Eagle Bulk Shipping Inc. Adds Capacity - Acquires Modern Ultramax Bulkcarrier

Rhea-AI Summary

Eagle Bulk Shipping has announced the acquisition of a high-specification Ultramax bulkcarrier, the M/V Tokyo Eagle, for USD 27.5 million. The vessel will be delivered in Q4 2022 and is part of the company's fleet expansion strategy, which currently consists of 53 ships with a significant majority being scrubber-fitted. The recent sale of the older M/V Cardinal for USD 15.8 million further optimizes the fleet's efficiency. This acquisition is aimed at enhancing cargo capacity and reducing emissions, aligning with Eagle's focus on sustainable growth and fleet modernization.

Positive

• Purchase of M/V Tokyo Eagle enhances fleet competitiveness.
• Total fleet now includes 53 ships with 91% scrubber-fitted vessels.
• Sale of M/V Cardinal improves overall fleet age and efficiency.
• 30 modern vessels acquired since the start of the renewal program.

Negative

• None.

STAMFORD, Conn., Sept. 13, 2022 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk,” “Eagle” or the “Company”), one of the world’s largest owner-operators within the midsize drybulk vessel segment, today announced that it has expanded its fleet with the purchase of a high-specification 2015-built scrubber-fitted Ultramax bulkcarrier for USD 27.5 million.

The vessel, which was constructed at Imabari Shipbuilding Co., Ltd. in Japan, will be renamed the M/V Tokyo Eagle and deliver to the Company during the fourth quarter of 2022.

As previously disclosed, the Company closed on the sale of the M/V Cardinal (2004-built non-scrubber fitted Supramax) in August 2022. The vessel was sold for USD 15.8 million and delivered just prior to her statutory drydock due date.

Following these transactions, Eagle’s fleet will total 53 ships (91% scrubber-fitted) with an average age of 9.5 years.   Since the Company commenced its vessel renewal and growth program, it has executed 51 S&P transactions, acquiring 30 modern vessels and divesting 21 of its oldest and least efficient ships. These sale and purchase transactions have enabled the Company to grow, while vastly improving overall fleet makeup; in terms of maintaining an attractive age profile, increasing cargo capacity per vessel, and reducing emissions on a per deadweight ton basis.

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, Eagle focuses exclusively on the versatile midsize 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:
Eagle Bulk Shipping, Inc.
investor@eagleships.com
+1 203 276 8100

Media:
ICR, Inc.
icreagleshipping@icrinc.com
+1 203 682 8396

Source: Eagle Bulk Shipping Inc.

FAQ

What is the significance of Eagle Bulk Shipping's acquisition of the M/V Tokyo Eagle?

The acquisition is significant as it enhances Eagle's fleet with a modern vessel, improving cargo capacity and emissions efficiency.

How much did Eagle Bulk Shipping pay for the M/V Tokyo Eagle?

Eagle Bulk Shipping purchased the M/V Tokyo Eagle for USD 27.5 million.

When will the M/V Tokyo Eagle be delivered to Eagle Bulk Shipping?

The M/V Tokyo Eagle is expected to be delivered in the fourth quarter of 2022.

How does the sale of the M/V Cardinal impact Eagle Bulk Shipping?

The sale of the M/V Cardinal for USD 15.8 million optimizes the fleet's age and efficiency, allowing for reinvestment in newer vessels.

What is the current status of Eagle Bulk Shipping's fleet after these transactions?

Eagle Bulk Shipping's fleet now totals 53 ships, with 91% equipped with scrubbers, significantly modernizing their fleet.