DryShips halves sale price of Panamax vessel

Greek dry bulk carrier DryShips Inc (DRYS.O) said it agreed to halve the sale price of its Panamax vessel and would recognize about $2.4 million in gain on the sale in the first quarter.
DryShips said it agreed to sell the vessel, a 1995-built Panamax drybulk carrier for $30.8 million, as against the previous price of $61 million.
The company also said it settled its dispute with the buyers of Panamax vessel M/V La Jolla, which had a price tag of $66 million. The buyers had earlier failed to take delivery of the vessel as per the deal.
DryShips said under the settlement, it agreed to retain the vessel and received a compensation of $9 million.
DryShips also said it commenced arbitration proceedings against South Korea-based Samsun Logix, which had filed for receivership in February, in connection with a vessel deal . The company said Samsun had earlier agreed to buy Panamax vessel M/V Toro for a reduced price of $36 million, but had failed to pay an additional deposit of $1.5 million.
The arbitration seeks compensation for the difference between the current market price and the original contract price of $63.4 million, DryShips said.
Shares of the company were up 7 percent at $3.20 in trading before the bell.

Source: http://uk.reuters.com