Eagle Bulk Shipping Inc News

Star Bulk Carriers Corp. on Tuesday announced that it has completed its merger with fellow dry bulk shipping company Eagle Bulk Shipping Inc.Eagle Bulk shareholders this week voted to approve the $2.1 billion deal, which was first announced in December 2023.Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.Petros Pappas…

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.

Gary Vogel, chief executive officer of Eagle Bulk Shipping Inc., has been named as the Connecticut Maritime Association (CMA) Commodore for the year 2022.The 2022 Commodore Award, given each year to a person in the international maritime industry who has contributed to the growth and development of the industry, will be presented on March 31, at the Gala Dinner marking the conclusion of the annual Connecticut Maritime Association conference and expo, in Stamford, Conn..Vogel has served as CEO and director of Eagle Bulk Shipping Inc. (NASDAQ: EGLE) since September, 2015.

Eagle Bulk Shipping Inc. has purchased a 2015-built bulk carrier for a purchase price of $16 million, the U.S.-based dry bulk owner-operator announced Wednesday.The ship, which will be renamed Oslo Eagle, is a high-specification SDARI-64 scrubber-fitted Ultramax constructed at Chengxi Shipyard Co. Ltd. in 2015. It is expected to be delivered into the Eagle Bulk fleet during the first quarter of 2021.The company’s fleet totals 48 ships, including 21 Ultramaxes acquired over the past few years.

For the second year straight, US-based Pangaea Logistics ranks highest among dry bulk owners based on Time Charter Earnings (TCE), according to a recent market benchmarking report.Notably, the Rhode Island-headquartered shipowner's 53.7% TCE performance is well above Hong Kong's Pacific Basin Shipping Ltd. (24.3%) and Thailand's Thoresen Thai Agencies (23.5%) in second and third place respectively.The Vesselindex Performance Report by Danish maritime advisors Liengaard & Roschmann measures the TCE performance of 25 individual companies in relation to the earning potential of their respective fleets, making sure that no company is neither penalized nor getting an advantage from inferior/superior fleet compositions.

McAllister Towing appointed Alan Ginsberg as Chief Financial Officer. Ginsberg is currently the Treasurer of the Seaman’s Church Institute and was the founding Chief Financial Officer of Eagle Bulk Shipping Inc. Eric McAllister, former Chief Financial Officer, will remain as Treasurer.

Eagle Bulk Shipping Inc. continues its fleet renewal strategy with today’s announcement that it has acquired a secondhand bulk carrier for a purchase price of $21.2 million.The ship, a SDARI-64 Ultramax bulk carrier, was constructed at Chengxi Shipyard Co. Ltd. in 2014.Eagle Bulk plans to rename the vessel M/V Hamburg Eagle and said it expects to take delivery in the fourth quarter of 2018.Upon delivery, the company’s fleet will consist of 47 vessels, including 13 Ultramax dry bulk vessels acquired over the last 20 months.

It has been quite awhile since the global bulk carrier market has had much to cheer about, but U.S. dry bulk shippers are set to post strong revenue growth in the next two years thanks to soaring Chinese demand for high-grade iron ore from Brazil and Australia. To combat severe winter smog, China has slashed iron ore output, pushing steel mills in the world's second biggest economy to import more high-grade ore. China also wants to make pollution control a priority for the next three years.

Eagle Bulk Shipping announced that it has acquired a 2015-built CROWN-63 Ultramax bulkcarrier for a purchase price of USD 21.275 million. The vessel was constructed at Yangzhou Dayang Shipbuilding CO.,LTD., the same yard as the nine Ultramaxes acquired by the Company earlier this year, and is of similar design. The vessel is scheduled to be delivered to the Company in January 2018, and will be renamed the M/V New London Eagle. Including the M/V New London Eagle, the Company’s fleet will consist of 47 vessels, including 12 Ultramaxes acquired over the last 12 months. Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in Stamford, Connecticut. Eagle Bulk owns one of the largest fleets of Supramax/Ultramax dry bulk vessels in the world.

Eagle Bulk Shipping Inc. announced that it has mandated certain investment banks to arrange a series of fixed income investor meetings commencing on Monday, November 6th, 2017 to explore a potential private placement of bonds by its subsidiary Eagle Bulk Shipco LLC in the Norwegian bond market. If the Company decides to move forward with a transaction, the bonds would be offered only to qualified institutional buyers in reliance on an exemption from registration under the U.S. Securities Act of 1933, as amended and, outside the United States, only to non-U.S. investors pursuant to Regulation S under the Securities Act. The bonds would…

Eagle Bulk Shipping, one of the world’s largest owner-operators in the Supramax/Ultramax segment, today announced that it has taken delivery of the M/V Madison Eagle, the eighth of nine Crown-63 Ultramax dry bulk sister vessels the Company acquired from Greenship Bulk Trust. With the addition of the M/V Madison Eagle, the Eagle Bulk fleet currently consists of 47 vessels on the water, including 10 Ultramax vessels, with one additional vessel to be delivered by the end of September. Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in Stamford, Connecticut. Eagle Bulk owns one of the largest fleets of Supramax/Ultramax dry bulk vessels in the world.

It may come as some surprise, but Eagle Bulk Shippng is a progressive leader in the use of big data to monitor and manage its fleet. Jonathan Dowsett, Senior Fleet Performance Manager, explains in a recent interview with Maritime Reporter TV. For our readers not familiar, who is Eagle Bulk Shipping? Eagle Bulk Shipping Inc. is a US based owner and operator of 40 Supramax size bulk carriers. Both commercial and technical management is handled in-house. We are the third largest owner of Supramax bulk carriers in the world. And as Senior Fleet Performance Manager, what precisely is your job?

Connecticut-based Eagle Bulk Shipping Inc reported a loss of $19.4 million in its third quarter ended September 30, 2016. It had net loss of $20.4 million last year Q3. It has a loss of 52 cents per share compared to  $10.83 net loss per share, for the comparable quarter in 2015. The shipping company posted revenue of $35.8 million in the period, versus $29.1 million reported last year. Fleet utilization rate of 98.9%. The sale of MV Harrier and MV Kittiwake for net proceeds of $3.2 million and $4.2 million, respectively. On November 7, 2016, Eagle Bulk announced the acquisition of a 2016 built 61,000 deadweight NACKS-61 Ultramax vessel constructed at Nantong COSCO Kawasaki Heavy Industries Engineering Co., Ltd. (NACKS) for $18.85 million.

U.S. based ship owner and operator Eagle Bulk Shipping Inc. has bought its first vessel in more than six years, acquiring a 2016-built dry bulk vessel constructed in China at Nantong COSCO Kawasaki Heavy Industries Engineering Co., Ltd. (NACKS), the shipper said in a statement. The new ship, a 61,000 deadweight NACKS-61 Ultramax vessel, will be the largest in Eagle Bulk’s fleet of more than 40 vessels. It will be renamed the M/V Stamford Eagle and is scheduled for a November 2016 delivery.  The order is Eagle Bulk’s first in more than six years and “reflects management's renewed commitment to invest in a high-quality fleet renewal and growth strategy within the Supramax/Ultramax segment,” according to the shipper.

Marshall Islands corporation headquartered in Stamford, Connecticut Eagle Bulk Shipping Inc has announced that it has closed its previously announced private placement of its common stock for aggregate gross proceeds of $88.0 million. After giving effect to the Company's previously announced reverse stock split of its issued and outstanding shares of common stock, including the rounding down of fractional shares pursuant to such split, the private placement included the issuance of 29,333,318 shares of the Company's common stock at $3.00 per share. The Company intends to use the proceeds of the private placement for the acquisition of dry bulk vessels and general corporate purposes.

Lenders to Eagle Bulk Shipping Inc gave it a few more days to negotiate a deal to boost its liquidity and avoid default. The supramax specialist Eagle Bulk has extended its forbearance and standstill agreement with its creditors by a further three days to give it more time to find a solution to the money it owes in loans. This is the fifth time Eagle Bulk has extended the period with its creditors. According to Zacks Investment Research, “Eagle Bulk Shipping is the largest U.S. based owner of Handymax dry bulk vessels. Eagle Bulk Shipping Inc., through its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns, charters, and operates dry bulk vessels that transport a range of bulk cargoes, including iron ore, coal, grain, cement, and fertilizers.

The Board of Directors of Eagle Bulk Shipping Inc. today appointed Gary Vogel as Chief Executive Officer of Eagle Bulk, effective September 1, 2015. In addition to his new position, Mr. Vogel will also join the Board of Directors of the Company. Mr. Vogel will succeed Stanley H. Ryan, who will remain CEO until September 1 and then resume his position as an independent director of the Company. Paul M. Leand, Jr., Chairman of the Board of the Company, commented, "Gary Vogel brings over 25 years of experience as an operator in the geared dry bulk sector and has a proven track record of success, most recently as the CEO of Clipper Group. Bringing him to Eagle Bulk enhances our Company by adding a world-class commercial operator and expands our skill platform.

Eagle Bulk Shipping Inc's shares shot up to as much as $15.46 from 68 cents as the company cut its borrowings by about 80 percent after converting debt into equity under a financial restructuring program. The stock was the top percentage gainer on the Nasdaq, with more than 14.4 million shares being traded by 11.46 a.m. ET, over 10 times their 10-day daily average volume. Excess capacity in the past couple of years has forced several shipping companies to file for bankruptcy, including Genco Shipping & Trading Ltd, Overseas Shipholding Group Inc and Nautilus Holdings Ltd. The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, has fallen by about 50 percent in the past year.

Eagle Bulk Shipping filed for bankruptcy on Wednesday, the latest in a string of shipping companies to make a Chapter 11 filing, and said it reached agreement with its lenders to cut its debt by $975 million. The U.S. company said in a statement that creditors who hold more than 85 percent of its loans have voted in favor of a proposed reorganization plan. Getting creditor support for a "prepackaged" plan before filing for Chapter 11 can dramatically cut the time a company spends in bankruptcy. Eagle Bulk filed in Manhattan's U.S. Bankruptcy Court.

Eagle Bulk Shipping Inc. announced that it has entered into a waiver and forbearance agreement with certain lenders under the company's fourth amended and restated credit facility, effective March 19, 2014. Subject to the company's compliance with certain terms, conditions and milestones as set forth in the waiver, the lenders have agreed to waive until June 30, 2014, any potential events of default related to, among other things, noncompliance by the company with the leverage ratio or minimum interest coverage ratio covenants set forth in the credit agreement.

Eagle Bulk Shipping Inc. (Nasdaq: EGLE) announce its results for the second quarter ended June 30, 2013. Net reported loss of $3.0 million or $0.18 per share (based on a weighted average of 16,968,750 diluted shares outstanding for the quarter), compared with net loss of $23.1 million, or $1.46 per share, for the comparable quarter of 2012. Net revenues of $44.2 million, compared to $48.5 million for the comparable quarter in 2012. Gross time charter and freight revenues of $45.8 million, compared with $50.5 million for the comparable quarter of 2012.

Eagle Bulk Shipping Inc. (Nasdaq:EGLE) has announced that Adir Katzav, formerly Director of Financial Reporting, has been promoted to Chief Financial Officer. Mr. Katzav succeeds Mr. Alan S. Ginsberg, who has advised the Company of his decision to pursue other professional interests. To facilitate an orderly transition, Mr. Ginsberg has agreed to oversee a transition of his responsibilities through mid-August of this year. During an 18-year career, Mr. Katzav has developed deep experience in U.S. GAAP accounting, corporate finance, and capital markets regulatory structures. In addition to serving as Eagle Bulk's Director of Financial Reporting for the last four years, Mr. Katzav previously worked at PricewaterhouseCoopers in both the U.S.

The recent slide in bunker prices has allowed owners to operate their ships at more profitable levels The Shipping Industry has recently benefited from falling oil prices. Fuel has always been a major cost for shipping companies, and the recent slide in prices has allowed them to operate at more profitable levels. The United States Oil Fund (USO) this year has fallen nearly 23 percent, while the Guggenheim Shipping ETF (SEA) is up over 6 percent over the same period according to a recent  Paragon Report that examines investing opportunities in the Shipping Industry and provides equity research on DryShips Inc. and Eagle Bulk Shipping Inc. Access to the full Paragon Company reports can be found here.