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Eagle Bulk Shipping Inc. takes delivery of M/V Shanghai Eagle

Eagle Bulk Shipping Inc., one of the world’s largest owner-operators within the Supramax / Ultramax segment, today announced that is has taken delivery of the fifth of six Ultramax drybulk vessels it has recently agreed to acquire.

The ship, which has been renamed the M/V Shanghai Eagle, is a 2016-built, high specification SDARI-64 Ultramax vessel built at Jiangsu Yangzijiang Shipbuilding Co., Ltd.  The acquisition was made by the Company’s wholly-owned subsidiary, Eagle Bulk Shipco LLC (the “Subsidiary”), 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.

Proforma for the remaining acquisition vessel, which has yet to be delivered, the Company’s fleet will total 50 ships, including 20 Ultramax drybulk vessels acquired over the last 36 months.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. (“Eagle” or the “Company”) is a US-based fully integrated shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Eagle focuses exclusively on the versatile mid-size drybulk vessel segment and owns one of the largest fleets of Supramax / Ultramax vessels in the world. The Company performs all management services in-house (including: strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis.