Eagle Rejuvenates Fleet, Orders More Scrubbers

Bulker owner Eagle Bulk Shipping has purchased a 2015-built SDARI-64 Ultramax bulk carrier for USD 20.4 million. 

The ship, which has been renamed M/V Cape Town Eagle, was constructed at Cosco Zhoushan Shipyard, and is of the same design as the M/V Hamburg Eagle and M/V Singapore Eagle.

The Ultramax has been acquired with an existing time charter that has a remaining term of approximately one year, with a floor rate of USD 11,400 per day.

As part of the company’s ongoing fleet renewal program, Eagle has sold the M/V Condor and M/V Merlin, both 2001-built 50,000 dwt vessels, for an aggregate gross price of USD 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 USD 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 drybulk 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 bringing the total on order to 37 units.

The fleet renewal and scrubber investments are being reported just a day after the Connecticut-based shipping company announced a loan commitment from a consortium of banks worth USD 208 million.

The loan is earmarked for refinancing of the existing debt of Eagle Bulk Ultraco LLC and Eagle Shipping LLC, as well as for general corporate purposes, including capital expenditures relating to the installation of scrubbers.

Eagle Bulk added that the loan may be increased by up to an additional USD 60 million for the acquisition of additional vessels, subject to undisclosed conditions.