Top shareholder Oaktree Capital Management has once again expanded its interest in Eagle Bulk Shipping by millions of dollars.
The Los Angeles-based investor has bought 1.2 million more common shares in the New York-listed bulker player, bringing its stake to 40.1%, according to an SEC filing.
Eagle's share value, which slipped 2.3% to $4.24 in the first minutes of trading, makes for a $5.1m investment by Oaktree, whose share count now totals more than 29.3 million.
Howard Marks-led Oaktree bolstered ownership in the company a week ago by buying 1.94 million shares, days after it invested $45.5m in an Eagle convertible notes offering to fund six vessels.
Other major Eagle stakeholders include Goldentree Asset Management, which owns 14.1 million units, and Neuberger Berman Group, which holds 3.32 million shares.
Other maritime investments by Brookfield Asset Management-backed Oaktree include Navig8 Chemical Tankers and Star Bulk Carriers.
