Eagle Bulk Buys an Ultramax Bulk Carrier for $24.3 Million

U.S.-based shipowner Eagle Bulk Shipping announced it has expanded its fleet with the purchase of a secondhand Ultramax bulk carrier for $24.3 million.

The vessel, which was constructed at China's Chengxi Shipyard in 2015, will be renamed Gibraltar Eagle and is expected to be delivered to the company during the first quarter of 2023. Eagle Bulk did not disclose the seller.

"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," Eagle Bulk said in a press release. 

The Stamford, Conn. headquartered company in 2016 initiated a fleet renewal and growth program, and it has since executed 52 S&P transactions, acquiring 31 modern vessels and divesting 21 of its oldest and least efficient ships. Including the recently acquired Gibraltar Eagle, the company’s fleet totals 54 ships—89% of which is scrubber-fitted—with an average age of 9.5 years.

Eagle Bulk earlier this week completed the transfer of its stock listing to the New York Stock Exchange from the Nasdaq Global Select Market, and its shares started trading on the NYSE on January 4, under the existing ticker symbol EGLE.