Singapore is set to lose another shipowner with the news that Greenship Bulk Trust is set to close its doors for good.
The Jacques de Chateauvieux-backed venture has sold, or is close to selling, its entire fleet of fourteen Crown-63 ultramax bulkers.
“It has been decided to close down Greenship Bulk Trust after the delivery of the last vessel, repayment of the loan in principal and interest,” chief executive Philippe Rene Georges Rochet said in a statement.
On a more positive note the company said shareholders are inline to receive proceeds related to the disposal of its fleet.
The funds will be distributed to the unitholders in two tranches, the first tranche in June 2017 and second tranche in September 2017.
Greenship Bulk Trust sold nine of its vessels to US-listed Eagle Bulk for $153m and in March sold five more ships sold to institutional investors advised by JP Morgan Asset Mangament.
It said the first tranche of dividend distribution will be based on the sales proceeds from the vessels sold to Eagle Bulk.
“After payment of all costs and expenses, loan interest and principal repayment upon delivery of each relevant vessel, 25% of the seller’s credit associated to each vessel delivered, the cash surplus generated as at 16 June 2017 is $26.7m,” it said.
Greenship Bulk says therefore it will make a dividend distribution of $24m, representing 90% of the cash surplus and equivalent to a distribution of 12.9 US cents per unit.
