Eagle Bulk Shipping is about to make its fleet both larger and younger with the acquisition of an ultramax from Union Maritime.
Connecticut-based Eagle Bulk is paying in the region of $30.2m for the 63,614-dwt Springfield (built 2020), constructed at Cosco Shipping Heavy Industry (Yangzhou), according to broker reports.
The ship is scrubber-fitted, as is Eagle Bulk’s preference in buying secondhand tonnage given the presence of the exhaust-gas cleaners on 48 of its 54 bulkers.
Eagle Bulk has a policy of not commenting on market reports of sale-and-purchase activity. The shipowner issues releases upon vessel acquisitions and has not made an announcement concerning the Springfield.
The Springfield is currently under charter employment and some broker reports list the vessel as being sold with a charter attached. However, TradeWinds understands this is not the case, as the ship will be delivered upon completion of its current fixture, likely within the second quarter.
Eagle Bulk pursued a flurry of acquisitions in early 2021 and then took roughly an 18-month hiatus from the S&P market.
TradeWinds has linked the shipowner to the pursuit of Singapore-based Grindrod Shipping in 2022, but the Gary Vogel-company had second thoughts in a cooling market and the fleet ultimately went to UK-based Taylor Maritime Investments.
Now Eagle Bulk is active again with smaller deals and is expected to conclude more within the year. The Springfield will be the second addition of the year, following on from January’s buy of the 63,600-dwt Stony Stream (built 2015) for $24.3m from US Bank Equipment Finance.
Eagle Bulk is taking advantage of market valuations that are down between 15% and 20% from peaks in the first half of 2022, although expectations for a market rally later this year means valuations appear to have already hit bottom.
One benchmark for the Springfield acquisition is a fresh deal that has not been confirmed: Diana Shipping’s reported $28m buy of Norden’s 63,300-dwt Nord Potomac (built 2016).
While the Nord Potomac is scrubber-fitted, its earlier vintage reduces its value. However, this is partly offset by its Japanese build, which typically can command a $2m premium for the vessel type.
A source close to Diana said a sale had not yet been concluded.
