Ship owner and operator DryShips Inc. has entered into firm sales agreements with entities controlled by the company's Chairman and Chief Executive Officer, George Economou, to sell its four Suezmax tankers.

The tanker fleet, comprised of Vilamoura, Lipari, Petalidi and Bordeira, is to be sold for US$245m.

In addition, it has entered into agreements with entities controlled by Mr. Economou to potentially sell its six Aframax tankers, Belmar, Calida, Alicante, Mareta, Saga and Daytona.

The company said that the agreements to sell the Aframax fleet are not effective until the purchaser confirms his unconditional acceptance latest by June 30, 2015.

DryShips owns a fleet of 39 drybulk carriers, comprising 13 Capesize, 24 Panamax and 2 Supramax with a combined deadweight tonnage of approximately 4.3 million tons, and 10 tankers, comprising 4 Suezmax and 6 Aframax, with a combined deadweight tonnage of over 1.3 million tons.