A Merger of Sorts or Eitzen Bulk Builds a Better Platform

Earlier this month, Camillo Eitzen & Co ASA (“CECO”) announced that the respective boards of two of its controlled companies, D/S Orion A/S (“Orion”) and Shipholding Holding A/S (“Eitzen Bulk’), had approved their merger, with Orion as the surviving company. The fact that Orion, a dormant company, is publicly listed on the Nasdaq OMX gave impetus to the transaction by providing a platform for future expansion. Upon approval by the shareholders, it is intended that Orion will change its name to Eitzen Bulk Shipping A/S and will contain all of the bulk activities of CECO, which consists of the ownership of a newbuilding to be delivered but is mainly a trading platform in which it takes vessels on for up to 3 years against cargo commitments.

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