Greek shipowner DryShips is steaming ahead with its fleet rejuvenation strategy and shedding of older tonnage.

The latest move has seen the diversified owner sell two of its older Panamax drybulk carriers, built in 2002.

The duo fetched a gross sales price of USD 18.8 million.

The vessels are scheduled for delivery to their buyers during the third quarter of 2018.

The move comes on the heels of DryShips’ announced purchase of two younger ships worth USD 93.8 million.

The duo is comprised of a 2013-built Newcastlemax and a 2017-built Suezmax tanker and if the transaction goes ahead will be bought from entities affiliated to George Economou, the company’s Chief Executive Officer.

The purchase price included the associated bank debt of USD 50.3 million.

DryShips said that the transaction is expected to close in June 2018.

Following the recent Panamax sale, the company’s drybulk fleet will comprise 21 ships, including 11 Panamaxes, five Newcastlemax and five Kamsarmax drybulk vessels.

The company also owns a very large crude carrier, two Aframax and two Suezmax tankers, four Very Large Gas Carriers and six Offshore Support Vessels.