DryShips Inc. (NASDAQ:DRYS) a diversified holding firm of ocean going cargo vessels, reported that its Board has decided to start a new dividend policy. The firm will compensate a fixed quarterly dividend of $2.5 million. At its discretion, the Board may compensate additional amounts as payout each quarter based on market conditions and the firm’s financial performance.
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With respect to the quarter closed December 2016, DryShips’ Board distributed a dividend of $2.5 million with record date March 15, 2017 and disbursement date around March 31, 2017. The dividend amount to be compensated by the firm will be decided based on the count of shares due on the record date.
George Economou, the CEO and Chairman of DryShips, reported that they are extremely thrilled to initiate their new dividend policy. It is a testament to the intense transformation of the firm’s finances over the preceding six months. They continue to transform company and they are confident that the outcome of their measures will become clear in the near future.
Prior to this update, the company reported that it has finalized deals with unaffiliated third parties to buy a 113,644 DWT Aframax tanker presently under construction in South Korea. The firm anticipates to take delivery of this vessel in the second quarter of this year. The vessel is anticipated to be employed in the spot industry.
Next it intends to buy 320,105 DWT Crude Carrier of 2011. The firm anticipates to take delivery of vessel in the coming quarter of 2017. Economou, the Chairman and CEO commented, that they are extremely thrilled to have re-entered the tanker industry by acquiring an advanced Aframax tanker of eco-design and Very Large Crude Carrier at low prices. They continue to look at prospects to diversify and expand their fleet with premium quality tonnage and considerable operating leverage.
