Eagle Bulk Adds Ultramax Bulker to Its Fleet

Osprey I

US-based ship operator Eagle Bulk Shipping has taken delivery of a recently purchased Crown-63 Ultramax bulk carrier, the M/V New London Eagle.

The 2015-built vessel, which was acquired for a purchase price of USD 21.3 million, was funded by cash on-hand and new debt of USD 8.6 million.

This loan, which equates to around 40% of the purchase price, represents an upsize to the existing Eagle Bulk Ultraco LLC debt facility which carries an interest rate of LIBOR plus 2.95% and has a maturity of October 31, 2022.

With the addition of the M/V New London Eagle, constructed at Yangzhou Dayang Shipbuilding, Eagle Bulk’s fleet is now comprised of 47 vessels, including 12 Ultramaxes added over the last 14 months.

Although the company did not disclose the name of the seller, VesselsValue’s data shows that Eagle Bulk bought the bulker from Seatrek Trans on December 13.

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