NEW YORK, June 30, 2008 (PRIME NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced that it has taken delivery of the Goldeneye, a 2002 built 52,421 dwt Supramax dry bulk vessel. The Goldeneye, which was acquired as part of a two vessel transaction announced on May 21, 2008, will commence a one year charter at a rate of $61,000 per day. The second vessel, the Redwing, which was also acquired charter-free, will deliver in September 2008.
Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, "Today's announcement that the Goldeneye has joined the fleet, together with the recent delivery of our first newbuild vessel, the Wren, signals the commencement of a period of sustained, highly-accretive growth for our Company. Specifically, we expect to take delivery of three additional vessels during 2008 and nine vessels in 2009. The larger fleet allows us to pursue a strategy for our shareholders that maximizes cash flows, supports our dividend, and secures future growth."
About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in New York. The Company is a leading global owner of Supramax dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.
Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although Eagle Bulk Shipping Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Eagle Bulk Shipping Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in our vessel operating expenses, including dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.
Risks and uncertainties are further described in reports filed by Eagle Bulk Shipping Inc. with the US Securities and Exchange Commission.
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