Eagle Bulk Shipping Inc. Orders Four 58,000 dwt Supramax Vessels

Eagle Bulk Shipping Inc.announced today it has exercised options for the construction of four 58,000 dwt Supramax vessels from the Sinopacific Shipbuilding Group, the parent of the Yangzhou Dayang Shipbuilding Co. (China), at a contract price of $42.3 million per vessel. The availability of these options was initially reported by Eagle Bulk on August 7, 2007.

The addition of these vessels to the Eagle fleet increases the total fleet size to 53 vessels, expands capacity to 2.93 million deadweight tons, and improves the fleet's efficiency by increasing the sister ship total to 45 vessels.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping, Inc., headquartered in New York City, is a leading global owner of Supramax dry bulk vessels, which are dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons, or dwt, and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. Our strategy is to charter our modern fleet on medium- to long-term time charters which allow us to take advantage of the stable cash flow and high utilization rates that are associated with such charters.

Source:RamblerNews