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Shipowner pulled large sums from struggling listed carrier

A review performed by Alphabulk of the annual reports published since the IPO of now-struggling dry bulk carrier Dryships shows that the carrier's Greek primary stakeholder, unlike other investors, has made a solid profit on the carrier.

Photo: /ritzau/AP/Richard Dew/

There was significant trust in Greek shipowner George Economou among investors when he took his dry bulk carrier public in New York back in 2005. Today most of the Dryships shareholders have lost their money, a share in Dryships is virtually worthless, though this process seems to have been a lucrative business for George Economou.

Shortly ahead of the IPO in 2005, George Economou pulled USD 69 million from the company in special proceeds for himself, and over the subsequent 10 years, up until June 2015, the carrier has paid USD 206 million in so-called management fees to companies tied to George Economou.

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