Eagle Bulk Takes Delivery of One More Ultramax

BulkerIllustration; Source: PxHere under CC0 Creative Commons license

US-based ship owner and operator Eagle Bulk Shipping has taken delivery of the fifth of six Ultramax drybulk vessels it has recently agreed to acquire.

The 63,400 dwt ship has been renamed M/V Shanghai Eagle.

The high specification SDARI-64 Ultramax vessel was built at China’s Jiangsu Yangzijiang Shipbuilding in 2016.

As informed, the acquisition was made by the company’s subsidiary, Eagle Bulk Shipco LLC, and was fully funded by restricted cash generated from previous vessel sale proceeds. The M/V Shanghai Eagle will form part of the security for the subsidiary’s outstanding bond due in 2022.

Earlier this year, Eagle Bulk unveiled the acquisition of six scrubber-fitted Ultramaxes which is part of the company’s strategy to renew and grow its fleet. The acquisition is expected to increase Eagle Bulk’s leverage to the opportunities the IMO 2020 will present.

The first two units from the batch, Dublin Eagle and Sydney Eagle, were handed over to the company in September 2019 and another two, Copenhagen Eagle and Santos Eagle, in October.

Once the remaining bulker is delivered, Eagle Bulk’s fleet will total 50 ships, including 20 Ultramax drybulk vessels acquired over the last 36 months.

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