Greek containership owner Danaos has quietly accumulated close to a 10% stake in Eagle Bulk Shipping in recent months.
A recent filing to the US Securities and Exchange Commission (SEC) revealed that the John Coustas-led boxship tonnage provider picked up around 1.37m shares, equal to 9.99% of the Gary Vogel-led bulker owner’s stake.
The swoop on Eagle Bulk shares, which have fallen by around 20% since March due to weaker first-quarter earnings and a precipitous decline in charter rates in recent weeks, follows Danaos’ sale of its stake in Israeli liner ZIM last year. The Greek owner of roughly 70 boxships chose an appropriate time to enter the dry bulk market, where limited global fleet growth and forecasts for increased demand are projected to aid rate recovery in the future.
Headquartered in Stamford, Connecticut, Eagle Bulk has a modern fleet of over 50 predominately scrubber-fitted bulkers with an average age of under 10 years. According to the company’s dividend policy, at least 30% of the net income will be distributed to shareholders in Q2. Including the $17m gain from the sale of three ships, net income for Q2 is likely to exceed $20m or at least $0.50 per share for the second quarter.
