Eagle Acquires a Modern Ultramax, Sells Two 18-Year Old Supramaxes

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In a recent development, Eagle Bulk Shipping Inc. has announced today that they have purchased a high-specification 2015-built SDARI-64 Ultramax bulk carrier for a purchase price of USD 20.4 million, says a press release published on NASDAQ website.

The New Ultramax Acquisition

The ship, which has been renamed the M/V Cape Town Eagle, was constructed at Cosco Zhoushan Shipyard Co. Ltd and is of the same design as the M/V Hamburg Eagle and M/V Singapore Eagle.  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 USD 11,400 per day.

Old Ultramax Sold

Separately, and as part of the Company’s ongoing fleet renewal program, Eagle announced it has sold the M/V Condor and M/V Merlin, both 2001-built 50,000 deadweight ton vessels, for an aggregate gross price of USD 13.2 million.  Both sales were concluded in advance of vessels’ statutory drydocks, which would have included the installation of ballast water treatment systems, resulting in total CAPEX savings of over USD 2 million.

Status of the Fleet

After the delivery of the M/V Cape Town Eagle and sale of the two vessels, the Company’s fleet will consist of 46 ships, including 14 Ultramax drybulk vessels acquired over the last 24 months.

Finally, the Company announced that is has declared the three remaining options it held for exhaust gas cleaning systems, or scrubbers, bringing the total on order to 37 units.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in Stamford, Connecticut. Eagle Bulk owns one of the largest fleets of Supramax/Ultramax dry bulk vessels in the world. Supramax/ Ultramax vessels, which are fitted with on-board cranes, ranging in size from approximately 50,000 to 65,000 dwt. The Company transports a broad range of major and minor bulk cargoes, including but not limited to coal, grain, ore, pet coke, cement, and fertilizer, along worldwide shipping routes.

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Source: NASDAQ