Eagle more than doubles size of fleet

Eagle more than doubles size of fleet    Eagle Bulk Shipping Inc. said it has agreed to acquire a fleet of 26 supramax vessels for $1.1 billion from the parent of Anemi Maritime Services, a private Greek shipping company.
   The New York-based company said the deal will increase its fleet from 23 to 49 vessels and increase tonnage by 124 percent.
   Eagle said 46 of its ships are supramax vessels, which are handymax vessels ranging in size from 50,000 to 60,000 deadweight tons. Three are slightly smaller handymax ships.
   The 26 supramax vessels expected to be delivered between 2008 and 2012. Eagle said 21 of the 26 vessels are secured by long-term charters up to 2018, with average charter duration in excess of 10 years.
   The company said it expects to enter into a proposed long-term $1.6 billion revolving line of credit to be led by Royal Bank of Scotland, which is intended to replace its existing credit facility.
   “After this transaction, Eagle Bulk will be strongly positioned to generate healthy and sustainable cash flows for shareholders over the long term,' said Sophocles Zoullas, chairman and chief executive officer. 'Contracted revenues of approximately $1.2 billion from the fleet charters provide us with confidence that we will be able to pay down debt, sustain a quarterly dividend of 50 cents per share over the long term, and execute our growth strategy to increase our returns over time.'