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Eagle Bulk secures $61.2m loan facility for fleet growth

Eagle Bulk secures $61.2m loan facility for fleet growth

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Dry bulk operator Eagle Bulk Shipping has announced that one of its wholly-owned subsidiaries, Eagle Bulk Ultraco, has secured a new credit facility of up to $61.2m.

The facility, which may be increased up to $100m, is secured by the nine recently acquired vessels from Greenship Bulk Trust.  So far, Eagle Bulk has taken delivery of seven of the Greenship vessels.

“We are pleased to have successfully closed on this new facility, which provides our company with increased financial flexibility and additional borrowing capacity at attractive terms.  This transaction will further support our fleet growth and renewal program, which to-date includes the acquisition of 11 modern ultramaxes,” said Gary Vogel, Eagle Bulk’s CEO.

The facility has a final maturity date of October 31, 2022. Lenders in the transaction are ABN AMRO, Skandinaviska Enskilda Banken AB, and DVB Bank.

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Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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