New CEO Takes the Helm of Eagle Bulk

 Eagle Bulk Shipping, a Marshal Islands-based owner of Supramax dry bulk vessels, has appointed Stanley H. Ryan, a current Eagle Bulk Board member, as Chief Executive Officer, effective March 6, 2015.

Mr. Ryan succeeds Sophocles N. Zoullas, who has resigned from all positions at the company, Eagle Bulk said.

The company added that it has entered into a Separation Agreement and General Release with Zoullas.

“Stanley Ryan’s global commodity expertise – earned over many productive years at Cargill – and strong commercial relationships will serve the Company well as we navigate ongoing challenges in the dry bulk market. At the same time, Eagle Bulk’s experienced and deep team will continue to deliver operational excellence in a challenging market,” comments Paul M. Leand, Jr., Chairman of the Board.

Nasdaq-listed Eagle Bulk Shipping Inc. completed its court-approved financial restructuring in October last year, reducing its debt obligations by 80%, or approximately USD 1 billion, thus enhancing liquidity.

The company has also closed on a new USD 275 million exit financing facility, comprised of a USD 225 million term loan and a USD 50 million revolving credit facility.