Hudner Buys Modern Ships at 4.7x EBITDA

It is our understanding that B+H house bank Nordea and DVB are providing the debt on the deal, estimated to be about $75 million. According to a company press release, the new ships will more than double the EBITDA from $17.6 million in 2004 to $40 million in 2005. If we assume that the new ships will generate the $23 million of EBITDA difference, then B+H did the deal at 4.7x EBITDA, about where George Economou priced his DryShips deal last week.

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