d964867_8-k.htm
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): February 11, 2009
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Eagle
Bulk Shipping Inc.
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(Exact
name of registrant as specified in its charter)
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Republic
of the Marshall Islands
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001-33831
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98-0453513
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(State
or other jurisdiction of incorporation or organization)
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(Commission
File Number)
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(IRS
employer identification no.)
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477
Madison Avenue
New
York, New York
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10022
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(Address
of principal executive offices)
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(Zip
Code)
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(Registrant’s
telephone number, including area code): (212) 785-2500
(Former
Name or Former Address, if Changed Since Last Report): None
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
[_] Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[_] Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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[_]
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
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[_]
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
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Item 7.01.
Regulation FD Disclosure
Eagle
Bulk Shipping Inc. (the "Company") hereby reported the following recent
operational developments:
On
February 10, 2009 the Company settled its foreign exchange swap transactions and
will receive approximately $13.7 million in cash. These swap transactions
related to the remaining three Supramax vessel newbuildings being built at IHI
Marine United in Japan under contracts at a delivered price of approximately 3.7
billion yen per vessel. The Company expects to take delivery of one vessel,
Stellar Eagle in March 2009. The other two vessels, Golden Eagle and Imperial
Eagle are expected to be delivered in the first quarter of 2010.
The
Company has chartered the Jaeger in December 2008 for one year at an average
daily rate of approximately $10,100 based on a charter rate of $5,000 per day
for the first 50 days and $11,000 per day for the balance of the
year.
The
Company has taken delivery in January 2009 of its second Japanese newbuilding
from IHI Marine United, the Crested Eagle. The vessel has commenced a one year
charter at $10,500 per day with charterer’s option to extend for a second year
at $12,500 per day, including a 50/50 profit-sharing and Eagle’s option to
convert the charter to a fixed rate contract based on the forward Imarex curve
for the balance of the period.
The
Company has chartered the Tern in January 2009 for one year at $8,500 per
day.
The
Company has chartered the Peregrine for one year at $8,500 per day with
charterer’s option to extend for second year at $10,500 per day, including a
50/50 profit-sharing and Eagle’s option to convert the charter to a fixed rate
contract based on the forward Imarex curve for the balance of the period. This
charter also commenced in January.
Kestrel I
is currently undertaking two short term time charters in order to position the
vessel to China where she will undergo a scheduled drydocking in April. The
average charter rate is approximately $15,250 per day.
Gross
revenue for the 2008 is expected to be approximately $195.0 million. The
fleet utilization rate for the year was approximately 99.5%.
General
and administrative expenses for 2008 are expected to be approximately $23.4
million plus non-cash compensation expense of approximately $11.1
million.
In
accordance with General Instruction B.2 to the Form 8-K, the information under
this Item 7.01 shall be deemed to be “furnished” to the Securities and Exchange
Commission (the “SEC”) and not be deemed to be “filed” with the SEC for purposes
of Section 18 of the Exchange Act or otherwise subject to the liabilities
of that section.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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EAGLE
BULK SHIPPING INC.
(registrant)
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Dated: February
11, 2009
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By:
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/s/
Alan S. Ginsberg
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Name:
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Alan
S. Ginsberg
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Title:
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Chief
Financial Officer
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SK 25083 0001
964867