Eagle Bulk Shipping Adds New Ultramax

By Aiswarya Lakshmi January 10, 2018

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.