Economou Puts IPO Funds to New Use in Accretive Purchases

George Economou has already begun to put the extra DryShips (NASDAQ: DRYS) proceeds to use in a flurry of transactions that one London broker said has actually pushed up the rates of secondhand bulk carriers by 10%. For example, market sources indicate that the newly listed company has purchased an additional charterfree capesize vessel this week for $85 million. Last week, the company acquired the 1995-built panamax bulker Linda Oldendorff for $40 million with a 14-month charter back to the sellers at $35,000 per day.

This is only an excerpt of Economou Puts IPO Funds to New Use in Accretive Purchases

Content is restricted to subscribers. To continue reading please Log-In or view our subscription options.