More Newbuilds for Eagle Bulk Shipping

Friday, February 12, 2010

Eagle Bulk Shipping Inc. (Nasdaq:EGLE) announced that it has taken delivery of two additional vessels, Thrasher and Avocet, from its newbuild program. The addition of these two vessels brings Eagle Bulk's total on-the-water fleet to 32 vessels.

The Thrasher and Avocet have each entered into nine year time charters. The rate for each charter is $18,400 per day through February 2016 and March 2016 respectively; thereafter the contracts convert to a profit-sharing charter with a base rate of $18,000 per day. In aggregate, the Thrasher and Avocet will each contribute approximately $59m in minimum contracted revenue.

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