Eagle Bulk has been circling a selection of modern ultramaxes in the hands of Tiger Group in what could have been the US-listed owner’s second major swoop of 2017.
After discussions between the two shipowners, however, talks have ended without a deal being struck.
Rumours in the market had been linking Eagle with a series of Chinese built ships that promised to result in a transaction potentially worth north of $100m.
Chatter among dry cargo players was that Eagle had been negotiating for a series of four or five ultramaxes built at Chengxi in 2015 by Tiger’s Greathorse International at in excess of $20m each.
Tiger Group chairman Graham Porter was traveling in Europe and unavailable for comment.
But Shanghai-based Greathorse Group president Henry Chiang (Jiang Weiheng) tells TradeWinds discussions were held with Eagle but failed to result in a sale.
A deal would have extended a busy period for Gary Vogel-fronted Eagle.
It has been an active buyer of ships over the past year – most notably a stable of nine ultramaxes from Jacques de Chateauvieux in February.
Eagle has completed two successful equity issues since it restructured and came under new management a couple of years ago.
It has also set the groundwork for further fundraisers with a $750m shelf registration this year.
A move for the Greathorse bulkers would have taken the present $575m Eagle fleet past the 50-ship mark.
