Eagle Bulk Adds Shanghai Eagle to Fleet

Maritime Activity Reports, Inc.

November 27, 2019

Pic: Eagle Bulk Shipping

Pic: Eagle Bulk Shipping

Eagle Bulk Shipping (EBS), the US-based fully integrated shipowner-operator engaged in the global transportation of drybulk commodities, has taken delivery of the fifth of six Ultramax drybulk vessels it has recently agreed to acquire.

The ship, which has been renamed the M/V Shanghai Eagle, is a 2016-built, high specification SDARI-64 Ultramax vessel built at Jiangsu Yangzijiang Shipbuilding Co., Ltd, said the owner-operator within the Supramax / Ultramax segment.

The acquisition was made by the EBS’ wholly-owned subsidiary, Eagle Bulk Shipco LLC , and was fully funded by restricted cash generated from previous vessel sale proceeds; the M/V Shanghai Eagle will form part of the security for the Subsidiary’s outstanding bond due in 2022.

Proforma for the remaining acquisition vessel, which has yet to be delivered, the company’s fleet will total 50 ships, including 20 Ultramax drybulk vessels acquired over the last 36 months.

Earlier this year, Eagle Bulk unveiled the acquisition of six scrubber-fitted Ultramaxes which is part of the company’s strategy to renew and grow its fleet.

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