Eagle Bulk Shipping Acquires One Ultramax, Sells Two Supramaxes

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On January 23, Eagle Bulk Shipping has announced that it purchased an Ultramax bulk carrier for a price of $20.4M.

Existing time charter

The company commented that the ‘M/V Cape Town Eagle’ has been acquired with an existing time charter that has a remaining term of approximately one year at a variable gross rate of 106% of the Baltic Supramax Index with a floor rate of $11.4K per day.

Vessels sold

Eagle also discloses that it sold its vessels ‘M/V Condor’ and ‘M/V Merlin’ for an aggregate gross price of $13.2M. Both sales were concluded in advance of vessels’ statutory drydocks, which would have included the installation of ballast water treatment systems, resulting in a total CAPEX savings of over $2M. The company has recorded a +2.57% premarket to $4.39.

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Source: Seeking Alpha

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