Photo credit: Eagle Bulk Shipping (Image for illustration purposes only)

The Stamford-based Eagle Bulk Shipping, a shipowner and operator within the midsize drybulk segment, announced today that it has expanded its fleet with the purchase of a high-specification 2015-built Ultramax bulkcarrier for USD 24.3 million.

The New York Stock Exchange company states that the vessel was constructed at the Chengxi Shipyard in China, with expected delivery to the company during the first quarter of 2023. The vessel will be renamed the “Gibraltar Eagle”.

This transaction is well-aligned with the company’s growth strategy of enhancing its fleet composition. “Specifically, improving the age profile of the fleet, increasing the cargo capacity per vessel, and reducing emissions on a per deadweight ton basis”, as it is mentioned by Eagle Bulk Shipping in a statement.

Following this transaction, Eagle’s fleet will total 54 ships (89% scrubber-fitted) with an average age of 9.5 years.  Since the company commenced its vessel renewal and growth program, it has executed 52 S&P transactions, acquiring 31 modern vessels and divesting 21 of its oldest and least-efficient ships.