Orion to become Eitzen Bulk

News was prepared under the information support of Online Daily Newspaper on Hellenic and international Shipping "Hellenic Shipping News".

30 Nov 2009

Dampskibsselskabet Orion, an old Danish listed shipping company, is to become a big new Danish player under the name of Eitzen Bulk, after being merged with Oslo-listed Camillo Eitzens fleet of bulkcarriers. Initially, Eitzen Bulk will have a fleet of around 55 bulkers, mostly in the handymax/supramax segments. Most of the tonnage is chartered.
Within three to five years,company will control a fleet of 100 to 125 ships. About one-third of these will either be owned or controlled financially, Eitzen Bulk boss Per Lange says. The expansion will be financed by share issues.
According to Norwegian business daily Dagens Naeringsliv, Eitzen Bulk could be worth some150 million dollar, which would be more than the value of Oslo-listed holding company Camillo Eitzen.

Source: Orion