Note 20 - Subsequent Events

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

Subsequent Events [Text Block]

Note

20.

Subsequent Events

On

February

28,

2017,

Eagle Bulk Ultraco LLC, a wholly

-owned subsidiary of the Company, entered into a framework agreement (the “Agreement”) with Greenship Bulk Manager Pte. Ltd., as Trustee-Manager of Greenship Bulk Trust, a Norwegian OTC-listed entity (the “Sellers”), for the purchase of

nine

modern sister vessels built between

2012

and

2015

(each a “Vessel

,” and collectively, the “Vessels”). Of the

nine

Vessels,

three

Vessels are subject to certain customary conditions as well as the approval of the requisite majority of the unitholders of the Sellers (the “Contingent Vessels”). The approval to acquire the Contingent Vessels was obtained subsequently on

March

27,

2017.

The aggregate purchase price for the

nine

Vessels is

$153.0

million. The allocated purchase price for each Vessel is

$17.0

million (“Allocated Purchase Price”).

After the satisfaction of the conditions set forth in the Agreement, the sale of each Vessel will be made pursuant to a separate memorandum of agreement as set forth in the Agreement.

The Vessels are expected to be delivered charter free between

April

and

September

2017.