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Saturday, January 20, 2018

Eagle Bulk News

Eagle Bulk Shipping Adds New Ultramax

Image: Eagle Bulk Shipping Inc

U.S. based owner of Handymax dry bulk vessels Eagle Bulk Shipping has announced that it has taken delivery of its newly acquired vessel, the M/V New London Eagle, a 2015-built CROWN-63 Ultramax. The acquisition has been funded by cash on-hand and new debt of USD 8.6 million. This loan, which equates to approximately 40% of the purchase price, represents an upsize to the existing Eagle Bulk Ultraco LLC Debt Facility which carries an interest rate of LIBOR plus 2.95% and has a maturity of October 31, 2022.

Vogel Appointed CEO, Eagle Bulk Shipping

Photo Eagle Bulk Shipping Inc.

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…

Eagle Bulk Shipping to Build New Vessels

Eagle Bulk Shipping Inc., which specializes in dry bulk shipping, signed contracts with the Japanese shipyard IHI Marine United Inc. to build two new vessels for about $33.5 million apiece. Eagle expects to take delivery of the Future-56 class Supramax vessels in the first quarter of 2010. Once delivered, Eagle Bulk Shipping's fleet will number 18 vessels, and 14 of them will be Supramax class, or slightly larger than the more popular Handymax vessels used in dry bulk shipping. The company also said it increased its borrowing capacity from the Royal Bank of Scotland to $500 million from $450 million. The company used $24.8 million from the credit facility as a down payment on the vessels. Eagle Bulk Shipping said more than $260 million remains on the credit facility.

Eagle Bulk Takes Delivery of Madison Eagle

Image: Eagle Bulk Shipping

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 Orders Ships

Eagle Bulk Shipping Inc. exercised options for the construction of four 58,000 dwt Supramax vessels from the Sinopacific Shipbuilding Group, the parent of the Yangzhou Dayang Shipbuilding Co. at a contract price of $42.3 million per vessel. The availability of these options was initially reported by Eagle Bulk on August 7, 2007. The addition of these vessels to the Eagle fleet increases the total fleet size to 53 vessels, expands capacity to 2.93 million deadweight tons, and improves the fleet's efficiency by increasing the sister ship total to 45 vessels.

Eagle Bulk Shipping Files for Bankruptcy

Photo courtesy of Eagle Bulk Shipping

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 Takes Supramax Vessel

Eagle Bulk Shipping Inc. the Supramax segment of the dry bulk shipping industry, has taken delivery of the Tern, a 2003 built 50,209 dwt Supramax dry bulk vessel. announced on June 23. the final of these three vessels later this month. rate of $19,000 per day. Upon delivery of the third vessel the Eagle Bulk Shipping Inc. fleet average age of approximately 5.5 years.

Eagle Bulk Completes Greenship Bulk Fleet Acquisition

Photo: Eagle Bulk Shipping

Eagle Bulk Shipping, one of the world’s largest owner-operators in the Supramax/Ultramax segment, announced that it has taken delivery of the M/V Westport Eagle, the ninth and final Crown-63 Ultramax dry bulk vessel acquired from Greenship Bulk Trust. Gary Vogel, Eagle Bulk's CEO, commented, "The successful conclusion of the nine-vessel fleet acquisition from Greenship Bulk provides clear and unambiguous benefits for Eagle, chief among them a significantly expanded commercial footprint and a more modern and efficient fleet.

Eagle Bulk Takes Delivery of Stonington Eagle

Photo:  Eagle Bulk Shipping

Eagle Bulk Shipping has taken delivery of the M/V Stonington Eagle, the third of nine Crown-63 Ultramax dry bulk sister vessels acquired from Greenship Bulk Trust for an aggregate price of $153 million. With the addition of the M/V Stonington Eagle, the current Eagle Bulk fleet consists of 43 vessels on the water, including five Ultramax vessels. Another six Ultramaxes are scheduled to be delivered over the coming months, growing Eagle Bulk's owned fleet to 49 Ultramax and Suezmax vessels.

Eagle Bulk Shipping Inc. Reaches Agreement With Korea Lines Corporation

NEW YORK, March 25, 2011 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) ("Eagle Bulk") announced today that it has reached a comprehensive agreement with the Receivers of Korea Line Corporation ("KLC") regarding twelve time-chartered vessels impacted by KLC's decision to file for protective receivership earlier this year. The agreement follows extensive and highly constructive dialogue between the two parties. --  Charter rates on ten vessels have been adjusted to $17,000 per vessel per day.

Eagle Bulk Gets Another Few Days

Photo: Eagle Bulk Shipping Inc.

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 Snaps 6-year Order Drought

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.

Eagle Reports 2Q Results

Eagle Bulk Shipping, Inc., the largest U.S. based owner of Handymax dry bulk vessels, reported its financial results for the second quarter ended June 30, 2005. Members of Eagle Bulk's senior management team hosted a teleconference and webcast at 8:30 a.m. this morning to discuss the results.

Eagle Bulk Receives Supramax Dry Bulk Ship

Eagle Bulk Shipping, Inc. (Nasdaq:EGLE) has taken delivery of the Skua, a 2003 built 53,350 dwt Supramax dry bulk vessel. Skua was acquired as part of a three vessel transaction announced on February 28, 2007. Skua will immediately commence a 23-25 month charter at a rate of $24,200/day. The charterer has an option to extend the charter period by 11-13 months at a rate of $25,200/day. The Eagle Bulk Shipping, Inc. fleet consists of 23 vessels, including 20 Supramaxes, five of which are newbuilds, and three Handymax bulk carriers. The average age of the fleet is approximately five and a half years.

Eagle Bulk Receives Supramax Dry Bulk Vessel

Eagle Bulk Shipping, Inc. (Nasdaq:EGLE) has taken delivery of the Kittiwake, a 2002 built 53,146 dwt Supramax dry bulk vessel. The Kittiwake was acquired as part of a three vessel transaction announced on February 28, 2007. The Kittiwake will commence an 11-13 month charter at a rate of $30,400 per day. The charter may reset at the beginning of each month based on the average time charter rate for the Baltic Supramax Index, but in no case will be less than $24,400 per day. The Eagle Bulk Shipping, Inc. fleet consists of 23 vessels, including 20 Supramaxes, five of which are newbuilds, and three Handymax bulk carriers. The average age of the fleet is approximately five and a half years.

Eagle Bulk Shipping Acquires 26 Ships for $1.1B

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 Adds to Fleet

Eagle Bulk Shipping Inc. announced that it has taken delivery of the Jaeger, a 2004 built 52,265dwt Supramax dry bulk vessel. The company has now taken on-schedule delivery of the three vessels as per the acquisition agreement announced on June 23. The Jaeger will continue its existing 11 to 13 month time charter, begun in May 2006, at a rate of $18,500 per day. The Eagle Bulk Shipping Inc. fleet consists of 16 dry bulk vessels, including 12 Supramax and 4 Handymax vessels, with a cargo carrying capacity of 796,663dwt, and a fleet average age of approximately 5.5 years.

Jaeger Join the Eagle Bulk Fleet

Eagle Bulk Shipping Inc. announced that it has taken delivery of the Jaeger, a 2004 built 52,265dwt Supramax dry bulk vessel. The Company has now taken on-schedule delivery of the three vessels as per the acquisition agreement announced on June 23. The Jaeger will continue its existing 11 to 13 month time charter, begun in May 2006, at a rate of $18,500 per day. The Eagle Bulk Shipping Inc. fleet consists of 16 dry bulk vessels including 12 Supramax and 4 Handymax vessels, with a cargo carrying capacity of 796,663dwt, and a fleet average age of approximately 5.5 years.

Eagle Bulk Shipping Completes Fleet Acquisition

Eagle Bulk Shipping has completed the fleet acquisition from the parent of Anemi Maritime Services, a private Greek shipping company. The company had previously reported this transaction on July 25, 2007.

Eagle Bulk Shipping Inc. Declares Dividend

Eagle Bulk Shipping Inc. said that its Board of Directors has declared a cash dividend on its common stock for the second quarter of 2007 of $0.47 per share, payable on or about August 7th, 2007, to all shareholders of record as of August 1st, 2007. For the remainder of the 2007 fiscal year, the Company's expected dividend calendar is October 2007 and February 2008.

Eagle Bulk Shipping Reports Q1 Loss

Photo: Eagle Bulk Shipping Inc

Eagle Bulk Shipping reported a loss of $11.1 million in its first quarter. It posted revenue of $45.9 million in the period. Importantly, these developments are occurring against the backdrop of continued improvement in the dry bulk market itself with respect to both trade demand and vessel supply fundamentals. “Looking ahead, we are increasingly optimistic concerning Eagle’s enviable positioning within the dry bulk market, as well as our ability to generate value for all stakeholders,” Gary concluded.

Eagle Bulk Reports 2Q Loss

Photo: Eagle Bulk Shipping Inc

Connecticut-based Eagle Bulk Shipping has reported a loss of $5.9 million in its second quarter ended June 30, 2017. However, the net revenue of $53.6 million has shown a 109% increase compared to the same period in 2016. The company has achieved fleet utilization rate of 99.6% through active fleet management and augmented operating performance with 744 chartered-in days, a 272% increase compared to the same period in 2016. He added: "This progress is reflected in quarterly performance well in excess of the Baltic Supramax Index and in our continued fleet growth and optimization.

Eagle Bulk Reports 3Q Loss

Photo: Eagle Bulk Shipping Inc.

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.

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