Vessels

Vessel and Vessel Improvements

As of June 30, 2018, the Company’s owned operating fleet consisted of 47 dry bulk vessels.

On December 19, 2017, the Company, through its subsidiary Eagle Bulk Ultraco LLC, signed a memorandum of agreement to acquire a 2015 built Ultramax vessel for $21.3 million. The Company took delivery of the vessel, the New London Eagle on January 9, 2018.

On August 30, 2017, the Company signed a memorandum of agreement to sell the vessel Avocet for $9.6 million after brokerage commissions and associated selling expenses. The vessel was delivered to the buyers in the second quarter of 2018. The Company recorded a gain of $0.1 million in its condensed statement of operations for the three and six months ended June 30, 2018.

On March 23, 2018, the Company signed a memorandum of agreement to sell the vessel Thrush for $10.9 million after brokerage commissions and associated selling expenses. The vessel is expected to be delivered to the buyers in the third quarter of 2018. The Company expects to recognize a gain of $0.4 million. As of June 30, 2018, the Company reported the carrying amount of the vessel as a current asset in its condensed consolidated balance sheet.

On July 20, 2018, the Company, through its subsidiary Eagle Bulk Holdco LLC, signed a memorandum of agreement to acquire a 2014 built Ultramax vessel for $21.3 million. The Company is expected to take delivery of the vessel, Hamburg Eagle in the fourth quarter of 2018.

Vessel and vessel improvements consist of the following:



Vessels and Vessel Improvements, at December 31, 2017	$	690,236,419
Advance paid for purchase of New London Eagle at December 31, 2017	2,201,773
Purchase of Vessels and Vessel Improvements	20,301,806
Transfer to Vessels held for sale	(10,354,855		)
Vessel depreciation expense	(15,961,078		)
Vessels and Vessel Improvements, at June 30, 2018	$	686,424,065