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Eagle Bulk acquires a modern ultramax and sells two old supramaxes

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Dry Bulk,

Eagle Bulk Shipping Inc. (Eagle) has purchased a high-specification, 2015-built SDARI-64 ultramax bulk carrier for a purchase price of US$20.4 million. The ship, which has been renamed the M/V Cape Town Eagle, was constructed at Cosco Zhoushan Shipyard Co. Ltd, and is of the same design as the M/V Hamburg Eagle and M/V Singapore Eagle.  The M/V Cape Town Eagle has been acquired with an existing time charter that has a remaining term of approximately one year at a variable gross rate of 106% of the Baltic Supramax Index with a floor rate of US$11 400/d. 

Separately, and as part of the company's ongoing fleet renewal programme, Eagle announced it has sold the M/V Condor and M/V Merlin, both 2001-built 50 000 DWT vessels, for an aggregate gross price of US$13.2 million. Both sales were concluded in advance of vessels' statutory drydocks, which would have included the installation of ballast water treatment systems, resulting in total CAPEX savings of over US$2 million.

After the delivery of the M/V Cape Town Eagle and sale of the two vessels, the company's fleet will consist of 46 ships, including 14 ultramax dry bulk vessels acquired over the last 24 months.

Finally, the company announced that is has declared the three remaining options it held for exhaust gas cleaning systems, or scrubbers, bringing the total on order to 37 units. 

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