Eagle Bulk Shipping will move its shares from Times Square to a different perch on Wall Street.

The owner of 30 ultramaxes and 23 supramaxes plans to transfer the listing of its shares to the New York Stock Exchange (NYSE) from the Nasdaq Global Select Market, which is also based in the Big Apple.

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“We are truly excited to join the New York Stock Exchange and have our shares trade alongside some of the world’s most respected companies, including the majority of our US-listed peers within the maritime/shipping space,” chief executive Gary Vogel said in a statement.

“We believe listing on the NYSE will further improve our trading liquidity and overall standing within the financial markets, enhancing value for our shareholders.”

Eagle expects to start trading it shares on the exchange at market open on 4 January 2023 under existing ticker symbol EGLE. The stock will keep trading on the Nasdaq until the market close on 3 January.

Analysts did not share Vogel’s enthusiasm for the switch announced on Monday, noting that it does not mean much for the shares or the US-based company.

“It’s probably a nonevent for the shares,” Stifel analyst Ben Nolan told TradeWinds.

“It is generally seen as a listing upgrade, but in the intermediate term, shares don’t respond.”

The change may boost the stock’s trading liquidity by prompting tighter spreads between the bid, or the buyer’s offer, and the ask, or the seller’s price, Alliance Global Partners analyst Poe Fratt said.

“Also, Nasdaq is perceived as a place for technology and/or growth companies,” he said.

Eagle will join dozens of other shipowners that already trade on the NYSE.

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