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Eagle Bulk Shipping to Acquire Nine Ultramax Vessels for USD 153m.


27 March 2017 - US-based dry bulk shipping company Eagle Bulk Shipping Inc.'s (NASDAQ: EGLE) proposed acquisition of three contingent vessels from Greenship Bulk has been approved by Greenship Bulk Trust, the company said.

As originally announced on 28 February 2017, the company reached a definitive agreement to purchase a minimum of six and up to nine Crown-63 Ultramax dry bulk sister vessels for an aggregate price of USD 153m.

With the addition of these nine vessels, the Eagle Bulk fleet will consist of 50 owned vessels.

Eagle Bulk Shipping is a Marshall Islands corporation headquartered in Stamford, Connecticut. Eagle Bulk owns one of the largest fleets of Supramax/Ultramax dry bulk vessels in the world.

Supramax/ Ultramax vessels, which are constructed with on-board cranes, range in size from approximately 50,000 to 65,000 dwt.

The company transports a range of major and minor bulk cargoes, including but not limited to coal, grain, ore, pet coke, cement and fertiliser, along worldwide shipping routes.

Country: USA

Sector: Water Transport

Target: 9 Crown-63 Ultramax dry bulk vessels

Buyer: Eagle Bulk Shipping

Vendor: Greenship Bulk

Deal size in USD: 153m

Type: Corporate Acquisition

Financing: Cash

Status: Agreed

Buyer advisor: , ,


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Publication:M & A Navigator
Date:Mar 27, 2017
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