Dryship Vessel seized by Pirates

I saw the headline yesterday that the Somali Pirates had hijacked another ship.

It really didn't seem blog worthy, until I saw today that this ship belongs to
the company Dryships, one of my favorite companies to blog about.

The folks who chat about this stock on Yahoo Message Boards had this to say

Sorry it's an LTC Vessel with 1300 days left on LTC

http://messages.finance.yahoo.com/Stocks...

I have the ship value based on the January 2009 bulk report.
Saldanha 2004 5 Year Old $24,375,000

Here's the story from the BBC

It will be interesting to see who ends up paying the ransom, the owners or the charterers.

Maybe their P & I (insurance) will cover the costs.

If so, it makes one wonder if this will be a bad deal for Dryships, financially speaking.