Latest Delivery Pushes Eagle Bulk’s Fleet to 47 Ships

BulkerIllustration; Image Courtesy: Pxhere under CC 2.0 license

Connecticut-based owner of dry bulkers Eagle Bulk Shipping has further expanded its fleet, as it took delivery of a 2014-built Ultramax.

The SDARI-64 vessel, renamed M/V Hamburg Eagle, was acquired in July, for USD 21.2 million.

The ship was constructed at Chengxi Shipyard Co. Ltd, the same yard as the M/V Singapore Eagle.

Eagle Bulk funded the acquisition by cash on-hand and new debt equating to USD 12.8 million.

The new loan represents an upsize to the existing Eagle Bulk Ultraco LLC loan 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 Hamburg Eagle, the company’s fleet is now comprised of 47 vessels, including 13 Ultramaxes acquired over the last 24 months.

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