Eagle Bulk Adds First of Six Ultramaxes to Its Fleet

September 12, 2019, by World Maritime News

The U.S.-based ship owner and operator Eagle Bulk Shipping has taken delivery of the first of six Ultramax drybulk vessels purchased earlier this year.

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The 2015-built ship has been renamed the M/V Dublin Eagle. The high specification SDARI-64 Ultramax vessel, fitted with a scrubber, was built at Jiangsu New Hantong Ship Heavy Industry.

Four of the six bulkers, acquired through two separate deals, will be delivered with scrubbers. The additions are a part of Eagle Bulk Shipping’s fleet renewal strategy.

“Coupled with our existing scrubber initiative, we believe these acquisitions increase our leverage to the opportunities IMO 2020 will present,” Gary Vogel, Eagle Bulk’s CEO, earlier noted.

In July 2019, the company said it would offer USD 100 million aggregate principal amount of Convertible Senior Notes due 2024 in a private placement, in a move to secure funds to finance a portion of the total price of the six Ultramaxes.

Once it takes delivery of the five remaining units, Eagle Bulk Shipping, one of the world’s largest owner-operators within the Supramax/Ultramax segment, will have a fleet of 50 ships, including 20 Ultramax drybulk vessels acquired over the last 36 months.