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 April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Intelligent Fender System Completes Offshore Trial

Strainstall, part of James Fisher and Sons plc, announced the completion of the world’s first Intelligent Fender System (IFS) trial with energy companies SSE and RWE at Suffolk-based wind farm,

Maritime Tension Dominates Southeast Asia Summit

Southeast Asian leaders edged closer to open criticism of China's land reclamation in the disputed South China Sea at a regional summit on Monday, as the Philippines

JSMEA Offers Access to Japan’s Offshore Suppliers

New website and brochure provide a comprehensive list of Japanese suppliers to the offshore industry The Japan Ship Machinery and Equipment Association (JSMEA)

Ship Sales

Scorpio Bulkers Sells Three Newbuilds for $111m

Scorpio Bulkers Inc. announced that it has entered into agreements to sell three newbuild dry bulk vessels, including two Capesize ships and an Ultramax ship, for

SFL Acquires Eight Bulk Carriers from Golden Ocean

Ship Finance International Limited (SFL) has entered an agreement to acquire eight Capesize dry-bulk carriers from subsidiaries of Golden Ocean Group Limited, the company announced today.

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics 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: 0.1868 sec (5 req/sec)