Greenship Bulk Trust Continues Selling Spree

Greenship Bulk Trust has reached an agreement to sell five more of its Crown-63 Ultramax bulk carriers to institutional investors advised by J.P. Morgan Asset Management.

Under the agreement, unveiled on March 31, the company will dispose of the vessels ranging in age from two to five years.

Greenship Bulk Trust added that the ships are expected to join their new owners starting from end of April or in May 2017.

In connection with the sale, the company has received irrevocable undertakings from unitholders representing over 75% of the units of Greenship Bulk Trust to vote in favour of the proposed resolution for the sale of the five ships at an extraordinary general meeting (EGM), scheduled to be held on April 18, 2017.

As described in the EGM notice sent out on March 27, the sale of one of the vessels will also entail a repayment of 25% of the seller’s credit associated with this vessel, while the remaining 75% of the outstanding amount will have to be confirmed as abandoned.

Earlier this week, the company agreed to sell nine Ultramax dry bulk sister vessels to Connecticut-based operator of dry bulkers Eagle Bulk Shipping.

Under the USD 153 million deal, which was first unveiled in late February 2017, Eagle Bulk Shipping reached an agreement to acquire six Crown-63 Ultramaxes, while an additional 3 ships were contingent upon final approval from Greenship’s unit holders.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Nov 2018 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 1 2

Maritime Reconnaissance & Surveillance Technology

Now in its 4th successful year, Maritime Reconnaissance & Surveillance Technology is the only event that specifically.

read more >

DREDGING FOR SUSTAINABLE INFRASTRUCTURE

The two-day-long programme offers six highly interactive sessions with contributions from…

read more >

Maritime Information Warfare

SMi are thrilled to announce the return of Maritime Information Warfare conference, now in its second year…

read more >

Offshore Wind Europe 2018

The Offshore Wind Europe speaker line-up is supported by executives who are leading the charge…

read more >