June 8, 2018 - 8:00 AM EDT
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Today’s Research Reports on Stocks to Watch: Top Ships and DryShips

NEW YORK, NY / ACCESSWIRE / June 8, 2018 / Cargo vessel stock Top Ships was seeing huge gains in Thursday's trading session after announcing that it has agreed to a time charter employment with a major oil company for two of its vessels that are currently under construction. Shares of DryShip were flat in yesterday's session but the company announced at the end of last month that it has agreed to acquire a drybulk carrier and a tanker.

RDI Initiates Coverage on:

Top Ships Inc.

DryShips Inc.

Top Ships Inc. shares closed up 53.25% on about 26 million shares traded on Thursday. Shares continued to soar in after-hours trading as well. It was a big day for the tank vessel operator after it announced that it has agreed to enter into time charter employment with a major oil company for its two Suezmax vessels currently under construction at Hyundai Samho, South Korea. The vessels have the Hull numbers S874 and S875. Both vessels will be employed for a firm for 36 months with two additional 12 month periods at the charterer's option. The deliveries of the vessels are expected for next April and May. CEO Evangelos Pistiolis stated, "We are very happy to have entered into this fixture for our very high specification scrubber fitted Suezmax vessels. Our strategy of acquiring very high quality tonnage has once again been embraced by top quality charterers. Due to their scrubbers, these vessels have achieved daily rates that are above the current market thereby giving us a payback on investment for scrubbers in less than 2 years. These charters will significantly facilitate the financing of the vessels due to the charter duration, the rate and the quality of the counterparty. Total gross revenue backlog for the fixed charter period of operating vessels as of June 7, 2018 is about $177 million, increasing to about $192 million when adding the 50% of our joint venture vessels."

Access RDI's Top Ships Inc. Research Report at:

DryShips Inc. shares traded fairly flat in Thursday trading on almost 400,000 shares traded. It was at the end of last month that the diversified owner and operator of ocean going cargo vessels had said that it agreed to acquire one 2013-built Newcastlemax drybulk carrier and one 2017-built Suezmax tanker. Each tanker has been constructed in China. According to the company's press release, the vessels will be acquired for an aggregate purchase price of $93.8 million, including the associated bank debt of $50.3 million and the transaction remains subject to documentation and customary closing conditions. The transaction was approved by the independent directors of the Company's board of directors and is expected to close this month.

Access RDI's DryShips Inc. Research Report at:

Our Actionable Research on Top Ships Inc. (NASDAQ: TOPS) and DryShips Inc. (NASDAQ: DRYS) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com

Source: ACCESSWIRE Investor Awareness (June 8, 2018 - 8:00 AM EDT)

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