Eagle Bulk Shipping Confirms Acquisition of 9 Ultramax Vessels

By Vessels

Eagle Bulk Shipping Inc. (Nasdaq: EGLE) yesterday announced that its proposed acquisition of three contingent vessels from Greenship Bulk has been approved by Greenship Bulk Trust. As originally announced on February 28, 2017, the Company reached a definitive agreement to purchase a minimum of 6 and up to 9 Crown-63 Ultramax dry bulk sister vessels for an aggregate price of $153M.

Bulk carrier JS Narmada - Image courtesy of Sorin

Gary Vogel, Eagle Bulk's CEO, commented, "We are pleased to have been able to secure this fleet acquisition of 9 quality Ultramax vessels, and look forward to having them join Eagle's fleet over the coming months."

Stamford, CT-based Eagle Bulk is naming all 9 vessels after Connecticut coastal towns:

New Eagle Vessel Names Year
Built
 Current Names under
 Greenship Ownership
1. M/V WESTPORT EAGLE 2015  JS Potomac
2. M/V FAIRFIELD EAGLE 2013  JS Missouri
3. M/V GREENWICH EAGLE 2013  JS Yukon
4. M/V MADISON EAGLE 2013  JS Yangtse
5. M/V MYSTIC EAGLE 2013  JS Tamise
6. M/V ROWAYTON EAGLE 2013  JS Mekong
7. M/V SOUTHPORT EAGLE 2013  JS Mississippi
8. M/V GROTON EAGLE 2013  JS Narmada
9. M/V STONINGTON EAGLE 2012  JS Garonne

With the addition of these nine vessels, the Eagle Bulk fleet will consist of 50 owned vessels.

As previously announced, Eagle Bulk will report its financial results for the fourth quarter and full year ended December 31, 2016, after the close of stock market trading on Thursday, March 30th. Members of Eagle Bulk's senior management team will host a teleconference and webcast at 8:30 a.m. ET on Friday, March 31st to discuss the results.

JS POTOMAC - IMO 9705988

Bulk carrier JS Potomac - Image courtesy of Cengiz Tokgöz

About Eagle Bulk Shipping

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 constructed with on-board cranes, range 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.

Source: Eagle Bulk