Eagle Bulk Shipping put the latest touches on its fleet renewal programme with buys of three Scorpio Bulkers ultramaxes for about $50m in November and December, but apparently some wanted more.

"Some people have asked, 'Why didn't you buy six or seven ships, do some sale-leasebacks and lever up?' " Eagle chief executive Gary Vogel told Noble Capital Markets analyst Poe Fratt on Wednesday during the bank's 17th annual investor conference.