Eagle Bulk in $24.3 million Ultramax acquisition

Stamford, Conn., headquartered Eagle Bulk Shipping Inc. (NYSE: EGLE) has expanded its fleet with the purchase of a high-specification 2015-built Ultramax bulk carrier for $24.3 million.

The vessel, which was constructed at the Chengxi Shipyard Co., Ltd., will be renamed the M/V Gibraltar Eagle and is expected to be delivered to the company during the first quarter of 2023.

Eagle Bulk says the transaction is well-aligned with its growth strategy of enhancing its fleet composition: Specifically, improving the age profile of the fleet, increasing the cargo capacity per vessel, and reducing emissions on a per deadweight ton basis.

Following the transaction, Eagle Bulk’s fleet will total 54 ships (89% scrubber-fitted) with an average age of 9.5 years. Since the company began its vessel renewal and growth program, it has executed 52 S&P transactions, acquiring 31 modern vessels and divesting 21 of its oldest and least-efficient ships.