Eagle Bulk Buys Secondhand Ultramax for $27.5 Million

U.S.-based shipowner Eagle Bulk Shipping Inc. on Tuesday announced it has purchased a 2015-built Ultramax bulk carrier for $27.5 million, as part of its fleet renewable program.

The scrubber-fitted vessel, which was constructed at Imabari Shipbuilding Co., Ltd. in Japan, will be renamed the Tokyo Eagle and delivered to the company during the fourth quarter of 2022.

As previously disclosed, the Eagle Bulk closed on the sale of the Cardinal (2004-built non-scrubber fitted Supramax) in August 2022. The vessel was sold for $15.8 million and delivered just prior to its statutory drydock due date.

Following these transactions, Eagle’s fleet will total 53 ships (91% scrubber-fitted) with an average age of 9.5 years. Since Eagle Bulk commenced its vessel renewal and growth program, it has executed 51 S&P transactions, acquiring 30 modern vessels and divesting 21 of its oldest and least efficient ships, the company said.

"These sale and purchase transactions have enabled the company to grow, while vastly improving overall fleet makeup; in terms of maintaining an attractive age profile, increasing cargo capacity per vessel, and reducing emissions on a per deadweight ton basis," Eagle bulk said.