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$7m fee to cancel the order

$7m fee to cancel the order
Athens-based DryShips has paid $7m in cancellation fees on top of a lost deposit to wipe out a deal.

Athens-based DryShips has paid $7m in cancellation fees on top of a lost deposit to wipe out a deal.

Athens-based DryShips has paid $7m in cancellation fees on top of a lost deposit to wipe out a deal under which it was to acquire two new kamsarmax bulk carriers under construction at Tsuneishi Zhoushan for delivery next year.

In a filing with US regulators, the dry bulk and offshore drilling company said it entered into two separate agreements with third-party sellers to cancel hulls SS058 and SS059.

?Under the terms of each agreement, the company agreed to pay $3.5m to each seller and to waive its right to an advance previously paid to the seller of $10.9m,? it said.

Settlement details were not divulged in a company results conference call earlier this week, but chief operating officer Pankaj Khanna said the event would be reflected in fourth-quarter financials and pointed analysts to imminent securities filings.

The original contractor of the two 82,000 dwt bulkers was not disclosed.

The pair were the last newbuildings on DryShips" order book, following the delivery two months ago of the panamax Oliva, which has been time chartered for a minimum of 26 months at a daily rate of $17,850.

At the same time the company is proceeding with funding its order book of four ultra-deepwater drillships contracted from Samsung Heavy Industries.

In the same filing the company disclosed that on October 20 it paid a first instalment of $47.8m for steel cutting on the second vessel in the series, Hull 1838, which is scheduled for delivery in the first quarter of 2011.


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