Greenship Bulk continues ultramax sell-off

Greenship Bulk continues ultramax sell-off

Having just sold nine ultramax bulkers to New York-listed Eagle Bulk for a total of $153m, Greenship Bulk Trust has called an extraordinary general meeting of unit holders to vote on the possible sale of a further five ultramax vessels.

“The company is looking positively at the market improvement recently, and as such wants to keep open any opportunity to re-allocate its financing structure,” it said in the EGM notice.

Greenship Bulk said it is considering the opportunity to sell five additional ultramax vessels in order to reduce its global leverage. The vessels are financed by DVB and HSH, and Greenship is looking to fetch an average minimum price of $17m net of broker fees.

Sale proceeds will be used to repay debt.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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