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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


Recent Ship Sales

Bulk Carriers 04/15/10              THOR TRANSIT                  23,930                                  


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


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


Crowley Selects Fuel Supplier for LNG Containerships

Image: Crowley

Crowley Puerto Rico Services, Inc. has selected Eagle LNG Partners as the liquefied natural gas (LNG)-supplier for the company’s new LNG-powered, Commitment Class ships, which will be delivered in 2017 for use in the U.S. mainland to Puerto Rico trade. To support Crowley’s LNG needs, Eagle LNG will build a natural gas liquefaction plant (LNG plant) offering a capacity of 200,000 gallons per day (87,000 gallons per day initially) in Jacksonville


IMO Ushers New Era for Shipbuilding Rules

The MSC reviewed goal-based standards verification audit reports on 12 Recognized Organizations which are members of the International Association of Classification Societies (IACS) and confirmed that the 12 ROs’ ship construction rules were in conformity with the goals and functional requirements set out in the international goal-based ship construction standards for bulk carriers and oil tankers. (Photo: DNV GL)

Ship construction rules for oil tankers and bulk carriers submitted by 12 classification societies conform to the goals and functional requirements set by the International Maritime Organization (IMO), marking a new development in how international standards for ship construction are determined


Maybulk on Selling Spree

Image: Malaysian Bulk Carriers Berhad

 Malaysian Bulk Carriers Bhd (Maybulk) is said to be putting two more vessels up for sale, says The Edge, a local media.   This comes on the heels of reports that it has sold one of its five post-Panamax dry bulk carriers — the 87


Bulker Loses Propulsion off California

The U.S. Coast Guard is monitoring a 587-foot bulk carrier Ultra Lascar after the ship lost propulsion at 10:20 a.m., approximately five miles offshore from Daly City, Calif.   The Singapore-flagged bulk carrier lost propulsion while operating offshore, inbound for the San Francisco Bay


Commodities Shipping Firms Struggle to Ride Out Worst Downturn

Shipping companies transporting coal, and iron ore and other commodities are urgently seeking ways to conserve cash and withstand the worst market downturn on record as too many ships chase shrinking business.   A shortage of financing - estimated at $30 billion and caused in part by banks


Rotterdam’s Q1 Port Throughput Matches 2015

Photo: Port of Rotterdam

The Port of Rotterdam handled roughly the same volume of cargo in the first quarter of 2016 as in the same period last year, as an increase in the volume of, mainly, crude oil and oil products put through the port was offset by a more or less equivalent decrease in the volume of dry bulk and


VTS Radar Systems Chosen for Port of Marseille Fos

Photo courtesy of Kelvin Hughes

A world leader in the design and supply of navigation and security surveillance systems, Kelvin Hughes has been contracted by French company AVON Communications to supply five of its SBS-700 radar systems for integration with the Marseille Fos Port Vessel Traffic Management System (VTMS).  


Hanjin to Divest Assets

Image: Hanjin Shipping

 The South Korean carrier Hanjin Shipping plans to generate USD 357 million from asset sales.    South Korea’s largest container operator by capacity plans to sell items such as dry bulk activities while the debt-stricken shipping group negotiates with shipowners for a


Essar Ports Hazira Allows Third-party Cargo

Essar Ports Hazira  Photo Essar

Essar Bulk Terminal Limited, Hazira, a subsidiary of Essar Ports Limited, which is a part of Essar, has received an approval from Gujarat Maritime Board (GMB) to handle 15 million tonnes of merchant cargo over three years. Based on this approval, the Hazira Terminal


Recent strength in dry bulk shipping to be short-lived - Drewry

Rahul leads dry bulk research at Drewry and is the editor of Drewry’s flagship publications Photo Drewry

Drewry forecasts dry bulk freight rates in 2016 will be, on average, lower than in 2015, as the medium-to-long term fundamentals for dry bulk shipping will remain challenging, according to the latest edition of the Dry Bulk Forecaster report published by global shipping consultancy Drewry.


Recent Strength in Dry Bulk Shipping to be Short-Lived

Graph: Drewry Maritime Research

 Drewry forecasts dry bulk freight rates in 2016 will be, on average, lower than in 2015, as the medium-to-long term fundamentals for dry bulk shipping will remain challenging, according to the latest edition of the Dry Bulk Forecaster report published by global shipping consultancy Drewry.


Cosco Sinks into the Red

Image: COSCO Corporation (Singapore)

 Singapore-listed ship repair, marine engineering and dry bulk shipping company COSCO Corporation (Singapore) Limited has recorded a net loss of USD 11.7 million in the first quarter of 2016, compared to a net profit of USD 4.2 million in the corresponding quarter of 2015.  


This Day In Naval History: May 9

USS Ashland (LSD 48) (U.S. Navy photo)

1860 - While off the Isle of Pines (now named Isla de la Juventud) near the south coast of Cuba, the screw gunboat Wyandotte captures the slaver William, which carries 570 Africans. 1926 - Lt. Cmdr. Richard E. Byrd and Chief Aviation Pilot Floyd Bennett report reaching the North Pole in their


Marseille Fos Repeats Q1 Cargo Result

(File photo: Marseille Fos Port Authority)

French port Marseille Fos handled 20.17 million metric tons of cargo from January to March in a near identical repeat of last year’s first-quarter result.   General cargo rose 1 percent to 4.49MT led by container growth at Fos, which gained 3 percent for 263,038 teu


Modern Power for Next-gen Bulk Carriers

Photo: WE Tech

WE Tech Solutions (WE Tech), an energy efficiency solutions provider in the marine industry, has received an order to deliver its direct-drive permanent magnet shaft generator solution to two new 25,600 dwt dual-fueled handysize bulk carriers, with an option for two more.


Star Software Implemented Aboard Universal Marine Bulkers

Photo: MirTac

Container and bulk shipping company Universal Marine and MirTac, a provider of fleet management solutions, have implemented Star Fleet Management software onboard the new bulk carriers mv Pride and mv Star II. Recently, a joint venture between Universal Shipping & Trading (part of the






 
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