DryShips Ticks Higher On Acquisition Announcement

DryShips Inc.DRYS

, the nano-cap owner of ocean going cargo vessels that dominated headlines in 2016 after

in mere weeks, ticked higher by around 2 percent at $1.36 on Monday after the company announced an acquisition.

DryShips announced Monday it has entered into agreements with several third parties to purchase four modern Newcastlemax bulk carriers of approximately 206,000 DWT with an average age of three years.

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Among the vessels, two will be employed under time charter contracts and the remaining two vessels will trade in the spot market. Delivery is expected to take place before the end of June of this year.

DryShips has been active in acquiring properties over the past few months, including an $84 million purchase of a large gas carrier in early March for $84 million.

"We are very pleased to have increased the size of our drybulk fleet by acquiring four modern sister vessels at historical low prices," George Economou, chairman and CEO commented. "Spot rates for drybulk vessels have continued to improve since the beginning of the year and our outlook for drybulk is positive given the modest order-book and the continued strength of the Chinese economy that generates demand for raw commodities. We continue to look at opportunities to diversify and grow our fleet with high quality tonnage and significant operating leverage."