Executives at New York-listed Eagle Bulk Shipping like to talk about reforms that have made it “the new Eagle”, and yet another one is coming up.

The Stamford-based company has reached an agreement to sell its oldest bulker and the only one that remains in its fleet from the time of its 2005 initial public offering, shipbrokers said on Wednesday.

Eagle is selling 55,400-dwt Cardinal for “in the high-$15s” to unidentified Chinese buyers, brokers said, referring to millions of dollars.