Home

Eagle Bulk adds 2 Supramax vessels to its fleet

By Associated Press
May 21, 2008 | Comments (0)

Recs

0

Eagle Bulk Shipping Inc., which owns and operates a fleet of drybulk carriers, said Wednesday it bought two Supramax vessels for around $146 million.

The first, set for June delivery, is a 2002-built carrier with a capacity of 52,421 deadweight tons.

Deadweight is a ship's total weight when carrying cargo, fuel and crew.

The second vessel was built in 2007 and has a capacity of about 53,000 deadweight tons. It is scheduled to be delivered in September.

Both vessels will be delivered without charters, bringing Eagle's fleet of available vessels to 20. Eagle said it will finance the deals through cash and debt under its $1.6 billion credit facility.

Supramaxes typically weigh about 52,000 tons and are among the smallest drybulk vessels on the seas.

Eagle shares rose $1.39, or 4.2 percent, to $34.25 in premarket trading. They closed at $32.86 on Tuesday.

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

DocumentId: 649420, ~/articles/articlehandler.aspx, 12/2/2008 7:34:43 AM,

Sign up for FREE Motley Fool site access!

Already registered? Login Here

It’s FREE! Enter your email address, and we’ll rush you to the article you're looking for right now.

Privacy / Legal Information

We will use your email address only to keep you informed about updates to our web site and about other products and services that we think might interest you. The Motley Fool respects your privacy. Please read our Privacy Statement

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.