Sophocles Zoullas News

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.

According to an Oct. 9 report from Bloomberg, Eagle Bulk Shipping Inc. may have to wait as long as three years for a rebound in shipping rates to fully reap the benefit of an expansion of its fleet, Chief Executive Officer Sophocles Zoullas said. Eagle is nearly doubling its fleet, adding 22 ships through 2011 at an average price of $35m each to the 25 vessels already on the water. (Source: Bloomberg)

A forum entitled “New York Maritime Matters: Capital Markets: Today and Tomorrow” will be held on September 20th at the Lincoln Center Campus of Fordham University School of Law. Sponsored by New York Maritime (NYMAR) and the Fordham University School of Law, the seminar will be held from 4-6pm, followed by a wine reception. This forum will explore the recent volatility in the capital markets and the impact on shipping, as well as examine capital requirements for port infrastructure. Led by AMA Capital Partners’ Managing Director Peter Shaerf, a panel of shipping experts including Sophocles Zoullas (CEO, Eagle Bulk), John Wobensmith (CFO, Genco Shipping & Trading) and Omar Nokta (Analyst, Dahlman Rose) will discuss the recent volatility in the shipping capital markets.

Eagle Bulk Shipping, Inc. (Nasdaq:EGLE) has agreed to acquire a fleet of 26 Supramax vessels for $1.1 billion from the parent of Anemi Maritime Services, a private Greek shipping company. The transaction is subject to completion of customary documentation and closing conditions. "This accretive transaction leverages management's strong industry relationships and reaffirms our commitment to the Supramax asset class, which we believe is highly versatile and optimally aligned with global trade demands. With a total fleet size of 49 vessels after this transaction, Eagle Bulk will be strongly positioned to generate healthy and sustainable cash flows for shareholders over the long term, said Sophocles Zoullas, Chairman and CEO. - 26 Supramax expected to be delivered between 2008 and 2012.

Eagle Bulk Shipping Inc. class Supramax vessels. be delivered in January and February of 2010, respectively. 14 of which will be Supramax-class. increase the borrowing capacity from $450 million to $500 million. cash dividend payout. assets at what we believe to be very favorable values. closely with IHI Marine United throughout the construction process. approximately $33.5 million after giving effect to currency hedges. is expected in January and February 2010, respectively. hedged its Japanese Yen exposures into U.S. effectively eliminate currency risk. Company's previous facility with a maturity in 2016. financing the new vessels. quarterly cash dividends to our shareholders will not be impacted. future growth.