Eagle Bulk Shipping Secures Long-Term Charters

Wednesday, January 03, 2007
Eagle Bulk Shipping Inc., a global marine transportation company specializing in the Supramax segment of the dry bulk shipping industry, today announced that it has secured long-term time charter contracts for three of its vessels. Upon completion of its current charter of $18,550 per day, the Jaeger, a 52,000 dwt Supramax will commence a new time charter with a rate of $27,500 per day for 12-14 months. The charter rate may reset at the beginning of each month based on the average time charter rate for the Baltic Supramax Index, but in no case less than $22,500 per day. The charter on the Harrier, a 50,000 dwt Supramax has been extended from its current charter rate of $23,750 per day for 24 to 27 months at a rate of $24,000 per day. Upon completion of its current charter of $13,550 per day, the Kite, a 47,000 dwt Handymax will commence a new time charter at a rate of $21,000 per day for 26-29 months.

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