Eagle Bulk takes delivery of two new ships

2010-04-13 11:22:44

Eagle Bulk Shipping Inc. the largest U.S. based owner of Handymax dry bulk vessels, yesterday announced that it has taken delivery of two vessels from its newbuild program, Golden Eagle and Egret Bulker, bringing Eagle Bulk's total on-the-water fleet to 30 vessels.

Both vessels have been placed on immediate time charters, bringing Eagle Bulk's 2010 time charter coverage of its operating fleet to approximately 58% of available days, with additional revenue upside from the index and profit-sharing charters.

The Golden Eagle, a 56,000 dwt Supramax dry bulk vessel, has been placed on a one year charter tied to the Baltic Supramax Index ("BSI"), which provides Eagle with the flexibility of earning strong rates in the spot market while retaining the stability of a one year charter.

The Egret Bulker has entered into a three year time charter at a base rate of $17,650 per day and includes profit sharing over $20,000 per day. In aggregate, the Egret Bulker will contribute approximately $19 million in minimum contracted revenue.

Separately, the Company also announced new charter employment for the following vessels in its fleet:

Jaeger, a 52,248 dwt vessel has been chartered at $26,000 per day for 3 to 5 months duration.

Crowned Eagle, a 56,000 dwt vessel has been chartered at $25,000 per day for 3 to 5 months duration.

Osprey I, a 50,206 dwt vessel has been chartered at $18,000 per day for 4 to 6 months duration.