Final Crown-63 Ultramax Joins Eagle Bulk’s Fleet

Eagle Bulk Shipping, a Connecticut-based owner and operator of Supramax and Ultramax bulkers, has taken delivery of the M/V Westport Eagle, the ninth and final Crown-63 Ultramax dry bulk vessel the company acquired from Greenship Bulk Trust.

 “The successful conclusion of the nine-vessel fleet acquisition from Greenship Bulk provides clear and unambiguous benefits for Eagle, chief among them a significantly expanded commercial footprint and a more modern and efficient fleet. These positive developments, in conjunction with the successful buildout of our active management model, should help ensure we generate both higher time charter equivalent (TCE) earnings and incremental shareholder value,” Gary Vogel, Eagle Bulk’s CEO, commented.

With the addition of the M/V Westport Eagle, the Eagle Bulk fleet currently consists of 48 vessels on the water, comprised exclusively of Supramax/Ultramax vessels.

Eagle Bulk bought the nine ships, which range in age from 2 to 5 years, in March this year in a deal worth USD 153 million.

For the six months ended June 30, 2017, the company reported a net loss of USD 17 million, considerably reduced from last year’s equivalent of USD 61.8 million loss.