US bulk carrier operator Eagle Bulk is looking to further renew its fleet. According to Gary Vogel, CEO of the firm, the company has been actively renewing and expanding the fleet by acquiring 11 ultramaxes and selling six older vessels in the past 18 months.
In March, Eagle Bulk agreed to acquire nine ultramax bulkers from Greenship Bulk Trust.
“We very much view this as a continuing process, as we look to further renew the ultramax and supramax fleet,” Vogel said at the Maritime Investment Forum held yesterday during Marine Money Week in New York.
Vogel said the increased flexibility of supramaxes and ultramaxes as a class tends to yield better returns.
“We continue to focus on creating value through efficiencies, while investing in the overall improvement of vessel conditions,” Vogel said.
Talking about current market conditions, Vogel said the market has recovered thanks to improving demand and supply fundamentals.
Eagle Bulk currently has an owned fleet of 46 vessels, with three newbuilding vessels set to join the fleet in the coming month.
