Eagle Bulk Shipping

NADAQ listed Eagle Bulk Shipping sold 2002 built supramax bulk carrier MV Goldeneye for around $5 million. MV Goldeneye is one of the oldest bulk carrier in the fleet of Eagle Bulk Shipping. CEO Gary Vogel led shipowner and operator Eagle Bulk Shipping. In January 2019, Eagle Bulk Shipping sold 2001 built supramax bulk carriers MV Condor and MV Merlin for about $13 million en-block. In January 2019, Eagle Bulk Shipping acquired 2015 built ultramax bulk carrier 63K DWT MV Cape Town Eagle during fleet renewal programme. Eagle Bulk Shipping reported a net loss in Q2 2020 due to the coronavirus pandemic. In Q2 2020, Eagle Bulk Shipping reported TCE (Average Time-Charter Equivalent) of $8,038 per day. In Q2 2020, Eagle Bulk Shipping reported a net loss of $20 million. CEO Gary Vogel is keeping his head up despite the negative reports brought on by coronavirus recession. Eagle Bulk Shipping is optimistic that the shipping market will continue on its recent recovery path and trade flows will continue to normalize soon. 5-August-2020

 

NADAQ listed Eagle Bulk Shipping controlled 2004 built supramax bulk carrier 52K DWT MV Jaeger was seized by an armed security guard for three (3) days and no was injured. An armed security guard was involved in a pay dispute with his company. An armed security guard no relation to Eagle Bulk and V.Ships. MV Jaeger was steaming in the Indian Ocean to the Red Sea. An armed security guard took control and deviated the ship from its course. Later on, armed security surrendered his weapon and was disembarked from MV Jaeger. Eagle Bulk and V.Ships struggled to de-escalate the situation. 30-July-2020

 

NADAQ listed Eagle Bulk Shipping has acquired approximately $23 million extra loan that will be used for general corporate purposes. Eagle Bulk Shipping endeavors to increase the company’s liquidity and reinforce cash position during coronavirus crisis. $23 million additional finance is secured by two of Eagle Bulk Shipping’s ultramax bulk carriers, 2016 built MV Hong Kong Eagle and 2015 built MV Santos Eagle. $23 million extra loan has been given by a consortium of ABN AMRO; Credit Agricole, Skandinaviska Enskilda Banken (SEB), DNB Bank, and Danish Ship Finance. 14-June-2020

 

NADAQ listed Eagle Bulk Shipping has secured an extra $34.3 million loan for scrubbers on three (3) recently acquired ultramax bulk carriers. $34.3 million loan has been added to an existing five-year senior secured term loan provided by a syndicate of six lenders. Three ultramax bulk carriers:

  • MV Copenhagen Eagle (63K DWT 2015 built)
  • MV Dublin Eagle (63K DWT 2015 built)
  • MV Sydney Eagle (63K DWT 2015 built)

Gary Vogel led Eagle Bulk Shipping stated that net proceeds from $34.3 million loan will be used for general corporate purposes, including capital expenditures relating to the installation of scrubbers for these there (3) ultramax bulk carriers.

Financing for the incremental $34.3 million loan has been provided by Eagle Bulk Shipping’s existing syndicate lenders:

  • ABN AMRO
  • Credit Agricole Corporate and Investment Bank
  • Skandinaviska Enskilda Banken
  • DNB Bank
  • Danish Ship Finance
  • Nordea.

Gary Vogel led Eagle Bulk Shipping’s existing five-year facility bears an interest rate of LIBOR (London Interbank Offered Rate) plus 2.50% and matures in 2024. In September 2019, Eagle Bulk Shipping filed a shelf registration for a possible $750 million equity raise, which would fund fleet expansion and general business costs. Eagle Bulk Shipping also recorded up to 50.7 million common shares for possible shareholder resale, including 34.3 million covered by a prior registration. 18-November-2019

 

Gary Vogel led ship owner and operator Eagle Bulk Shipping acquired 2015 built ultramax bulk carrier 64K DWT MV Cape Town Eagle for $20.4 million. MV Cape Town Eagle was built at Cosco Zhoushan Shipyard. As part of the Eagle Bulk Shipping’s ongoing fleet renewal programme, Eagle Bulk has sold 2001 built supramax dry bulk carriers 50K DWT MV Condor and MV Merlin for $13.2 million. MV Condor and MV Merlin were sold ahead of statutory dry-docking, which would have included the installation of ballast water treatment systems, resulting in total savings of more than $2 million. Currently, New York-listed dry bulk owner and operator Eagle Bulk Shipping has a fleet of 46 dry bulk carriers. Since the start of the fleet renewal project, Eagle Bulk Shipping sold 12 vintage dry bulk carriers. 3-February-2019

 

Nasdaq-listed shipowner and operator Eagle Bulk Shipping clinched new financing worth $208 million from lenders: ABN AMRO, Credit Agricole, SEK, DNB, Danish Ship Finance and Nordea. Gary Vogel led Eagle Bulk Shipping will refinance the existing debt and install scrubbers on some of its dry bulk carriers. In September 2018, Nasdaq-listed shipowner and operator Eagle Bulk Shipping announced that 19 scrubbers will be installed with 18 options attached to the entire dry bulk fleet. 22-January-2019

 

Nasdaq-quoted Gary Vogel led Eagle Bulk Shipping is selling one of its oldest supramax dry bulk carriers in the latest step of a fleet renewal program. Eagle Bulk Shipping is selling 2001 built supramax dry bulk carrier 50K DWT MV Condor for further trading to an Indonesian shipowner for around $6.8 million. Previously in December 2018, another 2000 built supramax dry bulk carrier 52K DWT MV Star Delta was sold for $6.1 million. Nasdaq listed Eagle Bulk Shipping has now sold 11 vintage bulk carriers since it began a fleet renewal programme. Meanwhile, Eagle Bulk Shipping has bought 13 modern ultramax dry bulk carriers and invested in scrubbers to meet IMO 2020 emissions laws. 20-December-2018

 

New York-listed supramax and ultramax shipowner and operator Eagle Bulk Shipping reported a net loss of $10.3 million in Q3 2017 versus a $19.4 million loss in Q3 2016. Q3 2017 net loss of $0.15 per share was deeper than the $0.10 per share loss consensus. ​New York-listed supramax and ultramax shipowner and operator Eagle Bulk Shipping reported Q3 2017 operating profit of $7.3 million and revenue $62.7 million. Improving dry bulk markets resulting in higher charter rates and more voyages, coupled with a larger more owned fleet and chartered-in vessels increased the Eagle Bulk Shipping revenue. Eagle Bulk Shipping CEO Gary Vogel believes the company will be in an even better position to deliver above-market TCE (time charter equivalent) rates and returns. Eagle Bulk Shipping CEO Gary Vogel is optimistic about recovery in the dry bulk shipping. 6-November-2017

 

New York-listed Eagle Bulk Shipping raised equity $750 million shelf registration. Gary Vogel-led shipowner and operator Eagle Bulk Shipping logged the securities filing at the same time as two major shareholders registered to sell shares. These share sales will go towards “vessel acquisitions, capital expenditures, repayment of indebtedness, working capital, and general corporate purposes”. New York-listed Eagle Bulk Shipping shares are held by Oaktree Capital Management and GoldenTree Asset Management, 31% and 15% respectively. 9-April-2017

 

New York-listed shipowner and operator Eagle Bulk Shipping will exit from the handymax sector and focused on supramaxes and ultramaxes. Gary Vogel-led shipowner and operator Eagle Bulk Shipping is closing in on debt financing for 9 dry bulk carriers deal for $153 million with Greenship Bulk Trust. Currently, New York-listed shipowner and operator Eagle Bulk Shipping has a fleet of 50 supramax and ultramax dry bulk carriers in oceans and growing its fleet. 3-April-2017

 

US-based shipowner and operator Eagle Bulk Shipping sees investors cash out July investment and double their money. Gary Vogel-led shipowner and operator Eagle Bulk Shipping’s stocks plunged nearly 20%. 29 million Eagle Bulk shares issued in connection with the summer private placement were blocked from trading for a mandatory six-month period that expired today. Investors jumped at the chance to double their money and triggered downward pressure on Eagle Bulk Shipping’s stock. 19-February-2017

 

CEO of Eagle Bulk Shipping is taking personal stakes in a new $60 million second-lien loan. CEO Gary Vogel and Chairman Paul Leand are committing to buy nearly 2 million shares. Top executives of Eagle Bulk Shipping seek to demonstrate that they are standing shoulder to shoulder with other investors in showing faith in Eagle Bulk Shipping. CEO Gary Vogel already holds 325,000 Eagle Bulk Shipping’s shares in the form of restricted stock Gary Vogel was awarded on his recruitment last year. After this, CEO Gary Vogel will receive 984,536 shares in the second-lien deal. CEO Gary Vogel and Chairman Paul Leand will hold about 0.3% of Eagle Bulk Shipping’s outstanding stock if the transaction goes through. Eagle Bulk Shipping’s shares 41% is held by Oaktree Capital Management and 18.3% is held by Golden Tree Asset Management. 16-May-2016

 

New York-based Eagle Bulk Shipping sold third bulk carrier in a month. Japanese built 50K DWT M/V Harrier built 2000 has been sold to a Greek shipowner for $3.3 million. Eagle Bulk Carrier bought the bulk carrier for $34 million in 2005. Eagle Bulk Shipping last week sold supramax 50K DWT M/V Peregrine built 2001 for $2.7 million and in March sold 1997 built 47K DWT handymax bulk carrier M/V Kite for $4.8 million. Supramax bulk carriers specialist Eagle Bulk Shipping has 44 supramax bulk carriers in the fleet. 20-April-2016

 

New York-listed shipowner Eagle Bulk Shipping is a particularly potent symbol of the dry cargo crisis given Sophocles Zoullas first put his company into Chapter 11 bankruptcy 18 months ago. Many other dry bulk shipping companies are struggling to meet their funding commitments with charter rates and vessel values plunging through the lowest levels since 1986. Another Dry Bulk Ship Owner Micheal Bodouroglou missed a $900,000 loan repayment earlier this month. Chapter 11 is also said to have been considered by the Paragon Shipping’s board. These are sizeable public companies whose situations are made more transparent by their need to disclose important financial information to the US Securities and Exchange Commission. But the vast majority of the world‘s bulk fleet is in the hands of smaller private owners with only a few vessels each. More transparency needed. 2-March-2016

 

Eagle Bulk Shipping appears to have hired as financial advisor Houlihan Lokey, the same re-structuring firm that guided its creditors during Eagle’s Chapter 11 bankruptcy process in 2014. Eagle Bulk Shipping has hired Houlihan Lokey, the Los Angeles-based restructuring advisor, as it operates under a forbearance agreement with its lenders. Houlihan Lokey also worked on the case for the creditors’ side. Group of creditors led by Oaktree Capital Management purchased bank debt from Eagle Bulk Shipping’s lenders, effectively allowing them to take control of the bulker owner through a loan to own scenario. 20-February-2016