Eagle Bulk Shipping Acquires 3 Ships

Friday, June 23, 2006
Eagle Bulk Shipping Inc., a global marine transportation company specializing in the Supramax segment of the dry bulk shipping industry, announced that it has entered into an agreement to acquire three Supramax drybulk carriers for $105 million. The first vessel, built 2004, is expected to be delivered to the Company later this month and will commence an 18 to 22 month time charter at a rate of $18,750 per day. The second vessel, built 2003, is expected to be delivered in July and will commence an 18 to 22 month time charter at a rate of $19,000 per day. The third vessel, built 2004, is expected to be delivered in July and will continue its existing 11 to 13 month time charter, begun in May 2006, at a rate of $18,500 per day. The vessel acquisition will be funded by a portion of the net proceeds of a private placement made by the Company, together with borrowings from the Company's $330 million revolving credit facility. The Company does not expect the issuance of common stock in the private placement to affect the level of dividend per share for the second quarter that would otherwise be payable to the Company's shareholders under the Company's dividend policy. Sophocles N. Zoullas, Chairman and Chief Executive Officer, said, "This investment is evidence of our confidence in the operating superiority of the Supramax vessel class, which is very well-positioned for today's global trade of dry bulk cargoes. These new vessels will expand our Supramax fleet from 9 vessels to 12 vessels, our total fleet from 13 vessels to 16 vessels, and increase our cargo carrying capacity by 24% to 789,750 deadweight tons. The addition of the new vessels further reduces our fleet's average age to approximately five and a half years. The acquisition also increases the number of sister ships from six to eight," Mr. Zoullas concluded.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

USCG Reopens Key West Ports After Erika Dissipates

Effective 9:30 a.m., Saturday, Capt. Jeffrey Janszen, Coast Guard Captain of the Port, reopened Key West, Florida, ports, terminals and facilities due to Tropical Storm Erika dissipating.

MN 100: Bordelon Marine

The Company: Founded in 1979, Bordelon Marine is a leading provider of Marine Transportation services operating in the Gulf of Mexico and around the world. The

Migrant Boat Sinks off Libya; 200 Feared Dead

A boat packed with mainly African migrants bound for Italy sank off the Libyan coast on Thursday and officials said up to 200 might have died. A security official in the western town of Zuwara,

Ship Sales

ASL Bags New Shipbuilding Contract

Singapore’s ASL Marine Holdings Ltd said that its wholly-owned subsidiary, ASL Shipyard Pte Ltd  has clinched shipbuilding contracts worth approximately SGD140m

Clipper to Take Delivery of 2 Ultramax Newbuilds

Clipper Group announced it will take delivery of two SDARI64 newbuilding bulk carriers during the coming months from Sainty Shipbuilding in Yangzhou, China. The vessels,

Japan Woos Australia in bid for Sub Deal

Japanese delegation tries to make case for submarine contract. Japan's effort to charm Australian politicians and the public over its bid for a A$50 billion ($35.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.3118 sec (3 req/sec)