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BULK - Eagle Bulk Ships returning to nest


39158 fcras 18/2 2011 11:27
Oversigt

:
Ships returning to nest

Published: 14:21 GMT, 15 Feb 11 | updated: 15:30 GMT, 15 Feb 11

Eagle Bulk Shipping is looking to take ships back from Korea Line Corp while the ailing owner looks to resolve its financial difficulties.

Nasdaq-listed Eagle will also hold off delivering a newbuilding to KLC amid hope the company’s issues can be addressed quickly.

Alan Ginsberg, CFO of Eagle, said:"We have been working diligently to mitigate potential losses associated with KLC's financial restructuring. Securing alternative employment for our vessels while KLC awaits court approval to resume charter payments constitutes an important step in this regard."

In a statement Eagle tells investors Korea Line's unpaid tab stands at $7.3m.

It insists none of its contracts have yet been ripped up despite charter payments stopping.

“Eagle Bulk has been advised by KLC that it expects to receive court approval in South Korea in order to qualify for rehabilitation later this month, at which time KLC expects to resume hire payments,” the statement explained.

Eagle Bulk has 13 bulkers on hire to Korea Line, making it the most exposed of the quoted dry-bulk firms.

Eagle explains it is working with the beleaguered owner on arrangements to take vessels back and trade them to cover the recess until payments can resume.

One of the ships involved is the 58,000-dwt newbuilding Nighthawk, which will be rolled out in the present quarter.

“Eagle Bulk and KLC have agreed in principle, again subject to court approval, to defer the commencement of the charter in order to allow Eagle to employ the vessel for its own account for the time being,” the statement said.

http://www.tradewinds.no/drycargo/576144/ships-return..

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http://www.eagleships.com/

Korea Line Corp(KLC):
http://www.korealines.co.kr/eng/main.html
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- from GOGLs Q4/10 report 18.02.2011:

Golden Ocean has two vessels on long-term charters to Korea Line Corporation (KLC).

KLC filed a petition to a Korean Court for rehabilitation and an order was granted on 15 February 2011.

A few hire payments are outstanding and it is unclear whether KLC will pay this hire or meet the remainder of their obligations under the relevant charterparties.

The outcome of the rehabilitation proceedings and consequences for Golden
Ocean are unknown and unclear at this time.

The Company will do the utmost to protect any claim and make a recovery against KLC
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Photo: Handymax "Kite" Eagle Bulk Shipping

EGLE, GOGL.OL




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