Eagle Bulk Shipping has taken advantage of rising liquidity in the sale-and-purchase market to offload one of its older vessels, sources said.
The move extends a long-running fleet renewal effort at a time when the Connecticut shipowner is preparing to install scrubbers on modern assets to meet IMO 2020 rules.
Nasdaq-listed Eagle is believed to be selling the 50,300-dwt Kestrel I (built 2004) in a transaction pegged at $7.25m.
Its sale to Chinese owners means Eagle has now divested 14 of its older ships under its present management as the same time as investing in a significant number of larger, modern assets.
Sources noted the latest transaction comes at a time when improving freight rates in the dry bulk market have boosted activity in the S&P market.
A revival in capesize rates this summer is aiding the overall picture in dry bulk but sources note it is not only the largest ships that are seeing better earnings.
Supramax rates at $11,500 per day presently are above the break-even levels for most shipowners active in the space, adding to the confidence that has been returning after a difficult start to this year.
Brokers noted that Chinese owners are presently the most active potential buyers of ships like the Kestrel I, with Greek owners targeting newer tonnage and other typical Asian buyers for such ships not at the table right now.
Eagle was last an active buyer of tonnage in January, with its capital since having been directed towards its IMO 2020 preparation.
However, with the implementation deadline fast approaching and more liquidity in the S&P market coupled with lower prices, Eagle could look to add to its fleet this year, sources said.
