Gary Vogel News

Dry bulk shipping companies Star Bulk Carriers and Eagle Bulk Shipping have reached a deal to merge in a $2.1 billion all-stock deal.The terms of the definitive agreement have received unanimous approval from the boards of directors of both New York-listed ocean carriers, and the companes expect the deal to close in the first half of 2024 following approvals from regulators and Eagle shareholder.Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.

Stamford, Conn. based dry bulk shipping company Eagle Bulk Shipping on Monday announced it will transfer the listing of its shares from the Nasdaq Global Select Market to the New York Stock Exchange (NYSE). The company said it expects to commence trading as a NYSE-listed company at market open on January 4, 2023 under its existing ticker symbol, “EGLE”. The Company’s shares will continue to trade on the Nasdaq until the market close on January 3, 2023.Eagle's CEO Gary Vogel commented, “We are truly excited to join the New York Stock Exchange and have our shares trade alongside some of the world’s most respected companies, including the majority of our U.S.-listed peers within the maritime/shipping space.

U.S. shipowner Eagle Bulk's 2018 decision to outfit the majority of its dry bulk fleet with scrubbers has proven to be an environmentally sound and profitable decision, with an expected payback on investment by the end of 2022.The company's CEO Gary Vogel and Chief Strategy Officer Costa Tsoutsoplides said in a recent trade press interview that Eagle Bulk answered the MARPOL 2020 0.5% emissions ceiling with a $100 million investment to equip 47 ships—89% of its fleet of supramaxes and ultramaxes—with CR Ocean Engineering (CROE) scrubbers.Having already recorded $60 million of fuel savings…

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.

U.S.-based dry bulk shipping company Eagle Bulk Shipping on Thursday announced ithas appointed Costa Tsoutsoplides to the newly created chief strategy officer position. In this role, Tsoutsoplides will have broad responsibilities in developing Eagle’s corporate strategy as well as leading capital markets initiatives and overseeing ESG and investor relations. Tsoutsoplides will also retain his existing responsibilities, including mergers and acquisitions and vessel sale and purchase.Eagle's CEO Gary Vogel said, “I am pleased to announce Costa’s well-deserved promotion.

The U.S.-based dry bulk shipowner Eagle Bulk Shipping said Wednesday it had bought two high-spec 2015-built scrubber-fitted Ultramax bulk carriers for $44 million.The vessels, which will be renamed the M/V Antwerp Eagle and M/V Valencia Eagle, are of the SDARI-64 design and were constructed at Jiangsu Hantong Ship Heavy Industry Co. The company expects to take delivery of both ships during the third quarter of 2021.Eagle Bulk Shipping said it would fund the acquisition will with cash on hand, which includes equity issued under the company’s ATM program.

Eagle Bulk Shipping has acquired two Ultramax bulk carriers, the U.S.-based dry bulk owner-operator announced Tuesday.The first vessel, which was built in 2015 and will be renamed the Helsinki Eagle, has been acquired for $16.5 million. The second vessel, which was built in 2016 and will be renamed the Stockholm Eagle, has been acquired for $17.65 million. Both SDARI-64 scrubber-fitted ships were constructed at Chengxi Shipyard Co. Ltd.Closings are expected during the first quarter of 2021, with the M/V Stockholm Eagle delivering to Eagle in the Atlantic basin.The sales follow the company’s recently-announced acquisition of a similar specification vessel renamed Oslo Eagle.Gary Vogel…

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, and while these will continue to be critically important, on their own, they will not be enough to meet the…

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’s CEO, commented, “We are pleased to have successfully completed our latest round of vessel acquisitions. With a current fleet of 50 Supramax / Ultramax ships…

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's CEO, commented, "Given its significant concentration of drybulk activity, we believe that Copenhagen is the ideal location for our European commercial operations.

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, its net revenues for year ended December 31, 2018 stood at  $310.1 million, representing an increase of 31% compared to prior year.Gary Vogel…

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’s CEO, said: “We are very pleased that the Company continues to secure increasingly attractive debt financing and has increased its financial flexibility in the process.

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 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. Gary Vogel, Eagle Bulk's CEO, commented, "We continued to execute on our active owner-operator strategy during the first quarter, achieving a TCE of $11,052 and outperforming the benchmark Baltic Supramax Index by over $1,100 per day.

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, resulting in positive operating income for the first time in seven years. Gary added: "We are also pleased to have completed a comprehensive refinancing in December that significantly strengthened our balance sheet…

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, 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. "The successful refinancing of our balance sheet on favorable terms is a strong endorsement by our lenders and the capital markets of…

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. With the addition of the M/V Westport Eagle, the Eagle Bulk fleet currently consists of 48 vessels on the water, comprised exclusively of Supramax/Ultramax vessels.

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. The shipping company took delivery of six Ultramax vessels acquired from Greenship Bulk. It has entered into memorandum of agreement to sell the MV Wren for net proceeds of $7.6 million.

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.

The worst is over for the dry bulk shipping sector, after years when too many ships chased too little cargo, yet the extent of the lost business means a full recovery is still some way off, leading ship owners said on Wednesday. Dry bulk shipping, which transports commodities including coal, iron ore and grain, has been among the worst performing shipping segments in recent years, partly due to worries over the health of top industrial goods importer China. Some companies have…

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.

Clipper Group has appointed Peter Norborg new Group CEO, succeeding current chief Frank G. Jensen, who will continue with the company as Chairman of the Board. Norborg will commence work in Clipper on April 1, 2016. Norborg, 49, comes from a position as Chief Operating Officer at Switzerland-based open hatch/dry bulk company Gearbulk, a position he has held since 2012. Before that, he spent 14 years at D/S Norden, latest as Executive Vice President and Head of Dry Cargo division. Peter holds an EMBA from IMD Business School.