Shipowner buys vessels from himself in DryShips meltdown

The meltdown continues at DryShips, which has sold 17 vessels to founder and CEO George Economou. The transaction results in a giant impairment for the carrier.

Photo: /ritzau/AP/Richard Dew/

George Economou has acquired 17 vessels, including all Capesize vessels, from his own carrier DryShips in the biggest meltdown of an international dry bulk carrier to date.

The listed company informs in a statement that it has sold the vessels to the Greek owner's private entity Cardiff Marine for USD 377 million.

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