Eagle Bulk makes $27.5 million Ultramax buy

Written by Nick Blenkey
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Stamford, Conn., headquartered Eagle Bulk Shipping Inc. (NASDAQ: EGLE), one of the world’s largest owner-operators in the midsize dry bulk vessel segment, reports that it has expanded its fleet with the purchase of a high-specification 2015-built scrubber-fitted Ultramax bulk carrier for $27.5 million.

The vessel, which was constructed at Imabari Shipbuilding Co., Ltd. in Japan, will be renamed the M/V Tokyo Eagle and will be delivered to the company during the fourth quarter of 2022.

Last month the company closed on the sale of the M/V Cardinal (2004-built non-scrubber fitted Supramax). The vessel was sold for $15.8 million and delivered just prior to her statutory drydocking due date.

Following these transactions, Eagle’s fleet will total 53 ships (91% scrubber-fitted) with an average age of 9.5 years. Since the company began its vessel renewal and growth program, it has executed 51 S&P transactions, acquiring 30 modern vessels and divesting 21 of its oldest and least efficient ships. These deals have enabled the company to grow, while improving overall fleet makeup in terms of maintaining an attractive age profile, increasing cargo capacity per vessel, and reducing emissions on a per deadweight ton basis.

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