Eagle Bulk Shipping announced one of its wholly-owned subsidiaries, Eagle Bulk Ultraco, has closed a new credit agreement of up to $61.2 million. The facility, which may be increased up to $100 million in the aggregate under certain conditions, is secured by the nine recently-acquired vessels from Greenship Bulk Trust. As of July 5, 2017, Eagle Bulk has taken delivery of seven of the Greenship Bulk vessels.

Lenders in the transaction are ABN AMRO, Skandinaviska Enskilda Banken AB and DVB Bank SE. The facility carries an interest rate of LIBOR + 2.95% and has a final maturity date of October 31, 2022, or five years. There are no fixed repayments until December 2018.

Gary Vogel, Eagle Bulk’s CEO, commented, “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.

“We are appreciative to our lenders for their support, which we believe highlights their confidence in Eagle and our continued development as a premier owner/operator.”

Eagle Bulk Shipping is a Marshall Islands corporation headquartered in Stamford, CT. Eagle Bulk owns one of the largest fleets of Supramax/Ultramax dry bulk vessels in the world. Supramax/Ultramax vessels, which are constructed with on-board cranes, range in size from approximately 50,000 to 65,000 dwt.