Eagle Bulk Shipping Inc. Becomes a Signatory to The Neptune Declaration on Seafarer Wellbeing and Crew Change

Rhea-AI Summary

Eagle Bulk Shipping Inc. (NASDAQ: EGLE) has signed The Neptune Declaration on Seafarer Wellbeing, addressing the crew change crisis exacerbated by COVID-19. This initiative, supported by over 300 organizations, aims to prioritize seafarers as key workers, ensuring access to vaccines and improved health protocols. CEO Gary Vogel emphasized the importance of collective action to enhance seafarer welfare, aiming to prevent crew from working beyond their contracts. This commitment underscores Eagle's dedication to managing its fleet effectively while supporting seafarer rights.

Positive

• Eagle Bulk Shipping has committed to The Neptune Declaration, joining over 300 organizations in addressing the crew change crisis.
• The initiative aims to recognize seafarers as key workers, ensuring priority access to COVID-19 vaccines.
• CEO Gary Vogel articulated the company's commitment to seafarer welfare, emphasizing the need for concrete actions.

Negative

• None.

STAMFORD, Conn., Jan. 27, 2021 (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 become a signatory to The Neptune Declaration on Seafarer Wellbeing and Crew Change, a global ‘call to action’ initiative to help end the unprecedented crew change crisis affecting the maritime industry.

The outbreak of COVID-19, and its impact to worldwide travel, has created an unprecedented humanitarian crisis on the seas, leading to hundreds of thousands of seafarers being left stranded on ships beyond their contractual employment periods. Although a number of international organizations, governments, and companies have spoken out on this matter, too little has been done to help resolve this crisis.

The Neptune Declaration has been adopted by over 300 leading companies and organizations who are committed to work together in order to help raise awareness and resolve the crew change crisis. The signatories to The Neptune Declaration call for the following actions be implemented:

• Recognize seafarers as key workers and give them priority access to COVID-19 vaccines
• Establish and implement gold standard health protocols based on existing best practice
• Increase collaboration between ship operators and charterers to facilitate crew changes
• Ensure air connectivity between key maritime hubs for seafarers

Gary Vogel, Eagle Bulk’s CEO, commented, “We are pleased to join with many other industry stakeholders as a signatory to The Neptune Declaration. We think this is an important initiative and believe in the power of speaking with a collective voice in order to raise the awareness necessary to drive change. Having said this, we also believe it is an imperative that companies take concrete steps and expend the required resources to effect real outcomes for the individuals being impacted. We have made, and will continue to make, seafarer welfare a priority at Eagle with the continuous goal of maintaining zero seafarers working beyond their contractual employment periods.”

For more information on The Neptune Declaration, please go to: www.globalmaritimeforum.org/neptune-declaration.

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 Neptune Declaration related to Eagle Bulk Shipping (EGLE)?

Eagle Bulk Shipping has signed The Neptune Declaration, a global initiative aimed at resolving the crew change crisis caused by COVID-19.

How many organizations support The Neptune Declaration?

Over 300 organizations and companies have signed The Neptune Declaration.

What commitment did Eagle Bulk Shipping make regarding seafarer welfare?

Eagle Bulk Shipping committed to prioritizing seafarer welfare and preventing crew from working beyond their contractual periods.

Who is the CEO of Eagle Bulk Shipping (EGLE)?

The CEO of Eagle Bulk Shipping is Gary Vogel.