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.

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