NEW YORK, Feb. 15, 2011 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today provided an update to the market concerning Korea Lines Corporation's ("KLC") decision last month to file for protective receivership. As of today, Eagle Bulk is owed approximately $7.3 million of charter hire from KLC, of which approximately $3.00 million was due and owing prior to KLC filing for rehabilitation on January 25, 2011.
Eagle Bulk management remains in active negotiations concerning the status of its charters with KLC, with the following recent developments:
Eagle Bulk CFO Alan Ginsberg commented, "We have been working diligently to mitigate potential losses associated with KLC's financial restructuring. Securing alternative employment for our vessels while KLC awaits court approval to resume charter payments constitutes an important step in this regard."
About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping, Inc., headquartered in New York City, is a leading global owner of Supramax dry bulk vessels, which are dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons, or dwt, and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.