Vessels

Vessel and Vessel Improvements

As of March 31, 2018, the Company’s owned operating fleet consisted of 48 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 expects to recognize a gain of $0.3 million. As of March 31, 2018, the Company reported the carrying amount of the vessel as a current asset in its condensed consolidated balance sheet.

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 March 31, 2018, the Company reported the carrying amount of the vessel as a current asset in its condensed consolidated balance sheet.

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	19,841,535
Transfer to Vessels held for sale	(10,354,855		)
Vessel depreciation expense	(8,029,563		)
Vessels and Vessel Improvements, at March 31, 2018	$	693,895,309