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Eagle Bulk looks to raise US$100 million

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Dry Bulk,

Continuing a run of cash raisings in the dry bulk shipping sector, Eagle Bulk has announced plans to raise US$100 million to acquire additional dry bulk vessels.

The money will be raised via a private placement of about 22.2 million shares of its common stock with various institutional and other accredited investors at a purchase price of US$4.50 per share, the company said. The placement is subject to approval by shareholders at a special meeting held by the board of directors.

The US-based company owns one of the largest fleets of supramax vessels, transporting a range of major and minor bulk cargoes, including coal, grain, ore, petcoke, cement and fertilizer.

Eagle Bulk’s capital raising is the latest in a string of new share placements by dry bulk shipping companies looking to raise cash to fund acquisitions. Athens-based DryShips recently raised US$100 million in a direct offering of shares, while Safebulkers and Seanergy have also recently replenished their coffers.

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