Thursday, March 2, 2017

Bulk Freight Shipping Line Expand Fleet

Eagle Continues to Modernise Fleet
Shipping News Feature
NORWAY – US – Eagle Bulk Shipping has reached a definitive agreement to purchase six Crown-63 Ultramax dry bulk sister vessels for $99 million. The vessels, which range in age from 2 - 5 years, will be acquired from Norwegian OTC listed Greenship Bulk Trust, with the deal including provisions for Eagle Bulk to potentially purchase an additional three vessels contingent upon final approval from Greenship's unit holders. Gary Vogel, Eagle Bulk's CEO, commented:

"Eagle Bulk continues to execute on our fleet renewal and growth strategy, and today's announced acquisition affirms our ability to transact in a meaningful way. We are especially pleased that we were able to reach an agreement to purchase 6, and potentially 9, sister ships en bloc in a market where quality tonnage is difficult to find. We view this as a milestone transaction, as it can increase our number of vessels by over 20% while meaningfully advancing the build-out of our owner-operator business model."

If the conditions of the remaining three vessel are approved, the gross total of all 9 of the vessels will be worth $153 million, with Eagle Bulk's fleet consisting of 50 owned vessel. Deliveries are expected to begin in April of this year.

Greenship Bulk Trust is a Singapore business trust established by Jaccar Holdings, owning a fleet of around 20 low-consumption design Supramax bulk carriers and 100% owners of the French ship manager and operator Setaf Saget.