According to an Oct. 9 report from Bloomberg, Eagle Bulk Shipping Inc. may have to wait as long as three years for a rebound in shipping rates to fully reap the benefit of an expansion of its fleet, Chief Executive Officer Sophocles Zoullas said. Eagle is nearly doubling its fleet, adding 22 ships through 2011 at an average price of $35m each to the 25 vessels already on the water.
(Source: Bloomberg)