Eagle Bulk Joins Decarbonization Coalition
The US-based dry bulk carrier Eagle Bulk Shipping has joined industry group the Getting to Zero Coalition.The group is an alliance of over 90 companies within the maritime, energy, infrastructure, and finance sectors which are committed to the decarbonization of deep-sea shipping, in line with the International Maritime Organization's greenhouse gas emissions reduction strategy and the UNFCC Paris Agreement.Gary Vogel, Eagle Bulk’s CEO, said, “We are constantly working on improving energy and operational efficiencies at Eagle…
Eagle Bulk Adds Hong Kong Eagle to Fleet
Eagle Bulk Shipping (EBS), the US-based fully integrated shipowner-operator engaged in the global transportation of drybulk commodities, announced that is has taken delivery of the sixth and final Ultramax drybulk vessel it agreed to acquire in July.The ship, which has been renamed the M/V Hong Kong 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.Gary Vogel…
Eagle Bulk Adds Shanghai Eagle to Fleet
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 Adds New Ultramax to its fleet
US-based owner and operator of dry bulk vessels Eagle Bulk Shipping announced that it has taken delivery of the first of six modern Ultramax drybulk vessels the Company has previously agreed to acquire.The ship, which has been renamed the M/V Dublin Eagle, is a 2015-built, high specification scrubber-fitted SDARI-64 Ultramax vessel built at Jiangsu New Hantong Ship Heavy Industry Co., Ltd, said a press note from the player in the Supramax / Ultramax segment.Proforma for the five remaining acquisition vessels…
Eagle Bulk Moves EU Ops to Copenhagen
The US-based shipowner-operator engaged in the global transportation of drybulk commodities, Eagle Bulk Shipping announced the establishment of a new commercial office in Copenhagen, relocating from its existing base in Hamburg.The Copenhagen office will be led by Mathias Groenvald, who recently joined Eagle Bulk, said a press release from the player in Supramax / Ultramax segment.Groenvald previously served as Senior Vice President, Head of Chartering for Clipper Bulk, and has over 30 years of drybulk industry experience.Gary Vogel…
Eagle Bulk Raises Funds for New Ships
Eagle Bulk Shipping announced a $100 million convertible note offering in a private placement to qualified institutional buyers.Eagle Bulk intends to use the net proceeds from the offering to fund a portion of the aggregate purchase price of up to six modern high-specification Ultramax vessels and for general corporate purposes, including working capital."Closing of the purchase of the Acquisition Vessels is subject to customary conditions. Certain events may arise which could result in the company not taking delivery of any of the Acquisition Vessels…
Nautilus Secures $11M in 'AI' Funding
Nautilus, the company building artificial intelligence for the maritime shipping industry, has announced $11M in Series A funding led by M12, Microsoft’s venture fund, along with Root Ventures. Existing and new investors including Quiet Capital, Trail Mix, and Amplifier Lab participated in the round, which brings Nautilus’ total funding raised to $14.5M.Nautilus was founded in 2016 to advance the efficiency of maritime shipping and build a more sustainable future for ocean commerce. Responsible for 90% of the world’s trade, ocean shipping consumes more than $100 billion in fuel every year.
Eagle Bulk Back in the Black
Eagle Bulk Shipping, a US-based fully integrated shipowner-operator engaged in the global transportation of drybulk commodities, has reported a net income of $6.5 million for the three months ended December 31, 2018, compared to a net loss of $16.6 million in the fourth quarter 2017The Connecticut-headquartered owner of handymax dry bulk vessels said in a stock exchange annoucement that it generated net revenues of $86.7 million, representing an increase of 16% compared to fourth quarter 2017.Meanwhile…
Eagle Bulk Shipping Avails Loan Secured by 21 Vessels
American shipowner Eagle Bulk Shipping has announced that Eagle Bulk Ultraco, a wholly-owned subsidiary of the Company, has closed on a new five-year senior secured facility totaling USD 208.4 million, maturing in 2024. The global transporter of drybulk commodities said that the Facility is secured by 21 vessels, including the M/V Cape Town Eagle which was acquired earlier this month, and includes a term loan of USD 153.4 million and a revolving credit facility of USD 55 million.Gary Vogel…
Eagle Bulk Acquires One Ultramax, Sells Two Supramaxes
Connecticut-headquartered Eagle Bulk Shipping announced that it has purchased a high-specification 2015-built SDARI-64 Ultramax bulkcarrier for a purchase price of USD 20.4 million. The ship, which has been renamed the M/V Cape Town Eagle, was constructed at Cosco Zhoushan Shipyard Co. Ltd, and is of the same design as the M/V Hamburg Eagle and M/V Singapore Eagle, said the owner of a fleet of Supramax/Ultramax dry bulk vessels.The M/V Cape Town Eagle has been acquired with an…
Eagle Bulk Gets $208M Credit Facility
Connecticut-headquartered Eagle Bulk Shipping said that its wholly-owned subsidiary Eagle Bulk Ultraco has received a loan commitment from a consortium of banks for a new five year senior secured facility totaling approximately $208 million.According to the company, the Facility will include a term loan equating to approximately $153 million and a revolving credit facility of $55 million, and will be used to refinance the existing debt of Eagle Bulk Ultraco LLC and Eagle Shipping…
Eagle Bulk Shipping Expands Fleet Scrubber Initiative
The US-based fully integrated shipowner-operator engaged in the global transportation of drybulk commodities Eagle Bulk Shipping announced that is has exercised its options to purchase 15 additional exhaust gas cleaning systems (scrubbers) which are to be retrofitted on vessels within its fleet. The Marshall Islands corporation said in a press release that this follows the Company’s prior announcement that it had entered into a series of agreements for the purchase of up to 37 scrubbers…
McAllister Towing appoints Ginsberg CFO
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 Adds Hamburg Eagle to its Fleet
The owner-operator in the Supramax/Ultramax segment Eagle Bulk Shipping announced that it has taken delivery of its newly acquired vessel, the M/V Hamburg Eagle, a 2014-built SDARI-64 Ultramax.The acquisition has been funded by cash on-hand and new debt equating to USD 12.8 million. This new loan represents an upsize to the existing Eagle Bulk Ultraco LLC loan facility which carries an interest rate of LIBOR plus 2.95% and has a maturity of October 31, 2022.With the addition of the M/V Hamburg Eagle…
Eagle Bulk Orders up to 37 Scrubbers
Dry bulk shipowner Eagle Bulk Shipping announced this week it will purchase up to 37 exhaust gas cleaning systems, also known as scrubbers, from an undisclosed manufacturer as part of its strategy to comply with new regulations that limit ships’ sulphur emissions from 2020.The U.S.-headquartered shipowner said it has placed firm orders for scrubbers to be retrofitted on 19 of its vessels ahead of the January 1, 2020 implementation date of the International Maritime Organization’s (IMO) 0.5 percent sulphur cap rules.
Eagle Bulk Buys Ultramax Bulk Carrier
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.
Eagle Bulk Shipping Q1 Revenue Jumps Up
Eagle Bulk Shipping generated net revenues of $79.4 million for the three months ended March 31, 2018, representing an increase of 73% compared to the same period in 2017. The owner-operators in the Supramax / Ultramax segment took delivery of the New London Eagle, a 2015-built CROWN-63 Ultramax, closed the sale of the Avocet, a 2010-built DIAMOND-53 Supramax, and signed a memorandum of agreement to sell the vessel Thrush for $10.9 million net of commissions and selling expenses.
Eagle Bulk Shipping Reports 4Q Loss
US based owner-operators of Supramax dry bulk vessels reported a loss of $16.6 million in its fourth quarter ended December 31, 2017, compared to a net loss of $142.4 million for the fourth quarter in 2016. The shipping company posted revenue of $74.6 million in the period, representing an increase of 78% compared to the same period in 2016. Gary Vogel, Eagle Bulk's CEO, commented, "During the fourth quarter, Eagle Bulk's active management operating model drove outperformance of the benchmark Baltic Supramax Index for the fourth consecutive quarter…
Eagle Bulk Shipping Adds New Ultramax
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.
Bulkers to Benefit as China Iron Ore Appetite Grows
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 Buys Ultramax Bulkcarrier
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.
Eagle Bulk Completes $265 Mln Refinancing
Eagle Bulk Shipping, through its wholly-owned subsidiaries Eagle Bulk Shipco and Eagle Shipping LLC, has entered into a series of refinancing transactions, including the repayment in full of Eagle Shipping’s outstanding first and second lien credit facilities, each dated as of March 30, 2016. As a result of these transactions, the company has extended the maturities of the outstanding debt of its subsidiaries through 2022 and achieved additional financial flexibility with respect to its free cash flow.
Eagle Bulk Shipping May Issue Privately Placed Bonds
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.