Camillo Eitzen to sell Eitzen Bulk Shipping

"The management team of Eitzen Bulk Shipping has worked closely with Camillo Eitzen in this process, and we are very pleased to welcome Ultragas as our new main shareholder. With Ultragas' entrepreneurship and financial strength we have the support required to execute our growth strategy, particularly within the Panamax segment. We are looking forward to expanding Eitzen Bulk Shipping's activities on the base of our present organization and our significant forward cargo and tonnage book, to the benefit of all shareholders", says Per Lange, CEO, Eitzen Bulk Shipping.

Provided the transaction is completed Navieras Ultragas Ltda. will own 18,314,266 shares, corresponding to 74.33 per cent of the share capital and voting rights in Eitzen Bulk Shipping. The agreed purchase price is 92.9 million dollar. The agreement is subject to customary closing conditions.

"We have been expanding our activities in Europe, and in particular with Danish ship owning and operating companies. We have followed the development of Eitzen Bulk Shipping, and we are enthusiastic to become the major shareholder. Eitzen Bulk Shipping is a quality operator with a strong focus on customer service and operational excellence. We have great confidence in the management team and the entire organization, which have high integrity, and which we feel share the same values which are strongly embedded in our own organization. We look forward to working with and supporting Eitzen Bulk Shipping in its future development", says Dag von Appen, President of Navieras Ultragas.

Navieras Ultragas Ltda. will be required to submit a mandatory public offer for the remaining outstanding shares in Eitzen Bulk Shipping within 4 weeks after the closing of the transaction.

Source: Eitzen Bulk Shipping

/ maritimedanmark.dk