DryShips repays final $15.2 million commercial loan facility

By Wendy Van Sickle

Columbus, Ohio, April 27 – DryShips Inc. fully repaid its remaining commercial loan facility of about $15.2 million, including overdue interest, according to a Thursday press release.

The company reported that it still has about $200 million outstanding under its loan facility with Sifnos Shareholders Inc., an entity controlled by the company’s founder, chairman and chief executive officer George Economou.

As of Thursday, the company also reported $384 million of cash and cash equivalents and a book value of its vessels, including deposits of about $238 million.

“Having all of our assets debt free, no mandatory loan payments over the next four years and available liquidity of $384 million, we strongly believe that our efforts to access bank debt financing for the first time since November 2014 will be successful and will allow us to further grow the size our fleet,” Economou said in the release.

DryShips is an Athens-based owner of drybulk carriers and tankers.

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