{"id":1785,"date":"2019-05-10T05:59:47","date_gmt":"2019-05-10T05:59:47","guid":{"rendered":"https:\/\/www.al-sindbad.net\/?p=1785"},"modified":"2019-05-10T05:59:48","modified_gmt":"2019-05-10T05:59:48","slug":"eagle-bulk-disposes-of-one-more-supramax","status":"publish","type":"post","link":"https:\/\/www.al-sindbad.net\/eagle-bulk-disposes-of-one-more-supramax\/1785\/","title":{"rendered":"Eagle Bulk Disposes of One More Supramax"},"content":{"rendered":"\n

Connecticut-based bulk carrier owner and operator Eagle Bulk Shipping is continuing with its fleet restructuring program as it sold another Supramax vessel.<\/strong><\/p>\n\n\n\n

The company said it recently signed a memorandum of agreement (MOA) to dispose of Thrasher, the 53,400 dwt vessel built in 2010.<\/p>\n\n\n\n

The agreement was inked with Indonesia-based Meratus Line at the end of April 2019, VesselsValue\u2019s data shows.<\/p>\n\n\n\n

The ship was sold for gross proceeds of USD 10 million, Eagle Bulk revealed.<\/p>\n\n\n\n

The transaction follows two Supramax sales in January this year when the company sold the 2001-built vessels Condor and Merlin<\/a> for USD 12.8 million.<\/p>\n\n\n\n

Also in January, Eagle Bulk acquired Cape Town Eagle, an Ultramax bulker, for USD 20.4 million. The 2015-built ship has been delivered into the company\u2019s fleet.<\/p>\n\n\n\n

The sale of Thrasher was unveiled in Eagle Bulk\u2019s financial report for the first quarter of this year showing that the company delivered a net income of USD 29.5 million, a decrease of 44 percent compared to USD 52.7 million seen in the corresponding period a year earlier.<\/p>\n\n\n\n

During the first quarter of 2019, the company generated revenues of USD 77.4 million, representing a drop of 2 percent compared to the same three-month period in 2018. The decrease was primarily due to the decline in the dry bulk market.<\/p>\n\n\n\n

Time charter equivalent (TCE) revenue stood at USD 44 million in Q1 2019, lower by 14 percent year over year.<\/p>\n\n\n\n

\u201cNotwithstanding weakness in freight markets during the first quarter, we were able to achieve our highest TCE outperformance to date. I am pleased to report that our first quarter TCE outperformance, relative to the adjusted benchmark Baltic Supramax Index equated to almost $2,400 per vessel per day, representing a beat of over 30%,\u201d <\/em>Gary Vogel, Eagle Bulk\u2019s CEO, commented.<\/p>\n\n\n\n

\u201cWith respect to our fleet, preparations for IMO 2020 are well underway. To date we have fitted five vessels with scrubbers<\/a>, with the majority of the installation time occurring at sea while ships continue to trade.\u201d <\/em>
<\/p>\n","protected":false},"excerpt":{"rendered":"

Connecticut-based bulk carrier owner and operator Eagle Bulk Shipping is continuing with its fleet restructuring program as it sold another Supramax vessel. The company said it recently signed a memorandum of agreement (MOA) to dispose of Thrasher, the 53,400 dwt vessel built in 2010. The agreement was inked with Indonesia-based Meratus Line at the end …<\/p>\n","protected":false},"author":1,"featured_media":1786,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64,20],"tags":[234,233],"class_list":["post-1785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-maritime-news","category-news","tag-eagle-bulk","tag-supramax"],"_links":{"self":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/1785","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/comments?post=1785"}],"version-history":[{"count":0,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/posts\/1785\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media\/1786"}],"wp:attachment":[{"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/media?parent=1785"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/categories?post=1785"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.al-sindbad.net\/rest\/wp\/v2\/tags?post=1785"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}