Eagle Bulk Shipping Inc. Adds Capacity – Acquires Modern Ultramax Bulkcarrier

Eagle Bulk Shipping Inc. (NYSE: EGLE) (“Eagle Bulk”, “Eagle”, or the “Company”), one of the world’s largest owner-operators within the midsize drybulk vessel segment, announced that it has expanded its fleet with the purchase of a high-specification 2015-built Ultramax bulkcarrier for USD 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.

Ultramax Bulkcarrier
Credits: Eagle Bulk Shipping

This transaction is well-aligned with the Company’s 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 this transaction, Eagle’s fleet will total 54 ships (89% scrubber-fitted) with an average age of 9.5 years. Since the Company commenced 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.

Reference: Eagle Bulk Shipping

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