (2) 76,000 dwt Panamax dry bulk vessels, with a top quality Chinese shipyard, for a price of $32.25 million each. Delivery of the two vessels is expected to take place in Q4 of 2011 and Q1 of 2012, respectively
George Economou, Chairman and Chief Executive Officer of the Company commented:
“We are pleased to announce the commencement of another round of fleet renewal and expansion. We have been patient for potential acquisition opportunities and finally were able to combine the sale of two 14 and 16 year old ships with the purchase of newbuildings to replace them. With this transaction we are buying each new replacement ship year for an average price of $0.7 million. This is lower than the low cycle per ship
year price of $0.8 million per year. In addition our banks continue to demonstrate strong support as the loan amounts for the two vessels sold are available to the company and can be applied to replacement vessels. We will continue to be patient with our investments as the market presents further opportunities.”

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