Bulker deal means revitalisation for Eagle, haircut for Greenship

Analysts expect Eagle Bulk to fund purchase of up to nine bulkers with cash and asset sales.

1 March 2017 17:50 GMT Updated 16 March 2017 18:53 GMT

By Eric Martin and Joe Brady

Eagle Bulk Shipping's purchase of most bulkers owned by Greenship Bulk Trust will mark a fleet rejuvenation for the buyer but will mean a 75% haircut on the seller's debt.

As TradeWinds was first to report yesterday, New York-listed Eagle Bulk struck a deal to buy six bulkers and potentially three more from Singapore-based Greenship, which is listed on Oslo's over-the-counter market.

Eagle