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Eagle Bulk

Eagle Bulk Shipping to Build New Vessels

Eagle Bulk Shipping Inc., which specializes in dry bulk shipping, signed contracts with the Japanese shipyard IHI Marine United Inc. to build two new vessels for about $33.5 million apiece. Eagle expects to take delivery of the Future-56 class Supramax vessels in the first quarter of 2010. Once delivered, Eagle Bulk Shipping's fleet will number 18 vessels, and 14 of them will be Supramax class, or slightly larger than the more popular Handymax vessels used in dry bulk shipping. The company also said it increased its borrowing capacity from the Royal Bank of Scotland to $500 million from $450 million. The company used $24.8 million from the credit facility as a down payment on the vessels. Eagle Bulk Shipping said more than $260 million remains on the credit facility. The company said financing the new vessels will not affect quarterly dividends. Shares of Eagle Bulk Shipping rose 3 cents to close at $17.10 on the Nasdaq. Source: AP


Eagle Bulk Orders Ships

Eagle Bulk Shipping Inc. exercised options for the construction of four 58,000 dwt Supramax vessels from the Sinopacific Shipbuilding Group, the parent of the Yangzhou Dayang Shipbuilding Co. at a contract price of $42.3 million per vessel. The availability of these options was initially reported by Eagle Bulk on August 7, 2007. The addition of these vessels to the Eagle fleet increases the total fleet size to 53 vessels, expands capacity to 2


Great Ship - Geco-Eagle

Signifying the best of an outstanding new crop of seismic vessels, the Norwegian-built wedge-shaped Geco Eagle sports a 121 ft. (37m) wide back deck to store and deploy more recording equipment than any other vessel afloat, but the unique shipshape does not lead to a trade-off in capacity. The ability to survey more territory in a time and cost efficient manner has directly led to the tremendous push for deeper water resources exploration.


Eagle Reports 2Q Results

Eagle Bulk Shipping, Inc., the largest U.S. based owner of Handymax dry bulk vessels, reported its financial results for the second quarter ended June 30, 2005. Members of Eagle Bulk's senior management team hosted a teleconference and webcast at 8:30 a.m. this morning to discuss the results.


Jaeger Join the Eagle Bulk Fleet

Eagle Bulk Shipping Inc. announced that it has taken delivery of the Jaeger, a 2004 built 52,265dwt Supramax dry bulk vessel. The Company has now taken on-schedule delivery of the three vessels as per the acquisition agreement announced on June 23. The Jaeger will continue its existing 11 to 13 month time charter, begun in May 2006, at a rate of $18,500 per day. The Eagle Bulk Shipping Inc. fleet consists of 16 dry bulk vessels including 12 Supramax and 4 Handymax vessels


Shipping Benefits from Falling Fuel Costs

The recent slide in bunker prices has allowed owners to operate their ships at more profitable levels The Shipping Industry has recently benefited from falling oil prices. Fuel has always been a major cost for shipping companies, and the recent slide in prices has allowed them to operate at more profitable levels. The United States Oil Fund (USO) this year has fallen nearly 23 percent, while the Guggenheim Shipping ETF (SEA) is up over 6 percent over the same period according to a


Coast Guard Foundation Welcomes USCG Barque Eagle to Philadelphia

Photo courtesy USCG

The Coast Guard Foundation announced that it will host a reception to welcome the U.S. Coast Guard Barque Eagle at the Independence Seaport Museum at Penn’s Landing on March 18, 2011, from 7:00 PM to 8:30 PM. The official kick-off and first stop of the Eagle’s 75th anniversary tour, the reception will raise awareness of the Coast Guard Foundation’s mission to serve the men and women of the Coast Guard


Coast Guard Cadets Navigate 'Eagle' by Sextant

Cadets Handling a Sextant: Photo credit USCG

US Coast Guard cadet training barque ‘Eagle’ completes its first week of the cadet summer training deployment in the Atlantic Ocean. Eagle left its homeport in New London, Conn., and sailed more than 600 miles headed to the Caribbean while under sail power and using celestial navigation. The ship’s navigator secured all means of electronic navigation, leaving the cadets to ensure they arrive at their next portcall with only a sextant and the stars.


Double Eagle Pipeline Fully Operational

Double Eagle Pipeline LLC, a 50/50 joint venture between Magellan Midstream Partners, L.P. and Kinder Morgan Energy Partners, L.P.,today announced that the entire pipeline system, comprised of 195 miles of pipe, is now in full operation to Corpus Christi, Texas as designed. The 84-mile western leg of the Double Eagle pipeline system is connected into four central gathering facilities and is moving condensate from Gardendale near Cotulla, Texas


New Berthing System for Mooring Cargo Ships

Photo: Bellingham Marine

Eagle Rock Aggregates, U.S. subsidiary of Polaris Materials Corporation, has completed a new aggregate import facility at the Port of Long Beach that features a docking structure which will be used for mooring mid-sized cargo ships.   “The existing berth structures at the site were designed for barges,” said Herb Wilson, President and CEO of Polaris Materials. “We removed them and replaced them with an advanced berthing system designed specifically for the docking of


Ferus Smit Launches Newbuild Bulker

Photo: Simon Marrink

Shipbuilder Ferus Smit has launched newbuild bulk carrier vessel Arklow Breeze on Friday, March 20 at Westerbroek.   Arklow Breeze is the sixth and final vessel of a series to be delivered to a client from the city of Arklow, Ireland. The design is a bulk oriented general cargo ship that


Baltic Sea Freight Index up on Higher Capesize Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Tuesday on higher rates for capesize vessels.   The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels


Ships Queues Creep into Lagos ports

Lagos Port Complex (port of Lagos) by Nigerian Ports Authority

 19 ships laden with petrol and other commodities are discharging at the Lagos ports, says Nigerian Ports Authority (NPA) in its daily publication `Shipping Position’.   Three of the ships were laden with petrol, while the others had diesel, steel products, containers, bulk salt


Baltic Sea Freight Index Flat on Muted Vessel Activity

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, remained steady on Thursday due to a muted vessel activity.   The index, which factors in the average daily earnings of capesize, panamax


Shipping Industry Faces Shake Up

Photo: Aurelie Moulin

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate a restructuring of the shipping industry.   Private equity invested tens of billions in global shipping after the 2008 financial


Newlead Bags Panamax COA

Michael Zolotas, Chairman and Chief Executive Officer of NewLead says -Our strategy for 2015 is to continue to grow our fleet while taking advantage of market opportunities

  NewLead Holdings Ltd. announced today that it has entered into a Contract of Affreightment for one of its dry bulk vessels, the Panamax Newlead Markela, for the transportation, anticipated to be completed within a twelve month period, of approximately 704


MacGregor Wins Chinese Shipyard Order

MacGregors fully automated self-discharging model is quick, safe, efficient, clean and labour saving

  MacGregor, part of Cargotec, has received an order from Wuhu Xinlian Shipyard in China for eight MacGregor dry bulk cement handling systems.   The fully automated pneumatic systems will be installed on two 78m 12,000 bhp 150T BP anchor handling, tug


Dutch Shipyard Dry Docks 51-Meter Crane Pontoon

     Kran 93 on the Hoebée slipway (Photo courtesy of Hoebée B.V.)

  Dutch shipyard Hoebée B.V. in Dordrecht has dry docked the Kraan 92 crane pontoon from European Bulk Services, the shipyard announced last week. It is the largest vessel the shipyard has ever dry docked.   Normally, the 52 x 24 meter and 51 meter tall crane pontoon could be


Baltic Index Retreats with Falling Capesize Demand

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, slipped on Wednesday.   The index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 3 points, or 0


Faltering Capesize Demand Drags Baltic Index

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, slipped further on Thursday on extended weaker demand for bigger vessels.   The index, which factors in the average daily earnings of capesize, panamax


Baltic Dry Index Weak, Shipping in Troubled Waters

Image: The International Chamber of Shipping (ICS)

 Baltic Dry Index (BDI), which tracks the cost of shipping iron ore, coal, grain and other materials, is continuing to remain weak as Chinese imports of commodities especially iron ore and coal has gone down portraying dark futures for seaborne trade.  


Port of San Diego Plans Terminal Modernization

The port’s proposal includes removal of two outdoor transit sheds among other upgrades in order to provide space and flexibility for cargo and remove unnecessary transit around the terminal. (Photo: Port of San Diego)

Port of San Diego proposes plan to increase regional economic impact; Environmental Impact Report commissioned to study modernization of Tenth Avenue Marine Terminal   The Port of San Diego has issued a Notice of Preparation (NOP) for a Draft Environmental Impact Report (EIR) to study the


GAC Appointed as Thorco’s Ship Agent in Singapore

The Thorco Isabella (photo courtesy of GAC)

  GAC Singapore announced today it will provide Thorco Shipping with agency services for its vessels calling at Singapore, including the loading and discharging of break-bulk and heavy lift cargoes at Jurong port.   The Copenhagen-based Thorco operates a fleet of more than 80


Capesize Bulk Ship Delivered to Seanergy

Seanergy Maritime Holdings Corp., a shipping company specializing in the ownership and operation of dry bulk vessels, announced the delivery of the 171,199 dwt Capesize dry bulk vessel M/V Leadership. The vessel was acquired from an unaffiliated third party and was built by Imabari-Koyo


Baltic Index up With Rising Capesize and Smaller Vessel Rates

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, continued to rise on Monday, supported by positive capesize and smaller vessel rates.   The index, which factors in the average daily earnings of capesize, panamax






 
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