Eagle Bulk Shipping (EGLE) Acquires Three Supramaxes

February 11, 2021 7:37 AM EST
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Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk”, “Eagle” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced that it has purchased three 2011-built CROWN-58 Supramax bulkcarriers for a total of USD 21.15 million and 329,583 common shares* of Eagle.

The ships, which will be renamed the M/V Montauk Eagle, M/V Newport Eagle, and M/V Sankaty Eagle, were all constructed at Yangzhou Dayang Shipbuilding Co., Ltd and are sister ships to 17 CROWN-58 Supramax bulkcarriers in Eagle’s existing fleet. The vessels are all expected to be delivered into the Company’s fleet between March and May of this year.

Inclusive of all recently reported acquisitions, Eagle’s fleet totals 52 ships, including 27 which have been acquired over the last four years.

*Common shares are issuable upon exercise of warrants on a pro-rata basis in connection with each vessel delivery.

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