DryShips has abandoned plans to list its tanker fleet and has instead sold the ships on to chief executive George Economou, in a move that will boost its cash position and avoid selling tonnage at a major discount to investors.
DryShips had planned to spin off the Tankships Investment Holdings on the New York Stock Exchange (NYSE) but changed tack this week, offloading the 10 vessels to its leading shareholder in a deal potentially worth $536m.
