The shipowner and operator based in Connecticut, Eagle Bulk Shipping (EGLE), has secured endorsement from its shareholders for its acquisition by Star Bulk Carriers (SBLK), a maritime company listed in New York, heralding the formation of a bulker industry giant valued at $2.7 billion. The agreement between Eagle Bulk Shipping (EGLE) and Star Bulk Carriers (SBLK) was positively received, with a two-thirds majority of Eagle Bulk Shipping’s shareholders voting in favor of the transaction. Set for finalization on April 2, 2024, after receiving a 65% shareholder approval, this merger, through an all-stock deal valued at $836 million, will forge the largest bulker shipowner globally, with a combined armada of 167 bulk carriers. The successful shareholder vote paves the way for the anticipated completion of the Eagle Bulk Shipping (EGLE) and Star Bulk Carriers (SBLK) merger on April 2, 2024. 7-April-2024
The increase in capesize bulk carrier values has positively impacted the attractiveness of the acquisition agreement between the Athens-based, New York-listed Star Bulk Carriers (SBLK) and the Connecticut-based Eagle Bulk Shipping (EGLE), offering a brighter prospect for the latter’s investors. According to London’s Clarksons Securities, the transaction, currently estimated at $836 million, is expected to draw heightened interest from Eagle Bulk Shipping (EGLE) shareholders. The allure of the takeover bid led by Petros Pappas for Star Bulk Carriers (SBLK) has only intensified since the agreement terms were finalized in December 2023, leading analysts at Clarksons Securities to predict a favorable shareholder vote on the acquisition scheduled for 5 April 2024. The transaction’s appeal is largely due to the fixed exchange ratio in this all-stock deal, alongside a comparatively greater appreciation in the fleet value of Star Bulk Carriers (SBLK) versus that of Eagle Bulk Shipping (EGLE) since the deal was publicized. Eagle Bulk Shipping (EGLE), renowned for its specialized focus on the mid-size dry bulk vessel segment, primarily operates a fleet of Supramax and Ultramax ships, which are crucial for the transportation of a wide variety of bulk commodities, including coal, grain, and iron ore. The company’s strategic emphasis on operational efficiency and a global presence enables it to serve a diverse international client base. With its robust operational strategies and commitment to environmental sustainability, Eagle Bulk Shipping (EGLE) positions itself as a key player in the dry bulk shipping industry, offering significant strategic value in this merger with Star Bulk Carriers (SBLK). 26-March-2024
What compensation did Eagle Bulk Shipping (EGLE) CEO Gary Vogel receive in his last year before stepping down? Gary Vogel, a seasoned executive in the dry shipping sector, is set to depart following the completion of the acquisition by Athens-based Star Bulk Carriers (SBLK). Eagle Bulk Shipping (EGLE), a shipowner and operator based in Connecticut, has disclosed executive compensation details earlier than usual due to an upcoming takeover. The disclosed figures reveal a decrease in Eagle Bulk Shipping (EGLE) CEO Gary Vogel’s total compensation for his final complete year as CEO. Gary Vogel received a total compensation package of $2.85 million, with the smallest portion being his base salary, which remained at $695,000, consistent with the previous year. Additionally, Vogel received a cash bonus of $1.04 million. 9-March-2024
Walleye Capital, a hedge fund based in New York, has disclosed a bond position in Eagle Bulk Shipping (EGLE), a company listed on the New York Stock Exchange and headquartered in Connecticut. This position could potentially allow Walleye Capital to acquire a significant portion of Eagle Bulk Shipping. The investment firm is among the holders of convertible notes that could be exchanged for equity, positioning it ahead of the impending takeover by Star Bulk Carriers (SBLK), an Athens-based shipowner and operator also listed in New York. Walleye Capital has announced that this bond position could result in nearly a 5.4% ownership stake in Eagle Bulk Shipping if the debt securities are converted before the anticipated acquisition by Star Bulk Carriers. With its origins in Minnesota, Walleye Capital is a diversified investment firm that has informed U.S. securities regulators about its potential to convert these notes into more than 563,000 shares of Eagle Bulk Shipping. 17-February-2024
BlackRock has decreased its investment in New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), selling shares to realize a profit of $11 million. The move comes shortly after the New York-based investor BlackRock increased its stake in another logistics company, Pangaea Logistics. This adjustment in investment strategy by the US financial behemoth BlackRock saw its stake in the Gary Vogel-led shipowner and operator Eagle Bulk Shipping (EGLE) drop to 7.7%, down from nearly 10%, owning 767,811 shares valued at $42 million, against a market capitalization of $550 million, as reported in a filing with the Securities and Exchange Commission (SEC). 12-February-2024
Oaktree Capital Management has re-entered the scene at the New York Stock Exchange-listed, Connecticut-based shipping company Eagle Bulk Shipping (EGLE), following a strategic move that left an opening after the takeover by Star Bulk Carriers (SBLK), another Athens-based, New York-listed shipping entity. This resurgence comes through a collaborative investment with Brookfield and BAM, totaling $57 million in Eagle Bulk Shipping’s stock. Seven months after Oaktree Capital Management exited, paving the way for Star Bulk Carriers’ acquisition, the private equity behemoth, under Gary Vogel’s leadership at Eagle Bulk Shipping (EGLE), has again established a significant presence. A joint filing with the Securities and Exchange Commission shows that Oaktree Capital Management, along with Brookfield Corp and BAM Partners Trust, has acquired a 9.96% interest, translating to 1.1 million shares, in Eagle Bulk Shipping (EGLE). This investment positions them as the third-largest shareholder in Eagle Bulk Shipping (EGLE), marking a significant $57 million stake in the company. 9-February-2024
The New York Stock Exchange-listed, Connecticut-based Eagle Bulk Shipping (EGLE) is advancing its fleet renewal strategy by selling a scrubber-equipped supramax bulk carrier. Under the leadership of Gary Vogel, Eagle Bulk Shipping (EGLE) has secured a European shipowner for one of the two supraamx bulk carriers it listed in the Sale and Purchase (S&P) market. This move is part of Eagle Bulk Shipping’s ongoing efforts to refresh its fleet. Amidst the acquisition by the larger entity Star Bulk Carriers (SBLK), Eagle Bulk Shipping has successfully negotiated the sale of the 2009-built supramax bulk carrier, the 56K DWT MV Stellar Eagle, to an undisclosed European shipowner, marking a significant step in its fleet optimization plan. 8-February-2024
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) owned bulk carrier, the MV Gibraltar Eagle, was hit by a missile in the Gulf of Aden, as reported by the United Kingdom Maritime Trade Operations (UKMTO) and maritime security firm Ambrey. The incident took place approximately 95 nautical miles southeast of Aden, Yemen. The US Central Command identified the vessel as the Marshall Islands-flagged MV Gibraltar Eagle, which was traveling westbound in the International Recommended Transit Corridor (IRTC) towards the Suez Canal at the time of the attack. United Kingdom Maritime Trade Operations (UKMTO) has confirmed that there were no injuries or significant damage to the ship, a 2015-built ultramax bulk carrier MV Gibraltar Eagle. MV Gibraltar Eagle, with a 64K DWT, is proceeding to its next destination. Ambrey reported that the MV Gibraltar Eagle was struck in its fifth hold, noting that the Houthis launched a total of three missiles, with two failing to reach the sea and one hitting the bulk carrier. Ambrey’s analysis suggests the attack was a response to US military strikes on Houthi military positions in Yemen, targeting US interests. Following recent military advice to avoid the southern Red Sea and the Bab el-Mandeb Strait due to US and UK strikes on Houthi militants, the MV Gibraltar Eagle entered the Gulf of Aden. Gary Vogel-led Eagle Bulk Shipping (EGLE) confirmed in a Monday statement that the MV Gibraltar Eagle was struck by an unidentified projectile about 100 miles (161 km) offshore in the Gulf of Aden. The impact caused limited damage to one of the cargo holds, but the ship remains stable and is moving out of the area. All crew members on board are safe and uninjured. The MV Gibraltar Eagle was transporting steel products at the time of the incident. Eagle Bulk Shipping (EGLE) has stated that it is in close communication with the relevant authorities regarding this situation. 16-Jamuary-2023
Shares of New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) surged by 11% as the market responded to its acquisition by Star Bulk Carriers (SBLK), a Greek company. Eagle Bulk Shipping’s (EGLE) stock value approached the deal price and its net asset value, showing improvement after underperforming in 2023. Eagle Bulk Shipping’s stock price exceeded $51 in the early trading hours on Tuesday on the New York Stock Exchange, following the announcement of the all-stock acquisition. This increase of over 11% aligned with expectations, as investors adjusted the share value closer to the acquisition price of $52.60. 12-December-2023
Star Bulk Carriers (SBLK), a prominent shipowner and operator listed in New York and based in Athens, has successfully finalized an all-stock acquisition of Eagle Bulk Shipping (EGLE), also listed on the New York Stock Exchange and headquartered in Connecticut, for $500 million. This merger brings together two major New York-listed shipping entities under the leadership of Petros Pappas from Star Bulk Carriers. The resulting organization, maintaining the Star Bulk Carriers name, commands a fleet of 169 bulk carriers and boasts a market capitalization of around $2.1 billion. The exact valuation of Eagle Bulk Shipping in this deal is not precisely known, but it’s estimated that the transaction involves around $500 million in Star Bulk Carriers’ stock. The agreement between Star Bulk Carriers and Eagle Bulk Shipping signifies a significant merger in the bulk shipping sector, creating the largest dry bulk shipping company listed in the US. This merger received unanimous board approval from both companies and is an all-stock transaction. Under the terms of the deal, Eagle Bulk Shipping shareholders are set to receive 2.6211 shares of Star Bulk Carriers for each Eagle share, equating to an approximate value of $52.60 per share, which is a 17% premium over Eagle’s closing share price on December 8. Following the merger’s completion, expected in the first half of 2024, Star Bulk and Eagle Bulk shareholders will own about 71% and 29% of the new entity, respectively. The combined company will be headquartered in Athens, with additional offices in Stamford, Singapore, Copenhagen, and Limassol. The leadership team will include Petros Pappas as CEO and Spyros Capralos as chairman from Star Bulk Carriers, along with key executives from Eagle Bulk Shipping. The fleet of Star Bulk Carriers includes a range of 117 vessels, from newcastlemax to supramax carriers, while Eagle Bulk Shipping brings a fleet of 52 supramax and ultramax carriers. The majority of the merged fleet will be equipped with scrubber technology. The new Star Bulk Carriers Corp. is projected to have nearly $420 million in liquidity. Both companies expect to achieve at least $50 million in yearly cost and revenue synergies within 12 to 18 months after the merger, thanks to integrated operations and scale efficiencies. CEO Petros Pappas of Star Bulk Carriers has expressed enthusiasm about the merger, highlighting the creation of a global dry bulk shipping leader with a diverse and large fleet, focusing on performance, environmental goals, and maximizing earnings. Gary Vogel, CEO of Eagle Bulk Shipping, also voiced optimism about the merger’s potential, noting the substantial value and long-term advantages it promises for Eagle Bulk Shipping’s shareholders. 12-December-2023
A US investment bank B Riley Securities has predicted that New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) is likely to report a larger-than-expected loss for the Q3 2023, with the performance of its exhaust-gas scrubbers being a contributing factor. A US investment bank B Riley Securities is forecasting a loss of $1.17 per share for the publicly-listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) due to the lower-than-anticipated scrubber premium. To comply with the International Maritime Organization’s (IMO) emissions regulations for 2020, shipowners installed scrubbers, allowing them to use cheaper high-sulfur fuel. In contrast, those without scrubbers had to opt for more expensive low-sulfur bunkers. However, the difference in fuel prices fluctuates, and this year’s narrowing of the spread is impacting New York Stock Exchange (NYSE) listed shipowner and operator Eagle Bulk Shipping (EGLE), which has scrubbers installed on nearly all of its 52 supramax and ultramax bulk carriers. For instance, in the Q2 2023, Eagle Bulk Shipping’s (EGLE) bulk carriers saw an average spread of $117 per tonne, resulting in premium earnings of $1,602 per day per bulk carrier. In the Q3 2023, the spread averaged $86, reducing the estimated premium to $1,178 per day. The impact on Eagle Bulk Shipping’s (EGLE) earnings per share may appear more severe than the actual reduction caused by fuel spread changes. The complication arises from New York Stock Exchange (NYSE) listed shipowner and operator Eagle Bulk Shipping’s (EGLE) outstanding convertible notes, which can be converted into ordinary shares. In certain accounting scenarios, Eagle Bulk Shipping (EGLE) must include these potential shares in its overall measure of outstanding stock but not in others. Additionally, the market for midsize bulk carriers is still favorable, with longer ton-mile routes due to bulk carriers avoiding the congested Panama Canal. The growing demand for imported coal in China and India, as well as a healthy grain trade, should support demand for Eagle Bulk Shipping’s (EGLE) medium-sized bulk carriers. 17-October-2023
Leading figures in the dry bulk sector shared their perspectives on the repercussions of the ongoing conflict between Israel and Hamas, especially in light of the recent attacks over the weekend. The dry bulk industry, which has become accustomed to unexpected black swan events, is now grappling with the implications of another significant disturbance. While the top executives from the sector recognized the profound human cost of the Middle East conflict, they also discussed its potential impact on their business. New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) CEO Gary Vogel anticipates that the warfare between Israel and Hamas will have a limited effect on the dry bulk sector. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers. 11-October-2023
Despite the significant expenditure of $219 million for Oaktree Capital Management’s buyout and the current struggle with a sluggish dry bulk market that is dawdling in its recovery, New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), remains unflustered regarding its liquidity state. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) emphasizes that factors such as the deceleration of congestion, China’s faltering economic power, and the persistent absence of ship-breaking operations are all hindering the anticipated resurgence in dry bulk activity. The unwavering assurance of Eagle Bulk Shipping (EGLE) in their financial fluidity post the depletion of Oaktree Capital Management shares highlights the company’s resilience in navigating economic uncertainty. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers. 4-August-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) unveils favorable profits amidst caution over the forthcoming quarter’s frailty. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) surpasses the Baltic Exchange Index despite a 24% plunge in booking rates in the prevailing dry bulk shipping market. Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) managed to eke out an advantageous profit margin in Q2 2023, surpassing the expectations of industry analysts. However, Eagle Bulk Shipping (EGLE) forewarn of a substantial slump in charter rates within the immediate market. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers. 4-August-2023
Michael Webber, an equity analyst known for his expertise in governance matters, has confirmed that Connecticut-based New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) is on the verge of a significant decline from its longstanding position at the pinnacle of annual ESG scorecard. Under the leadership of Gary Vogel, Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) has consistently ranked among the ESG elite in the shipping industry, securing the top position on the list of 52 publicly traded shipowners from 2018 to 2022, and placing fourth and second in the past two years, respectively. But that was before the events of the past three months, which resulted in CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) attracting investor attention, and some might argue, consolidation interest, from fellow New York-listed shipowners Danaos Corporation (DAC) and Castor Maritime (CTRM). Furthermore, long-term investor Oaktree Capital Management recently made the decision to sell its 28% stake in New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), a block of shares that drew interest from other strategic players before Eagle Bulk Shipping (EGLE) acquired it for $219 million. These defensive measures, coupled with Eagle Bulk Shipping’s (EGLE) implementation of anti-takeover provisions informally known as a “poison pill” in its bylaws, will undoubtedly tarnish the dry bulk owner’s reputation, marking a significant descent from Michael Webber’s top-tier recognition. Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) is facing adversity on two fronts. Firstly, the poison pill, widely regarded as unfavorable to shareholders, has cast a shadow on the company. Secondly, the long-term investor Oaktree Capital Management transaction has compounded the situation. Although Michael Webber acknowledges that, if he were to set aside his ESG perspective, Michael Webber can comprehend why USA-based shipowner and operator Eagle Bulk Shipping’s (EGLE) management and board took the actions they did, he emphasizes the need for consistent and impartial analysis. New York Stock Exchange (NYSE) listed shipowner and operator Eagle Bulk Shipping’s (EGLE) reputation is further undermined by the poison pill strategy. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers. 13-July-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping’s (EGLE) chairman Paul Leand retaliates against John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC), asserting that a shareholder upheaval necessitated the implementation of a poison pill. Eagle Bulk Shipping’s (EGLE) chairman Paul Leand rebuts Danaos Corporation (DAC) CEO John Coustas’ letter, which complained about the actions taken to prevent a takeover, highlighting factual inaccuracies. What began as a cordial lunch conversation between Eagle Bulk Shipping’s (EGLE) chairman Paul Leand and the company’s prominent new shareholder has transformed into a public exchange of verbal blows concerning the decision to adopt a poison pill strategy to protect against a potential acquisition. Eagle Bulk Shipping’s (EGLE) chairman Paul Leand has written a letter to Danaos Corporation (DAC) CEO John Coustas in defense of the poison pill plan. This document revealed in a submission to the United States SEC (Securities and Exchange Commission) on Friday, marks the latest development in the dramatic shift in Eagle Bulk Shipping’s (EGLE) shareholder structure, where the shipowner outmaneuvered competing bidders for the shares previously held by its largest shareholder, Oaktree Capital Management. 1-July-2023
Equity analyst Poe Fratt from Alliance Global Partners delineates a set of guideposts, while retail investors respond to the recent strategy implemented by both Eagle Bulk Shipping (EGLE) and Danaos Corporation (DAC). Amidst the turbulence, a moment of tranquility emerges between New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) and its new shareholder, John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC). However, the path ahead for these two New York-listed companies remains uncertain. With careful scrutiny, Poe Fratt, an equity analyst, has been closely monitoring Danaos Corporation’s (DAC) substantial investment of $75 million, as well as two crucial decisions made by Eagle Bulk Shipping (EGLE). These decisions include the acquisition of Oaktree Capital Management’s 28% stake and the implementation of a defensive measure known as a “poison pill,” which restricts Greek John Coustas-led Danaos Corporation (DAC) from further increasing its ownership stake. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers. 30-June-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) has acquired Oaktree’s 28% stake in the company for $219.3 million through a repurchasing initiative and implemented a shareholder rights plan to safeguard against a takeover. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) has disclosed that the company purchased roughly 3.8 million shares of Eagle Bulk Shipping (EGLE) common stock for $58 per share through a repurchasing. Furthermore, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) has declared the implementation of a temporary shareholder rights plan. As per Eagle Bulk Shipping’s (EGLE) statement, this plan aims to decrease the probability of any individual or group attaining control over the company through open market accumulation or other exploitative strategies that could potentially harm the interests of all shareholders. The plan took effect immediately and is set to last for one year, expiring on June 22, 2024, unless extended by shareholders. The repurchase of shares occurred after Greek shipowner and operator John Coustas-led Danaos Corporation quietly accumulating nearly a 10% stake in Eagle Bulk Shipping (EGLE) over the past few months. Athens-based New York-listed Danaos Corporation acquired approximately 1.37 million shares, equivalent to around 10% of the stake in Eagle Bulk Shipping (EGLE), following a decline of approximately 20% in Eagle Bulk Shipping (EGLE) shares since March 2023 due to weaker Q1 2023 earnings and a significant drop in charter rates. According to New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) chairman Paul Leand, “The current transaction serves the best interests of our shareholders, both in terms of financial gains and strategic advantage. It ensures that shareholders retain the opportunity to realize the value of their investment in Eagle Bulk and eliminates any potential disruptions resulting from the sale of a substantial interest in the company,”. Eagle Bulk Shipping (EGLE) will persistently execute the company’s growth and renewal strategy, building upon 33 previous ship acquisitions. Eagle Bulk Shipping (EGLE) remains dedicated to seizing opportunistic prospects that generate value for all shareholders. Consequently, the outstanding New York Stock Exchange (NYSE) listed shipowner and operator Eagle Bulk Shipping’s (EGLE) common stocks will be reduced to approximately 9.3 million shares as a result of this transaction. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers. 23-June-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) CEO Gary Vogel has noted a promising uptick in the supramax bulker sector, driven by increased demand for grain and coal. However, progress in the supramax sector is likely to be gradual and measured, as evidenced by the slow but steady pace of improvement thus far. Despite this, the shipping market’s upward trend has been supported by a very low new-building order book and limited supply. Baltic Exchange Supramax 10TC has fallen from its peak of $14,700 per day in late March to $12,500 per day as of Friday, though this is still a significant increase from the mid-February bottom of $7,000 per day. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 51 bulk carriers. 8-May-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) has shown appreciation for its CEO, Gary Vogel, by granting him a sum of $3.5 million. This amount constitutes half of CEO Gary Vogel’s total compensation package of $7 million for the year 2022. The condition for the retention grant is that Gary Vogel remains in his position as the CEO until May 2026, which accounts for half of his overall pay package. CEO Gary Vogel’s compensation package was authorized by Eagle Bulk Shipping’s board of directors. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 51 bulk carriers. 29-April-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) sold three (3) supramax bulk carriers for around $48 million in total. In February 2021, CEO Gary Vogel-led shipowner and operator Eagle Bulk Shipping (EGLE) acquired these three (3) supramax bulk carriers for around $30 million in total. Eagle Bulk Shipping (EGLE) sold 2011 built supramax bulk carrier 58K DWT MV Sankaty Eagle, 2011 built supramax bulk carrier 58K DWT MV Montauk Eagle, and 2011 built supramax bulk carrier 58K DWT MV Newport Eagle. In February 2021, Eagle Bulk Shipping (EGLE) acquired these three (3) supramax bulk carriers from Alterna Capital. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 51 bulk carriers. 17-April-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) is now a compelling investment after recent share price plunges. CEO Gary Vogel-led shipowner and operator Eagle Bulk Shipping (EGLE) has become a compelling option for investors looking to capitalize on a strengthening dry bulk shipping market. Eagle Bulk Shipping (EGLE) Q4 2022 Ebitda of $41.3 million missed the consensus estimate of $63 million which pushed Eagle Bulk Shipping’s (EGLE) stock price down 16%. The earnings miss and stock market weakness recently has shifted Eagle Bulk Shipping’s (EGLE) stock from trading above NAV (Net Asset Value) to trading with a discount to NAV (Net Asset Value). Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 54 bulk carriers. 18-March-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) has no immediate strategies to buy or sell more bulk carriers for the time being. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) acquired one (1) supramax bulk carrier and four (4) ultramax bulk carriers since Q3 2022. Eagle Bulk Shipping (EGLE) predicts that bulk carrier prices should increase due to the aging fleet and low order book in shipyards. New York Stock Exchange (NYSE) listed shipowner and operator Eagle Bulk Shipping (EGLE) has no immediate strategies to buy or sell any more bulk carriers. Eagle Bulk Shipping’s (EGLE) stance on the S&P (sale-and-purchase) market after the shipowner confirmed its three latest transactions in an earnings report. New York Stock Exchange (NYSE) listed shipowner and operator Eagle Bulk Shipping (EGLE) seems to be attached to the supramax and ultramax segments that the company knows best. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 54 bulk carriers. 6-March-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) appointed Kate Blankenship as a BOD (Board of Directors) member. Kate Blankenship has a background in shipping companies with ties to John Fredriksen. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) seven (7) members as BOD (Board of Directors. Kate Blankenship becomes the second woman on the Eagle Bulk Shipping (EGLE) BOD (Board of Directors), joining Randee Day. Kate Blankenship served as a manager of several companies affiliated with John Fredriksen, including Frontline, Golden Ocean, Seadrill and Golar LNG. Currently, New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 54 bulk carriers. 20-January-2023
Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) acquired 2015 built ultramax bulk carrier 63K DWT MV Stony Stream for around $24 million. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) acquired two (2) second-hand ultramax bulk carriers in 2022. In December, price estimations for ultramax bulk carriers have decreased more than 4%. New York Stock Exchange (NYSE) listed shipowner and operator Eagle Bulk Shipping (EGLE) seems to be attaching to the supramax and ultramax segments that the company knows best. If the deal is finalized, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 54 bulk carriers. 24-December-2022
The Nasdaq Stock Market-listed shipowner and operator Eagle Bulk Shipping (EGLE) will start trading on the New York Stock Exchange (NYSE) on 4 January 2023. Connecticut-based shipowner and operator Eagle Bulk Shipping will be listed on the New York Stock Exchange (NYSE) on 4 January 2023. Eagle Bulk Shipping (EGLE) hopes for a trading liquidity boost at the New York Stock Exchange (NYSE), however, the shipping analysts state change is not significant. Eagle Bulk Shipping (EGLE) will transfer the listing of the company’s shares to the New York Stock Exchange (NYSE) from the Nasdaq Global Select Market. Eagle Bulk Shipping (EGLE) is excited to join the New York Stock Exchange (NYSE). Eagle Bulk Shipping’s (EGLE) shares would be traded alongside some of the world’s most reputable companies. Currently, Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 53 bulk carriers. 22-December-2022
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) stated that the company is open to acquisitions. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) was a candidate for the fleet of Grindrod Shipping. Both New York-listed shipowners and operators Eagle Bulk Shipping (EGLE) and Genco Shipping & Trading (GNK) had been bidders in the Grindrod acquisition process that eventually saw Taylor Maritime Investments (TMI) prevail. Currently, Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 53 bulk carriers. 7-November-2022
Connecticut-based shipowner and operator Eagle Bulk Shipping’s (EGLE) Chief Engineer Kirill Kompaniets reported the United States prosecutors he followed orders of Ship Master. CEO Gary Vogel-led Eagle Bulk Shipping’s (EGLE) Chief Engineer Kirill Kompaniets has been sentenced to jail in a pollution case alleged that the Ship Master directed some of his illegal actions. Eagle Bulk Shipping’s (EGLE) Chief Engineer Kirill Kompaniets sentenced to a year in federal prison for dumping oily bilge water into the sea off New Orleans and for obstructing justice by trying to conceal the offense. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) desires to improve energy efficiency and lower fuel consumption via technical and operational initiatives. In the long term, Eagle Bulk Shipping (EGLE) aims for net-zero emissions. Focus on captain points to Justice Department game plan of pursuing vicarious liability of Ship Owners and Ship Managers. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 53 bulk carriers. 3-September-2022
Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) reported a tenfold increase in Q2 2022 net profit. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) increases dividends by 10% on the back of a positive supramax sector outlook. In Q2 2022, Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) reported a tenfold increase in net profit compared to Q2 2021 as Eagle Bulk Shipping (EGLE) reported the best results. New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) reported an income of $94.5 million in Q2 2022. 11-August-2022
Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) announced the company will not be ordering any newbuildings for the time being. Eagle Bulk Shipping (EGLE) prefers to wait for a time due to technological changes in the shipbuilding industry. According to Eagle Bulk Shipping (EGLE), it’s frankly not the moment to be ordering new vessels. Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) is considering the further usage of biofuels after a prosperous cross-Atlantic voyage trial. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) desires to improve energy efficiency and lower fuel consumption via technical and operational initiatives. In the long term, Eagle Bulk Shipping (EGLE) aims for net-zero emissions. Eagle Bulk Shipping (EGLE) is member of the Getting To Zero Coalition. 7-December-2021
Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) thinks shipowners should be considering utilizing biofuels to slash emissions. Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) claimed that there is more than merely cost to view when it comes to decarbonization. According to CEO Gary Vogel-led Eagle Bulk Shipping (EGLE), biofuels are more costly than traditional bunkers. However, biofuels can trim carbon dioxide emissions by up to 90%. Eagle Bulk Shipping (EGLE) has tried biofuels in the Atlantic ocean. GoodFuels supplied biofuels to Eagle Bulk Shipping (EGLE). GoodFuels’ refined biofuels are planted from renewable feedstocks. GoodFuels’ biofuel on an Eagle Bulk Shipping (EGLE) bulk carrier was crucial to the GoodFuels. GoodFuels does not have any difficulty meeting the biofuel demand. Eagle Bulk Shipping’s (EGLE) biofuel supplier GoodFuels plans to expand to Singapore and Scandinavia markets. 6-December-2021
Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) announced an initial dividend of $2 per share. Eagle Bulk Shipping (EGLE) can trade with a notable trading discount to net asset value (NAV). Eagle Bulk Shipping (EGLE) has accomplished so several breakthroughs in the tenure of CEO Gary Vogel. Eagle Bulk Shipping (EGLE) saw a record high of $56.47 on 25 June 2021. Investors seem nervous about the future of dry bulk shipping after capesize spot rates plummeted to below $30K per day. Currently, Eagle Bulk Shipping’s (EGLE) net asset value (NAV) is approximately $70 per share. Eagle Bulk Shipping (EGLE) published a $50 million share buyback authorization. However, Eagle Bulk Shipping (EGLE) has not published any repurchases as yet. Eagle Bulk Shipping (EGLE) is optimistic about Q3 2021. Currently, Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 53 bulk carriers. 3-November-2021
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) CEO Gary Vogel’s base salary increased to $695K per year. Eagle Bulk Shipping (EGLE) CEO Gary Vogel’s base salary will be evaluated for a feasible increase at an unspecified time in the future. Furthermore, Eagle Bulk Shipping (EGLE) CEO Gary Vogel will receive annual share incentives with a target value of 175% of the base wage payment. Eagle Bulk Shipping (EGLE) CEO Gary Vogel’s headline compensation total of $1.6 million was 35% lower than the $2.5 million CEO Gary Vogel took in for 2019. Stock-based compensation accounted for most of the difference. Eagle Bulk team took a cut in the overall value of compensation for top executives in 2018. However, increasing bulk carrier rates have placed the executives for a possibly lucrative year in 2021. 1-November-2021
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) acquired 2015 built ultramax bulk carrier 63K DWT MV Nautical Hilary and 2015 built ultramax bulk carrier 63K DWT MV Nautical Loredana for around $22 million each from Wilbur Ross-led Nautical Bulk Holdings. MV Nautical Hilary and MV Nautical Loredana are scrubber-fitted ultramax bulk carriers. Since 2019, Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) acquired six (6) bulk carriers from Nautical Bulk Holdings. Eagle Bulk Shipping (EGLE) acquired nine (9) bulk carriers in the past six months. Eagle Bulk Shipping (EGLE) is looking at further acquisitions. Currently, Eagle Bulk Shipping (EGLE) owns and operates 54 bulk carriers. 26-May-2021
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) reported a profit of $9.8 million for Q1 2021. Eagle Bulk Shipping (EGLE) reported revenue of $96.6 million for Q1 2021. Eagle Bulk Shipping (EGLE) reported TCE (Time Charter Equivalent) rates of $15,124 per ship Q1 2021. Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) reported its best time charter equivalent (TCE) rates in more than a decade in Q1 2021. Eagle Bulk Shipping’s (EGLE) fleet has benefited from the recovering global economy which increased the demand for bulk commodities. Furthermore, second-hand bulk carrier prices have moved significantly higher over the past few months. In Q1 2020, Eagle Bulk Shipping (EGLE) reported a loss of $3.5 million. 5-May-2021
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) agreed with moneylenders Credit Agricole and Nordea for $35 million credit. $35 million credit is secured by three (3) ultramax bulk carriers that Eagle Bulk Shipping acquired from New York-listed Scorpio Bulkers in October 2020. Furthermore, Eagle Bulk Shipping acquired three (3) supramax bulk carriers from Alterna Capital. The acquisition might be added some debt. Eagle Bulk Shipping is estimated to finance around 50% of the expenditure, so a total debt amount would be around $55 million. Currently, Nasdaq-listed shipowner and operator Eagle Bulk Shipping owns and operates 52 bulk carriers. 1-April-2021
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) want to secure bank debt against the seven (7) bulk carriers lately acquired. In recent months, Eagle Bulk Shipping has been active in S&P (Sale and Purchase) market. New York-listed Eagle Bulk Shipping acquired three (3) bulk carriers from Alterna Capital and four (4) bulk carriers from Scorpio Bulkers. Eagle Bulk Shipping values unencumbered bulk carriers and favors to keep its revolving credits with lots of liquidity to render flexibility. Nasdaq-listed shipowner and operator Eagle Bulk Shipping is expected to attract about 60% financing on the newly acquired bulk carriers. Furthermore, the increasing dry bulk freight rates have assisted strengthen Eagle Bulk Shipping’s balance sheet. End of 2020, Eagle Bulk Shipping reported approximately $89 million in cash. 24-March-2021
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) is continuing to renew its fleet. United States-based Eagle Bulk Shipping is trying to sell 2003 built supramax bulk carrier 53K DWT MV Skua. On the other hand, Eagle Bulk Shipping withdraw 2004 built supramax bulk carrier 52K DWT MV Jaeger from the S&P (Sale and Purchase) market. Eagle Bulk Shipping has been shedding vintage bulk carriers. Eagle Bulk Shipping has received and sold a total of 34 bulk carriers since 2017. The number of secondhand bulk carriers for sale in the S&P (Sale and Purchase) market seems to exceed interest from buyers. Currently, New York-listed shipowner and operator Eagle Bulk Shipping owns 50 supramax and ultramax bulk carriers which makes the company the biggest publicly listed shipowner globally of supramax and ultramax bulk carriers. Currently, Nasdaq-listed shipowner and operator Eagle Bulk Shipping’s fleet as being on average eight (8) years old and worth around $632 million total. 20-November-2020
Eagle Bulk Shipping boasts a sufficient treasury to perpetuate its commerce indefinitely at the prevailing rate levels, as stated by the distinguished American investment establishment, Jefferies. Following immersive virtual deliberations with the leadership of the US-indexed Eagle Bulk Shipping, Jefferies’ analysts, namely Randy Giveans, Christopher Robertson, and Chadd Tribo, asserted that the liquidity reservoir of $99 million is more than adequate to address imminent capital investments and debt settlements. It’s noteworthy that the prevailing Baltic Shipping Index metrics surpass Eagle Bulk Shipping’s equilibrium rates of $10,500 daily, even without factoring in any potential premiums from scrubbers or commercial platforms. The annual debt reduction stands at $40 million, with the ensuing maturity slated for 2022. The New York-indexed shipping giant earmarks a residual capital expenditure of $4.5 million for the concluding trimester of the present annum, and an allocation of $15 million for the dry dock tasks in 2021, encompassing enhancements such as scrubber integration and ballast water treatment system installations. The analytical trio exudes optimism regarding the augmentation of Eagle Bulk Shipping’s third-quarter rates, anticipating them to gain further momentum in the subsequent quarter, buoyed by a resurgence in demand post a lukewarm inaugural half. In the more expansive outlook, notwithstanding the pervasive unpredictability precipitated by the Covid-19 pandemic, the provision facet exudes unparalleled promise, the finest witnessed in generations. This is a sentiment echoed by the upper echelons of Eagle Bulk Shipping, prognosticating a multi-year zenith for rates, which could potentially amplify the company’s share value. Jefferies highlighted the sporadic nature of the dry bulk sector, which witnessed significant flux during the midsummer phase but discerned a revival come September. Eagle Bulk Shipping conveyed its anticipations of a sustained uptrend in demand during the latter half of the annum, bolstered by China’s insatiable appetite for coal and iron, coupled with their intent to augment US soybean acquisitions. In the broader maritime domain, the current requisition-to-fleet ratio for the entire dry bulk fleet is a mere 7%, a historic low since the mid-90s, and dwindles further to 5.5% within Eagle Bulk Shipping’s specialized supramax/ultramax sectors. The company’s leadership foresees a deceleration in ship deliveries as the year wanes, with vessel owners poised to defer new deliveries until the subsequent year. Furthermore, the commitment to new ship constructions is likely to wane due to a confluence of challenges: capital limitations for private maritime proprietors, tighter financial restrictions by established marine financiers, and the overarching trepidation concerning compliance with prospective International Maritime Organization carbon directives. Of note, 42 out of 49 vessels under Eagle Bulk Shipping have been equipped with scrubbers. Even amidst the diminishing differentials between high-sulphur and low-sulphur fuels, the decision continues to garner approbation. An augmentation in the pricing disparity is anticipated as global economic dynamics recuperate, maritime activities burgeon and the demand for transportation fuel reverts to normativity. Recently, in a display of unwavering confidence, CEO Gary Vogel of Eagle Bulk Shipping embarked on an aggressive acquisition of company shares, closely succeeding its 1-for-7 reverse share bifurcation. Post this financial maneuver, Vogel had invested an impressive sum nearing $160,000, acquiring 9,000 shares, which witnessed an uptick post the ephemeral decline succeeding the reverse split. The rationale proffered by Eagle Bulk Shipping for this stratagem was to render the shares more palatable for a broader spectrum of investors. It’s pertinent to note that even before this financial gambit, the company’s share value had surpassed the $2 mark, with no imminent threat of delisting, yet the diminished pricing had rendered it less alluring for a significant segment of investors, encompassing particular institutional entities. 21-September-2020
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) CEO Gary Vogel acquired 9,000 shares of Eagle Bulk Shipping stocks for around $160,000. Currently, CEO Gary Vogel has 155,837 Eagle Bulk Shipping shares that are worth about $3 million. This week Eagle Bulk Shipping stocks reverse split 1-for-7. Recently, Gary Vogel led Eagle Bulk Shipping proceeds fleet renewal, sold vintage bulk carrier. Eagle Bulk Shipping has carried out the reverse split in order for the company’s stock to be more accessible to a wider investor base. Eagle Bulk Shipping stocks lower prices made it more challenging for many investors to own, including several institutional funds. 17-September-2020
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) sold 2003 built supramax bulk carrier 53K DWT MV Skua for around $5.5 million. Eagle Bulk Shipping has been renewing its fleet. Eagle Bulk Shipping has been trying to sell two (2) more vintage supramax bulk carriers 2003 built MV Shrike and 2002 built MV Osprey 1. Recently, New York-listed Eagle Bulk Shipping conducted a reverse stock split to draw new investors. Since 2016, Eagle Bulk Shipping has sold 15 supramax bulk carriers and acquired 20 ultramax bulk carriers. Certain sale-and-purchase (S&P) transactions have tremendously improved Eagle Bulk Shipping’s fleet make-up. Eagle Bulk Shipping has increased the average size of the bulk carriers. Furthermore, Eagle Bulk Shipping has decreased fuel consumption per deadweight ton by the fleet renewal and growth program. Currently, Eagle Bulk Shipping has a fleet of 49 bulk carriers. 14-September-2020
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) sold 2002 built supramax bulk carrier MV Goldeneye for around $5 million. MV Goldeneye is one of the oldest bulk carriers 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 the 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 the 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
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) 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
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) 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
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) has fallen short of analyst consensus for Q4 2019, principally due to off-hire days incurred during the company’s scrubber installation program. In Q4 2019, Eagle Bulk Shipping reported a net loss of $11.2 million. In 2019, Eagle Bulk Shipping reported a total of 4,358 available days and revenue of $71.5 million. Eagle Bulk Shipping’s financial results in Q4 were affected by extended off-hire days due to scrubber installations. Currently, Eagle Bulk Shipping completed scrubber installations on 38 bulk carriers. Scrubber-fitted bulk carriers will give a competitive advantage to Eagle Bulk Shipping. So far in Q1 2020, Eagle Bulk Shipping has attained a TCE (Time Charter Equivalent) rate of $10,300 per day. Currently, dry bulk freight rates are at depressed levels. Nasdaq-listed shipowner and operator Eagle Bulk Shipping holds cash of $59 million and an additional $55 million in undrawn revolving credit facilities. Eagle Bulk Shipping intends to hold a conference call with analysts this week to discuss fourth-quarter results. 8-March-2020
The scrubber installations hurt Nasdaq-listed shipowner and operator Eagle Bulk Shipping’s outperformance. Eagle Bulk Shipping has secured higher charter rates than the rest of the supramax market in 2019. Currently, Eagle Bulk Shipping has installed 37 of its 50 bulk carriers to prepare for the IMO (International Maritime Organization) 2020 environmental regulations. Eagle Bulk Shipping’s majority of bulk carriers are positioned in the Atlantic at any given time. However, due to scrubber installations, Eagle Bulk Shipping’s more than 50% of bulk carriers are positioned in China. For the full year of 2019, Eagle Bulk Shipping reported a net time charter average of $10,385 per day. New York-listed Eagle Bulk Shipping got all 37 bulk carriers fitted with scrubbers by 1 January 2020. In Q4 2019, Eagle Bulk Shipping fell short of analyst consensus due to off-hire days. 3-March-2020
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) CEO Gary Vogel described the shipyard program to install the exhaust-scrubbers on most of the fleet. Generally, exhaust-scrubbers are advantageous for operators of large bulk carriers, not for the operators of supramax and ultramax bulk carriers. Solely around 6% of supramax and ultramax shipowners have installed scrubbers. 1 January 2020, IMO (International Maritime Organization) 2020 regulations would be strictly accompanied by the post-coronavirus recession that has collapsed shipping freight markets. The spreads between high-sulfur and low-sulfur bunkers have largely been in line with expectations. Eagle Bulk Shipping had contemplated having most of its scrubbers fitted by early January 2020. In the current shipping market, a scrubber premium could simply represent the difference between loss or profit for many shipowners. Eagle Bulk Shipping has appeared to execute the right decisions, lagging behind some of its competitors in instituting shareholder dividends. Eagle Bulk Shipping aims to return capital to shareholders. However, last year was a huge capital-expenditure year for Eagle Bulk Shipping with the scrubber program. Furthermore, Eagle Bulk Shipping has $70 million undrawn on its revolving loan facility. 27-February-2020
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) 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 the $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 loans 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 prior registration. 18-November-2019
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) reported a $4.56 million deficit for Q3 2019. In Q3 2019, Eagle Bulk Shipping reported a revenue of $74 million and operating costs of $68 million. In Q3 2019, Eagle Bulk Shipping explained that the BSI (Baltic Supramax Index) was quite volatile with spot rates rising to multi-year highs before declining by the beginning of Q4. Eagle Bulk Shipping reported TCE (Time Charter Equivalent) a 13% increase over the Q3 2019. Eagle Bulk Shipping’s Q4 TCE (Time Charter Equivalent) performance of $13,150 per day has not been this high since 2014. Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) informed that the operating performance continues to be affected by the scrubber installation program. 5-November-2019
Eagle Bulk Shipping (EGLE) is going to take delivery of all six (6) scrubber-fitted ultramax bulk carriers that are acquired in a July deal by the 1 January IMO (International Maritime Organization) 2020 regulation deadline. Nasdaq-listed shipowner and operator Eagle Bulk Shipping took delivery of four (4) ultramax bulk carriers Nautical Bulk Holdings. Eagle Bulk Shipping renamed the ultramax bulk carriers as 2015 built ultramax bulk carrier 63K DWT MV Santos Eagle, 2015 built ultramax bulk carrier 63K DWT MV Copenhagen Eagle, 2015 built ultramax bulk carrier 63K DWT MV Dublin Eagle, and 2015 built ultramax bulk carrier 63K DWT MV Sydney Eagle. All the ultramax bulk carriers are scrubber-fitted. The remaining ultramax bulk carriers delivery is still expected to take place within Q4 2019. Eagle Bulk Shipping has now acquired a total of 18 ultramax bulk carriers in six separate transactions. New York-listed Eagle Bulk Shipping has been a major adopter of scrubber technology even though it operates ultramax and supramax bulk carriers. Shipping market players think that ultramax and supramax bulk carriers are too small to obtain the full advantages of bunker-cost savings. Currently, Eagle Bulk Shipping owns and operates a fleet of 50 ultramax and supramax bulk carriers. 9-October-2019
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) has changed the number of shareholder units registered for potential resale as part of recording $750 million in equity to fund fleet expansion and general business costs. Furthermore, Eagle Bulk Shipping recorded up to 50.7 million common shares for possible shareholder resale. Eagle Bulk Shipping has acquired 20 ultramax bulk carriers to its fleet since 2016. 15-September-2019
Jefferies has commenced coverage of Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) with a buy rating. According to Jefferies, the current stock price of Eagle Bulk Shipping (EGLE) is very attractive and Eagle Bulk Shipping’s strong balance sheet, notable operating leverage, in-house ship management strategy, and strong financial leverage to increasing asset values. Eagle Bulk Shipping (EGLE) is preparing to install 41 scrubbers on its fleet. Eagle Bulk Shipping (EGLE) expects that the dry bulk shipping demand will grow through 202. Furthermore, shipping market analyst Jefferies is anticipating minimal fleet growth through 2020. According to Jefferies, the current supramax new-building order-to-fleet ratio is only 8% which the lowest since 1999.
Besides, many bulk carriers are scrapping candidates ahead of pending IMO (International Maritime Organization) 2020 and ballast water treatment regulations. 1-September-2019
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) moved its office from Hamburg to Copenhagen. Eagle Bulk Shipping (EGLE) thinks that Copenhagen is the ideal place for bulk carrier chartering operations. Eagle Bulk Shipping (EGLE) has offices in Connecticut, Singapore, and Copenhagen. Currently, Eagle Bulk Shipping (EGLE) owns and operates 27 supramax bulk carriers and 19 ultramax bulk carriers. 18-August-2019
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) reported a $750 million shelf filing. A shelf filing does not mean an additional equity raise for Eagle Bulk Shipping (EGLE) is pending. A shelf filing states in the filing any cash from the future securities sales would go towards bulk carrier acquisitions and debt reduction. Eagle Bulk Shipping (EGLE) is planning to acquire four (4) bulk carriers from Nautical Bulk Holdings and two (2)more from another shipowner as part of a $122 million deal. Eagle Bulk Shipping (EGLE) issued $115 million in convertible notes to support the deal. 12-August-2019
Los Angeles-based investor Oaktree Capital Management has bought 1.2 million more common shares in the Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE). Currently, Oaktree Capital Management’s stake increased to 40% in Eagle Bulk Shipping (EGLE). Furthermore, Goldentree Asset Management holds 14 million shares, and Neuberger Berman Group holds 3.32 million shares of Eagle Bulk Shipping (EGLE). Besides Eagle Bulk Shipping (EGLE), Oaktree Capital Management hold the shares of Navig8 Chemical Tankers and Star Bulk Carriers. 5-August-2019
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) plans growth options after the acquisition of six (6) bulk carriers. Eagle Bulk Shipping (EGLE) has raised the funds from a convertible notes issue and spend $122 million on the new bulk carriers. Eagle Bulk Shipping (EGLE) has been involved in the S&P (Sale and Purchase) of 34 bulk carriers since 2016. Eagle Bulk Shipping (EGLE) can implement some conventional bank debt for additional acquisitions. Eagle Bulk Shipping (EGLE) thinks the price of six (6) bulk carriers is attractive. In 2017, Eagle Bulk Shipping (EGLE) made a significant en bloc acquisition. In 2017, Eagle Bulk Shipping (EGLE) acquired nine (9) ultramax bulk carriers from Greenship Bulk. Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) always watch for potential other Merger and Acquisition (M&A) activity. 1-August-2019
Los Angeles-based investor Oaktree Capital Management acquired $45 million of Eagle Bulk Shipping’s new convertible bond. Eagle Bulk Shipping’s new convertible bond is going to finance the acquisition of six (6) ultramax bulk carriers. Oaktree Capital Management’s overall holding in Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) increased to 28.7 million shares. Since 2016, Eagle Bulk Shipping (EGLE) acquired 20 ultramax bulk carriers and sold 14 vintage bulk carriers. Eagle Bulk Shipping (EGLE) has succeeded to keep the average age of the fleet around 8 years since 2016. All six (6) ultramax bulk carriers will have scrubbers when the new emissions rules of IMO (International Maritime Organization) 2020 arrive on 1 January 2020. The larger transportation capacity of more modern ultramax bulk carriers and associated longer-haul capabilities support the operational flexibility of Eagle Bulk Shipping (EGLE). 30-July-2019
Cleaves Securities raised Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) to buy only a few months after downgrading the company. Eagle Bulk Shipping (EGLE) is planning to issue the new bonds to finance the purchase of six (6) ultramax bulk carriers worth $122 million. Eagle Bulk Shipping (EGLE) will become the first to acquire scrubber-fitted ultramax bulk carriers with the Nautical Bulk Holdings quartet and will also install scrubbers on two ultramax bulk carriers that are acquired simultaneously. Eagle Bulk Shipping (EGLE) is going to pay around $21 million each for scrubber-fitted ultramax bulk carriers in the Nautical Bulk fleet. 25-July-2019
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) is plotting to raise $115 million to finance the six (6) ultramax bulk carriers en bloc acquisition. Eagle Bulk Shipping (EGLE) has been renewing the fleet. Hence, Eagle Bulk Shipping (EGLE) has sold 14 bulk carriers since 2016. Eagle Bulk Shipping (EGLE) is going to issue bonds that can be converted into stock and with maturity set for August 2024. Eagle Bulk Shipping (EGLE) is going to acquire six (6) ultramax bulk carriers when bulk carrier price tags have weakened due to a challenging start to the year in the freight market. Eagle Bulk Shipping (EGLE) would become the second New York-listed dry bulk shipowner to achieve a major en bloc acquisition in 2019. In 2017, Eagle Bulk Shipping (EGLE) took nine (9) bulk carriers from Setaf Saget in an en bloc acquisition. Eagle Bulk Shipping (EGLE) has been the foremost adopter of scrubbers in the supramax and ultramax segments. 23-July-2019
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) is selling 2004 built supramax bulk carrier 50K DWT MV Kestrel I for around $7 million. Eagle Bulk Shipping (EGLE) sold MV Kestrel I to a Chinese shipowner and operator. Eagle Bulk Shipping (EGLE) plans to take advantage of S&P (Sale and Purchase) market to sell vintage bulk carriers. USA-based shipowner and operator Eagle Bulk Shipping (EGLE) is planning to install scrubbers on modern bulk carriers to meet IMO (International Maritime Organization) 2020 regulation. Furthermore, Eagle Bulk Shipping (EGLE) has been investing in a significant number of larger bulk carriers. Currently, Chinese shipowners and operators are the most enthusiastic buyers of bulk carriers like the MV Kestrel I. On the other hand, Greek shipowners and operators have been targeting modern bulk carriers. IMO (International Maritime Organization) 2020 regulation implementation deadline is approaching and with more liquidity in the S&P (Sale and Purchase) market coupled with lower bulk carrier prices. 22-July-2019
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) reported a profit of $29K for Q1 2019. Eagle Bulk Shipping (EGLE) has reported its second consecutive year on profit. Eagle Bulk Shipping (EGLE) reported a net revenue of $77 million and a total TCE (Time Charter Equivalent) revenue of $40 million. In Q1 2019, due to the weakness in dry bulk freight markets, Eagle Bulk Shipping (EGLE) was not able to achieve the highest TCE (Time Charter Equivalent). Eagle Bulk Shipping (EGLE) is satisfied to report Q1 2019 TCE (Time Charter Equivalent) outperformance which is over 30% of Baltic Supramax Index (BSI). 5-May-2019
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) has a positive outlook for ultramax and supramax bulk carriers. Notwithstanding the difficulties fallen upon the capesize segment since the Vale dam collapse, Eagle Bulk Shipping (EGLE) is optimistic about ultramax and supramax segment. Currently, ultramax and supramax bulk carrier charter rates have rebounded to around $9,000 per day. However, capesize bulk carrier charter rates are around $4,400 per day. Eagle Bulk Shipping (EGLE) has been constructive, particularly as Eagle Bulk Shipping (EGLE) looks toward IMO (International Maritime Organization) 2020 regulations. Eagle Bulk Shipping (EGLE) intends to install 34 scrubbers on its fleet by IMO (International Maritime Organization) 2020 regulations. Eagle Bulk Shipping (EGLE) wants to take advantage of an anticipated wide-cost spread between high-sulfur and low-sulfur bunkers. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 30 supramax bulk carriers and 16 ultramax bulk carriers. 7-April-2019
CEO Gary Vogel has been leading Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) since September 2015. CEO Gary Vogel moved Eagle Bulk Shipping’s headquarters from New York to Connecticut. CEO Gary Vogel reshaped Eagle Bulk Shipping’s operating profile from a mere tonnage provider to an active shipowner and ship operator. CEO Gary Vogel opted for scrubbers on the entire fleet. However, Eagle Bulk Shipping (EGLE) owns and operates supramax and ultramax bulk carriers. Eagle Bulk Shipping (EGLE) assumes scrubbers have practically no unfavorable effect on the environment. The scrubbers are anticipated to cost about $2 million each. Eagle Bulk Shipping (EGLE) estimates that supramax and ultramax bulk carrier freight rates will be set by the 90% of bulk carriers using low-sulfur fuel and Eagle Bulk Shipping (EGLE) quote off of that freight. Los Angeles-based investor Oaktree Capital Management-backed company has opted for the scrubber installation. Eagle Bulk Shipping’s management and BOD (Board of Directors) opted for the scrubber installation, without outside influence. Eagle Bulk Shipping (EGLE) is a member of the Clean Shipping Alliance 2020. Currently, Eagle Bulk Shipping (EGLE) owns and operates 14 ultramax bulk carriers and 32 supramax bulk carriers. 19-February-2019
Gary Vogel led Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) 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 (EGLE) 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-listed shipowner and operator Eagle Bulk Shipping (EGLE) 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 (EGLE) 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 a recovery in the dry bulk shipping. 6-November-2017
New York-listed Eagle Bulk Shipping (EGLE) 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 (EGLE) 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 (EGLE) 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 (EGLE) 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 (EGLE) 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 (EGLE) 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 (EGLE) 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. A 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