Eagle Bulk Shipping Inc. Acquires Modern Ultramax

Rhea-AI Summary

Eagle Bulk Shipping Inc. (NASDAQ: EGLE) has announced the acquisition of a high-specification 2015-built scrubber-fitted Ultramax bulkcarrier for USD 16 million, to be named M/V Oslo Eagle. The vessel, constructed at Chengxi Shipyard, is expected to join the fleet in Q1 2021. This purchase increases Eagle's fleet to 48 ships, including 21 Ultramaxes, highlighting the company's focus on growth within the Supramax/Ultramax drybulk segment.

Positive

• Acquisition of Ultramax bulkcarrier enhances fleet size to 48 vessels.
• Strategic purchase for USD 16 million increases market competitiveness.
• Expecting delivery in Q1 2021, improving operational capacity.

Negative

• None.

STAMFORD, Conn., Dec. 16, 2020 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk”, “Eagle” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced that it has purchased a high-specification 2015-built SDARI-64 scrubber-fitted Ultramax bulkcarrier for a purchase price of USD 16 million. The ship, which will be renamed the M/V Oslo Eagle, was constructed at Chengxi Shipyard Co. Ltd and is expected to be delivered into the fleet during the first quarter of 2021.

Proforma for this acquisition, the Company’s fleet totals 48 ships, including 21 Ultramaxes acquired over the past few years.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. (“Eagle” or the “Company”) is a U.S. based fully integrated shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Denmark, Eagle focuses exclusively on the versatile mid-size drybulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels in the world. The Company performs all management services in-house (including strategic, commercial, operational, technical and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis. For further information, please visit our website: www.eagleships.com.

CONTACT

Company Contact:
Frank De Costanzo
Chief Financial Officer
Eagle Bulk Shipping Inc.
Tel. +1 203-276-8100
Email: investor@eagleships.com

Media:
Rose and Company
Tel. +1 212-359-2228

FAQ

What is the purchase price for the M/V Oslo Eagle?

Eagle Bulk Shipping purchased the M/V Oslo Eagle for USD 16 million.

When is the M/V Oslo Eagle expected to be delivered?

The M/V Oslo Eagle is expected to be delivered in the first quarter of 2021.

How many ships does Eagle Bulk Shipping have after the acquisition?

After the acquisition, Eagle's fleet totals 48 ships.

What type of vessel is the M/V Oslo Eagle?

The M/V Oslo Eagle is a high-specification scrubber-fitted Ultramax bulkcarrier.

Where was the M/V Oslo Eagle built?

The M/V Oslo Eagle was constructed at Chengxi Shipyard Co. Ltd.