Eagle Bulk to Buy up to Nine Ultramaxes

Illustration; Image Courtesy: Eagle Bulk

US-based operator of dry bulkers Eagle Bulk Shipping has reached an agreement to purchase up to nine Ultramax dry bulk sister vessels from Greenship Bulk Trust.

The deal will see the company acquire a minimum of six Crown-63 Ultramaxes, with an additional 3 ships contingent upon final approval from Greenship’s unit holders.

Eagle Bulk Shipping said that the contract has a value of USD 153 million, assuming all 9 ships are transacted.

Deliveries of the ships, which range in age from 2 to 5 years, is expected to start in April 2017.

“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,” Gary Vogel, Eagle Bulk’s CEO, said.

“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,” Vogel added.

The delivery of all nine vessels would bring Eagle Bulk’s fleet to 50 owned ships.

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