Eagle Bulk Acquires 2 Ships

Wednesday, May 21, 2008

Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced that it has
acquired two Supramax vessels for a total price of approximately $146
million. The vessels acquired are:  The Goldeneye, a 2002 built 52,421 dwt Supramax expected to
     deliver in June 2008; and the Redwing, a 2007 built 53,000 dwt Supramax expected to
     deliver in September 2008
The Company will secure employment for the vessels prior to their
delivery.
Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented,
"We are very pleased with the addition of these two Supramax vessels,
which further strengthens our focus in this highly versatile asset
class. These vessels will generate significant cash flows, as they will
be delivered to us promptly and charter-free in a robust dry bulk
market. Furthermore, these private, off-market transactions will be
highly accretive to earnings, EBITDA, and free cash flow per share, as
they will be financed through our internal resources, including cash
and borrowings from our $1.6 billion revolving credit facility.
"Our balanced growth profile now includes 20 open vessels available to
charter between 2008 and 2009 in a strong market, as well as contracted
revenues in excess of $1 billion. Following the recent charter of the
Kittiwake at $56,250 per day, we will continue to pursue a strategy for
our shareholders that delivers stability plus upside, as we charter our
vessels in a manner that maximizes cash flows, supports our dividend,
and secures future growth."

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

The Vigorous: Investing in the Future

The largest floating drydock in the United States, the Vigorous, has arrived at Vigor Industrial’s Portland shipyard. What’s happening? Vigor Industrial’s new floating drydock,

Polynesian Shipping Sold to Neptune Pacific Line

The Board of Polynesian Shipping Line Limited, Apia informed   that the business and the Company’s associated investments have been sold to Neptune Pacific Line Limited.

TMT CEO Files $100m IP Suit Over Vessel Sale

Hsin-Chi Su, Chairman and CEO of Today Makes Tomorrow Group (TMT) launched a suit in Texas federal court on July 28, 2014, alleging that a planned bankruptcy sale of three company ships, including M.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Offshore Oil Port Authority Salvage Ship Repair Ship Simulators Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1739 sec (6 req/sec)