Eagle Bulk Shipping

Some eagles soar through the skies, but Eagle Bulk Shipping rides the waves. The company owns a fleet of about 40 Handymax dry bulk carriers that it charters to customers, typically on one- to three-year contracts. Most of its vessels are classified as Supramaxes — large Handymaxes, essentially. The Supramaxes range in capacity from 50,000 to 60,000 deadweight tons (DWT) and feature on-board cranes for cargo loading and unloading. Overall, the company’s fleet has a carrying capacity of more than 1.1 million DWT. Cargo carried by charterers of Eagle Bulk Shipping’s vessels includes cement, coal, fertilizer, grain, and iron ore.

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3.2

Overall Excellence Rating

Industry

Transportation

Category

Shipping & Logistics

ESG/Ethical Impact

Notwithstanding the challenging environment, I am extremely proud of my teammates and what we were collectively able to accomplish in 2021; it was truly a phenomenal year for the Company. We grew our fleet by ~20%, adding 9 modern ships, while at the same time reducing our average fleet age by 4% to 9.5 years as of April 2022. Given our active management approach to trading the fleet, and our significant operating leverage, we generated a record USD 185 million in Net Income for 2021. The robust market we experienced last year, along with our successful execution on both strategic and operational levels, has put us in the strongest financial position in the Company’s history. In Q4 2021, we executed a comprehensive debt refinancing, repaying three separate loans and closing on a new 5-year USD 400 million credit facility. Our new credit facility incor- porates an innovative Sustainability-Link feature, a first for Eagle, which rewards the Company’s environmental perfor- mance with an improved interest margin, subject to meeting KPIs relating to our fleet’s energy efficiency and investments in decarbonization initiatives. This refinancing allowed us to simplify our capital structure, lower our interest cost, and meaningfully extend duration. In terms of our Environmental initiatives this past year, we sailed the M/V Sydney Eagle exclusively on biofuel across the Atlantic Ocean, and demonstrated that we were able to reduce the vessel’s net well-to-wake CO2 emissions by ~90%. We learned a considerable amount from this test voyage and expect we will continue to explore ways to further decarbonize our fleet going forward. More recently, the tragic events taking place in Ukraine have had a negative impact on global crew sourcing from both Ukraine and Russia, which combined make up approximately 15% of the global seafaring pool. The majority of our crew is sourced from Ukraine and as such, we’ve made an effort to accommodate our seafarers’ requests, in terms of increased communication access (so they can speak with loved ones back home) and early (or extended) relief. We are deeply concerned about the well-being of our seafarers and their families and have commenced an initiative to support them, and their families, with transportation, temporary housing and by other means in order to help them during this difficult period.

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Awards Received

2023

Revenues

$710,000,000.00

Website Traffic

Employee Rating

4

Customer Rating

4.3

Company Size

1000-5000

ESG Risk Rating

3

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