Eagle Bulk Reels In USD 88 Million for New Ships

Image Courtesy: Eagle Bulk Shipping

Connecticut-headquartered operator of Supramax dry bulk ships Eagle Bulk Shipping has closed the private placement of its common stock for aggregate gross proceeds of USD 88 million.

Eagle Bulk Shipping said that it intends to use the proceeds of the private placement for the acquisition of dry bulk vessels and general corporate purposes.

After giving effect to the company’s previously announced reverse stock split of its issued and outstanding shares of common stock, including the rounding down of fractional shares pursuant to such split, the private placement included the issuance of over 29,3 million shares.

The common stock price was set at USD 3 per share.

At the beginning of July, the company entered into an agreement to raise USD 88 million in gross proceeds through the sale of its common stock.

After it earlier reached deals to sell three of its bulkers, the shipowner decided to dispose of another vessel, the 2002-built MV Kittiwake, for net proceeds of USD 4.2 million.

During the second quarter of the year, the company concluded the earlier announced sales of MV Peregrine and MV Falcon, raising a total of USD 5.8 million, and subsequently finalized the sale of MV Harrier for net proceeds of USD 3.2 million.

The company reported a net loss of USD 22.5 million for the second quarter of 2016, while its net revenues for the period increased to USD 25.6 million from USD 22.6 million recorded in the second quarter of 2015, mainly attributed to an increased number of freight voyages as well as increased available days due to chartered in vessels.

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