Eagle Bulk has secured almost $23m in additional financing that will be used for general corporate purposes as the company deals with market volatility caused by the coronavirus pandemic.

The Nasdaq-listed bulker owner has closed a $22.6m incremental term loan under its existing five-year senior secured term loan facility, a release said on Monday.

TradeWinds understands that Eagle Bulk aims to maximise its liquidity and give the company a solid cash position with which to ride out the effects of the coronavirus crisis.

The additional finance is secured by two of Eagle Bulk's ultramaxes, the 63,500-dwt vessels Hong Kong Eagle (built 2016) and the Santos Eagle (built 2015).

"Our intent was always to place a modest amount of leverage (i.e. 55%) on these two ships -- this transaction has increased our financial flexibility, something which I believe is prudent in times of significant market volatility," Frank De Costanzo, Eagle Bulk's chief financial officer, told TradeWinds.

The extra cash has been provided by a consortium of Eagle Bulk's existing lenders, comprising ABN AMRO; Credit Agricole, Skandinaviska Enskilda Banken (SEB), DNB Bank and Danish Ship Finance.

The existing five-year facility bears an interest rate of Libor plus 2.50% and matures in 2024.

Eagle Bulk this month welcomed a phased return of some staff to its office in Stamford, Connecticut after three months of working remotely, as TradeWinds has reported.