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Friday, December 14, 2018

Eagle Bulk Shipping Adds New Ultramax

Maritime Activity Reports, Inc.

January 10, 2018

Image: Eagle Bulk Shipping Inc

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.
 
With the addition of the M/V New London Eagle, the Company’s fleet is now comprised of 47 vessels, including 12 Ultramaxes acquired over the last 14 months. 
 
Eagle Bulk Shipping is a Marshall Islands corporation headquartered in Stamford, Connecticut. Eagle Bulk owns one of the largest fleets of Supramax/Ultramax dry bulk vessels in the world. 
 
Supramax/Ultramax vessels, which are constructed with on-board cranes, range in size from approximately 50,000 to 65,000 dwt. The Company transports a broad range of major and minor bulk cargoes, including but not limited to coal, grain, ore, pet coke, cement and fertilizer, along worldwide shipping routes.
 
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