As of June 30, 2023, the Company’s owned fleet consisted of 53 drybulk vessels, one of which (Sankaty Eagle) is classified as held for sale.

In December 2022, the Company entered into a memorandum of agreement to acquire a high-specification 2015-built Ultramax bulkcarrier for total consideration of $24.3 million. The Company paid a deposit of $3.6 million on this vessel as of December 31, 2022. The vessel was delivered to the Company in February 2023.

In January 2023, the Company entered into a memorandum of agreement to acquire a high-specification 2020-built scrubber-fitted Ultramax bulkcarrier for total consideration of $30.1 million. The vessel was delivered to the Company in May 2023.

In February 2023, the Company entered into a memorandum of agreement to acquire a high-specification 2020-built scrubber-fitted Ultramax bulkcarrier for total consideration of $30.1 million. The vessel was delivered to the Company in May 2023.

In February 2023, the Company entered into a memorandum of agreement to sell the vessel Jaeger (a 2004-built Supramax) for total consideration of $9.0 million. The vessel was delivered to the buyer in March 2023.

In April 2023, the Company entered into memorandums of agreement to sell the vessels Montauk Eagle, Newport Eagle and Sankaty Eagle (each, a 2011-built Supramax) for total consideration of $49.8 million. The Montauk Eagle and Newport Eagle were delivered to the buyer in May 2023. The Sankaty Eagle was delivered to the buyer in July 2023.

Activity in Vessels and vessel improvements for the six months ended June 30, 2023 is as follows:


	June 30, 2023
Beginning balance	$	891,877
Purchase of vessels and vessel improvements	85,402
Sale of vessels	(22,160)
Vessel held for sale	(9,477)
Purchase of BWTS	2,541
Depreciation expense	(22,551)
Ending balance	$	925,632

As of June 30, 2023, Vessel held for sale is comprised of $9.5 million of vessel and vessel improvements and $1.6 million of unamortized deferred drydock costs.