Nasdaq-listed DryShips told investors today it was forgiving $16.5m in overdue payments linked to 11 of its vessels.
For its part the charterer will walk away from in the money purchase options on seven ships and offer up fresh work at a base rate with profit share on 11 vessels.
George Economou, chief executive of DryShips, said in a statement: “We are pleased to have reached an agreement with one of our charterers that allows DryShips to put a floor on its downside while providing upside potential.
