DryShips (DRYS)

George Economou, the Company’s Chairman and Chief Executive Officer, commented:

“We are very pleased to report the best quarter in the Company’s history so far. Since our IPO in 2005 when we started out with a fleet of 6 vessels with an average age of 19 years we have grown to the biggest drybulk company listed in the US with a fleet comprising of 47 vessels with an average age of 8.8 years. In the meantime, our stock price has risen from $18 per share to $84.25 per share as of today’s close, which implies a return to our initial shareholders of 368.1%. Our clear market view and choice of spot employment has been proven correct and has created superior shareholder value.

We enter 2008 with a great deal of optimism. The supply and demand balance for this year remains extremely tight. In 2008 we expect to have approximately 17% more fleet operating days compared to 2007 and as of today approximately 63% of the fleet operating days remains unfixed. DryShips is in a unique position to take advantage of the strong freight rate environment and continue to maximize shareholder value.”

George Economou, the Company’s Chairman and Chief Executive Officer, commented:

“The Company generated Operating Income before FFA losses of $25.3 million for the quarter which shows an improvement over the previous quarter and demonstrates that the operating results are in-line with the improving freight market conditions.  With the delivery of the new vessels and the time charters recently concluded at higher rates, the Company is in a great position to achieve a marked improvement in its fourth quarter and 2007 results. We remain committed to expanding and renewing our fleet and deliver the best possible results to our shareholders, taking advantage of the solid drybulk market fundamentals.”