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 September 2013 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ship Sales

KKR, Borealis Maritime JV acquires 9 container ships

KKR and Borealis Maritime today announced the acquisition of a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels

KKR & Borealis Maritime Acquire 9 Containerships

KKR and Borealis Maritime say they have acquired a portfolio of nine feeder container vessels in a sale process coordinated by Commerzbank. The vessels were previously

G E Shipping Sells General Purpose Product Tanker

The Great Eastern Shipping Company Ltd. (G E Shipping) has signed a contract to sell the 1991-built General Purpose Product Tanker Jag Prachi (28,610 dwt). The

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1465 sec (7 req/sec)