AmericasDry Cargo

Eagle Bulk confirms supramax sale

US dry bulk owner operator Eagle bulk has confirmed the sale of 2002-built supramax Goldeneye for $5m.

Various brokers reported the sale last month, however the buyer has yet to be revealed. The vessel was sold ahead of its statutory drydock, and is expected to be delivered during the third quarter.

The sale will leave Eagle Bulk with a fleet of 49 bulkers, made up of 20 ultramaxes and 29 supramaxes.

Eagle Bulk revealed the sale in its second quarter results, where it posted a net loss of $20.5m.

Commenting on the results, Eagle Bulk CEO Gary Vogel said: “The outbreak of COVID-19 created a global shock to drybulk cargo demand, pushing the Baltic Supramax Index down to its second lowest level ever recorded. While our operations and results were negatively impacted by the distress in the markets, we achieved a TCE of $8,038 per day, representing a significant outperformance of almost $3,000, or roughly 56%, compared to the index.

“Going forward, we are optimistic that the market will continue on its recent recovery path and trade flows will continue to normalize as regional restrictions are lifted and the impact of various countries’ stimulus plans help to restart demand growth.”

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Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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