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
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