overview we are eagle bulk shipping inc. , a republic of marshall islands corporation headquartered in new york city . we own one of the largest fleets of supramax dry bulk vessels in the world . supramax dry bulk are handymax vessels ranging in size from 50,000 to 60,000 dwt . we transport a broad range of major and minor bulk cargoes , including iron ore , coal , grain , cement and fertilizer , along worldwide shipping routes . as of december 31 , 2011 , we owned and operated a modern fleet of 45 handymax segment dry bulk vessels , 43 of which are of the supramax class . we are focused on maintaining a high quality fleet that is concentrated primarily in one vessel type – handymax dry bulk carriers and its sub-category of supramax vessels . these vessels have the cargo loading and unloading flexibility of on-board cranes while offering cargo carrying capacities approaching that of panamax dry bulk vessels , which range in size from 60,000 to 100,000 dwt and rely on port facilities to load and offload their cargoes . we believe that the cargo handling flexibility and cargo carrying capacity of the supramax class vessels make them attractive to cargo interests and vessel charterers . the 45 vessels in our operating fleet , with an aggregate carrying capacity of 2,451,259 deadweight tons , have an average age of only five years compared to an average age for the world handymax dry bulk fleet of approximately 12 years . on september 26 , 2011 , we successfully entered into a sixth amendatory and commercial framework implementation agreement , as discussed in note 1 to the consolidated financial statements and in the “ liquidity and capital resources ” section below . in may 2011 , the company decided to sell the heron , a 2001-built supramax , and reached an agreement to sell the vessel for $ 22,511,226 , after brokerage commissions payable to a third party . the heron was not available for delivery until the third quarter . on july 26 , 2011 the company sold the vessel and realized a net loss of $ 509,076. during the third quarter of 2010 , the company launched a freight trading operation to capitalize on value creation strategies in spot trading which include contracts of affreightment , time charter-in and -out and derivative instruments . these trading capabilities will extend the company 's global presence , which includes a new office in singapore . 58 our financial performance is based on the following key elements of our business strategy : ( 1 ) concentration in one vessel category : supramax class of handymax dry bulk vessels , which we believe offer size , operational and geographical advantages ( over panamax and capesize vessels ) , ( 2 ) our strategy is to balance between long-term time charters and revenues generated by short-term time charters and voyage charters to maximize our financial performance throughout shipping cycles . we have entered into time and voyage charter employment contracts for all the vessels in our operating fleet . we charter some of our vessels pursuant to one- to three-year time charters to allow us to take advantage of the stable cash flow and high utilization rates that are associated with medium to long-term time charters . several of the newly constructed vessels are on long term charters with an average duration of eight years . the vessels that are on charters whose revenues are linked to the baltic supramax index generally have durations of one-year or less . these index linked charters and voyage charters will provide us with the revenue upside as the market improves . we believe that this structure provides significant visibility to our future financial results and allows us to take advantage of the stable cash flows and high utilization rates that are associated with medium- to long-term time charters , while at the same time providing us with the revenue upside potential from the index linked or short-term time charters or voyage charters when the dry bulk carter market improves . all the charters provide for fixed semi-monthly payments in advance . while we remain focused on securing charters with fixed base rates , we have also entered into contracts with fixed minimum rates and profit sharing arrangements , enabling us to benefit from an increasing rate environment while still minimizing downside risk . we regularly monitor the dry bulk shipping market and based on market conditions we may consider taking advantage of short-term charter rates , ( 3 ) maintain high quality vessels and improve standards of operation through improved environmental procedures , crew training and maintenance and repair procedures , and ( 4 ) maintain a balance between purchasing vessels as market conditions and opportunities arise and maintaining prudent financial ratios ( e.g . leverage ratio ) . the following are several significant events that occurred during 2011 : · in january 2011 , we took delivery of our fifteenth vessel from china , thrush . · in february 2011 , we took delivery of our sixteenth vessel from china , nighthawk . · in may 2011 , we took delivery of our seventeenth vessel from china , oriole . · in july 2011 , we sold the heron , a 2001-built supramax and we realized a net loss of $ 509,076 and received net proceeds of $ 22,511,226 . · in july 2011 , we took delivery of our eighteenth and nineteenth vessels from china , owl and petrel bulker . · in august 2011 , we took delivery of our twentieth vessel from china , puffin bulker . · in september 2011 , we took delivery of our twenty first vessel from china , roadrunner bulker . · in september 2011 , we successfully entered into a sixth amendatory and commercial framework implementation agreement . story_separator_special_tag specifically , we utilize the rates currently in effect for the duration of their current time charters , without assuming additional profit sharing . for periods of time where our vessels are not fixed on time charters , we utilize an estimated daily time charter equivalent for our vessels ' unfixed days based on the last twenty years of historical average of one to three years time charter . actual equivalent drybulk shipping rates are currently lower than the estimated rate . we believe current rates have been driven by short term disruptions in demand and a slowdown in the availability of global credit . the projected net operating cash flows are determined by considering the future charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining life of the vessel , assumed to be 28 years from the delivery of the vessel from the shipyard , reduced by brokerage commissions , expected outflows for vessels ' maintenance and vessel operating expenses ( including planned drydocking and special survey expenditures ) and capital expenditures adjusted annually for inflation . although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate , such assumptions are highly subjective . there can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree . charter rates may remain at depressed levels for some time , which could adversely affect our revenue and profitability , and future assessments of vessel impairment . in the event that an impairment were to occur , we would determine the fair value of the related asset and record a charge to operations calculated by comparing the asset 's carrying value to the estimated fair value . we estimate fair value primarily through the use of third party valuations performed on an individual vessel basis . such valuation is not necessarily the same as the amount any vessel may bring upon sale , which may be more or less , and should not be relied upon as such . 65 the table set forth below indicates the carrying value of each of our vessels as of december 31 , 2011 , where we believe has a basic market value below its carrying value , and the aggregate difference between carrying value and basic market value represented by such vessels . this aggregate difference represents the approximate analysis of the amount by which we believe we would have to reduce our net income if we sold all of such vessels in the current environment , on industry standard terms , in cash transactions , and to a willing buyer where we are not under any compulsion to sell , and where the buyer is not under any compulsion to buy . replace_table_token_11_th 66 replace_table_token_12_th * indicates drybulk carriers for which we believe , as of december 31 , 2011 , the basic charter-free market value is lower than the vessel 's carrying value . we believe that the aggregate carrying value of these vessels exceeds their aggregate basic charter-free market value by approximately $ 667 million . we note that 8 of our drybulk vessels are currently employed under long-term , above-market time charters . we believe that if the vessels were sold with those charters attached , we would receive a premium for those vessels over their basic market value . deferred drydock cost there are two methods that are used by the shipping industry to account for drydockings : ( a ) the deferral method where drydock costs are capitalized when incurred and amortized over the period to the next scheduled drydock ; and ( b ) expensing drydocking costs in the period it is incurred . we use the deferral method of accounting for drydock expenses . under the deferral method , drydock expenses are capitalized and amortized on a straight-line basis until the next drydock , which we estimate to be a period of two to three years . we believe the deferral method better matches costs with revenue than expensing the costs as incurred . we use judgment when estimating the period between drydocks performed , which can result in adjustments to the estimated amortization of drydock expense . if the vessel is disposed of before the next drydock , the remaining balance in deferral drydock is written-off to the gain or loss upon disposal of vessels in the period when contracted . we expect that our vessels will be required to be drydocked approximately every 30 months . costs capitalized as part of the drydocking include direct costs that are incurred as part of the drydocking to meet regulatory requirements , or are expenditures that add economic life to the vessel , increase the vessel 's earnings capacity or improve the vessel 's efficiency . direct costs include the shipyard costs , parts , inspection fees , steel , blasting and painting . expenditures for normal maintenance and repairs , whether incurred as part of the drydocking or not , are expensed as incurred . unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels ' sale . vessel acquisitions where we identify any intangible assets or liabilities associated with the acquisition of a vessel , we record all identified tangible and intangible assets or liabilities at fair value . fair value is determined by reference to market data and the amount of expected future cash flows . we value any asset or liability arising from the market value of the time charters assumed when an acquired vessel is delivered to us . 67 where we have assumed an existing charter obligation or enter into a time charter with the existing charterer in connection with the purchase of a

liquidity and capital resources net cash provided by operating activities during the years ended december 31 , 2011 , 2010 and 2009 was $ 58,296,117 , $ 94,339,830 , and $ 90,524,861 , respectively . the change in 2011 , 2010 and 2009 was primarily due to lower rates on time charter renewals offset by cash generated from operation of the fleet for 17,514 days in 2011 , compared to 13,274 operating days in 2010 , compared to 8,966 operating days in 2009. net cash used in investing activities during 2011 was $ 157,786,210 , compared to $ 280,995,791 in 2010 , compared to $ 228,624,263 in 2009. investing activities in 2011 reflected the purchase of the last eight newly constructed vessels , the thrush , nighthawk , oriole , owl , petrel bulker , puffin bulker , roadrunner bulker and sandpiper bulker , respectively . in july 2011 , the company sold , the heron , for proceeds of $ 22,511,226 , after brokerage commissions payable to a third party . in november 2011 , the korea line corporation issued stock to eagle at a fair value of $ 955,093 , as part of our settlement with klc . investing activities in 2010 reflected the purchase of twelve newly constructed vessels , the last two japanese-built vessels , the golden eagle and imperial eagle , and ten chinese-built vessels the thrasher , crane , egret bulker , avocet , gannet bulker , grebe bulker , ibis bulker , jay , kingfisher , martin , and advances for the newbuilding vessel construction program . in september 2010 , the company sold , the griffon , for proceeds of $ 21,055,784 , after brokerage commissions payable to a third party . investing activities during 2009 reflected the purchase of the crested eagle , stellar eagle , bittern and canary , which were delivered in the january , march , october and december of 2009 , respectively , and advances for the newbuilding vessel construction program .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```liquidity and capital resources net cash provided by operating activities during the years ended december 31 , 2011 , 2010 and 2009 was $ 58,296,117 , $ 94,339,830 , and $ 90,524,861 , respectively . the change in 2011 , 2010 and 2009 was primarily due to lower rates on time charter renewals offset by cash generated from operation of the fleet for 17,514 days in 2011 , compared to 13,274 operating days in 2010 , compared to 8,966 operating days in 2009. net cash used in investing activities during 2011 was $ 157,786,210 , compared to $ 280,995,791 in 2010 , compared to $ 228,624,263 in 2009. investing activities in 2011 reflected the purchase of the last eight newly constructed vessels , the thrush , nighthawk , oriole , owl , petrel bulker , puffin bulker , roadrunner bulker and sandpiper bulker , respectively . in july 2011 , the company sold , the heron , for proceeds of $ 22,511,226 , after brokerage commissions payable to a third party . in november 2011 , the korea line corporation issued stock to eagle at a fair value of $ 955,093 , as part of our settlement with klc . investing activities in 2010 reflected the purchase of twelve newly constructed vessels , the last two japanese-built vessels , the golden eagle and imperial eagle , and ten chinese-built vessels the thrasher , crane , egret bulker , avocet , gannet bulker , grebe bulker , ibis bulker , jay , kingfisher , martin , and advances for the newbuilding vessel construction program . in september 2010 , the company sold , the griffon , for proceeds of $ 21,055,784 , after brokerage commissions payable to a third party . investing activities during 2009 reflected the purchase of the crested eagle , stellar eagle , bittern and canary , which were delivered in the january , march , october and december of 2009 , respectively , and advances for the newbuilding vessel construction program .
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 Suspicious Activity Report : overview we are eagle bulk shipping inc. , a republic of marshall islands corporation headquartered in new york city . we own one of the largest fleets of supramax dry bulk vessels in the world . supramax dry bulk are handymax vessels ranging in size from 50,000 to 60,000 dwt . we transport a broad range of major and minor bulk cargoes , including iron ore , coal , grain , cement and fertilizer , along worldwide shipping routes . as of december 31 , 2011 , we owned and operated a modern fleet of 45 handymax segment dry bulk vessels , 43 of which are of the supramax class . we are focused on maintaining a high quality fleet that is concentrated primarily in one vessel type – handymax dry bulk carriers and its sub-category of supramax vessels . these vessels have the cargo loading and unloading flexibility of on-board cranes while offering cargo carrying capacities approaching that of panamax dry bulk vessels , which range in size from 60,000 to 100,000 dwt and rely on port facilities to load and offload their cargoes . we believe that the cargo handling flexibility and cargo carrying capacity of the supramax class vessels make them attractive to cargo interests and vessel charterers . the 45 vessels in our operating fleet , with an aggregate carrying capacity of 2,451,259 deadweight tons , have an average age of only five years compared to an average age for the world handymax dry bulk fleet of approximately 12 years . on september 26 , 2011 , we successfully entered into a sixth amendatory and commercial framework implementation agreement , as discussed in note 1 to the consolidated financial statements and in the “ liquidity and capital resources ” section below . in may 2011 , the company decided to sell the heron , a 2001-built supramax , and reached an agreement to sell the vessel for $ 22,511,226 , after brokerage commissions payable to a third party . the heron was not available for delivery until the third quarter . on july 26 , 2011 the company sold the vessel and realized a net loss of $ 509,076. during the third quarter of 2010 , the company launched a freight trading operation to capitalize on value creation strategies in spot trading which include contracts of affreightment , time charter-in and -out and derivative instruments . these trading capabilities will extend the company 's global presence , which includes a new office in singapore . 58 our financial performance is based on the following key elements of our business strategy : ( 1 ) concentration in one vessel category : supramax class of handymax dry bulk vessels , which we believe offer size , operational and geographical advantages ( over panamax and capesize vessels ) , ( 2 ) our strategy is to balance between long-term time charters and revenues generated by short-term time charters and voyage charters to maximize our financial performance throughout shipping cycles . we have entered into time and voyage charter employment contracts for all the vessels in our operating fleet . we charter some of our vessels pursuant to one- to three-year time charters to allow us to take advantage of the stable cash flow and high utilization rates that are associated with medium to long-term time charters . several of the newly constructed vessels are on long term charters with an average duration of eight years . the vessels that are on charters whose revenues are linked to the baltic supramax index generally have durations of one-year or less . these index linked charters and voyage charters will provide us with the revenue upside as the market improves . we believe that this structure provides significant visibility to our future financial results and allows us to take advantage of the stable cash flows and high utilization rates that are associated with medium- to long-term time charters , while at the same time providing us with the revenue upside potential from the index linked or short-term time charters or voyage charters when the dry bulk carter market improves . all the charters provide for fixed semi-monthly payments in advance . while we remain focused on securing charters with fixed base rates , we have also entered into contracts with fixed minimum rates and profit sharing arrangements , enabling us to benefit from an increasing rate environment while still minimizing downside risk . we regularly monitor the dry bulk shipping market and based on market conditions we may consider taking advantage of short-term charter rates , ( 3 ) maintain high quality vessels and improve standards of operation through improved environmental procedures , crew training and maintenance and repair procedures , and ( 4 ) maintain a balance between purchasing vessels as market conditions and opportunities arise and maintaining prudent financial ratios ( e.g . leverage ratio ) . the following are several significant events that occurred during 2011 : · in january 2011 , we took delivery of our fifteenth vessel from china , thrush . · in february 2011 , we took delivery of our sixteenth vessel from china , nighthawk . · in may 2011 , we took delivery of our seventeenth vessel from china , oriole . · in july 2011 , we sold the heron , a 2001-built supramax and we realized a net loss of $ 509,076 and received net proceeds of $ 22,511,226 . · in july 2011 , we took delivery of our eighteenth and nineteenth vessels from china , owl and petrel bulker . · in august 2011 , we took delivery of our twentieth vessel from china , puffin bulker . · in september 2011 , we took delivery of our twenty first vessel from china , roadrunner bulker . · in september 2011 , we successfully entered into a sixth amendatory and commercial framework implementation agreement . story_separator_special_tag specifically , we utilize the rates currently in effect for the duration of their current time charters , without assuming additional profit sharing . for periods of time where our vessels are not fixed on time charters , we utilize an estimated daily time charter equivalent for our vessels ' unfixed days based on the last twenty years of historical average of one to three years time charter . actual equivalent drybulk shipping rates are currently lower than the estimated rate . we believe current rates have been driven by short term disruptions in demand and a slowdown in the availability of global credit . the projected net operating cash flows are determined by considering the future charter revenues from existing time charters for the fixed fleet days and an estimated daily time charter equivalent for the unfixed days over the estimated remaining life of the vessel , assumed to be 28 years from the delivery of the vessel from the shipyard , reduced by brokerage commissions , expected outflows for vessels ' maintenance and vessel operating expenses ( including planned drydocking and special survey expenditures ) and capital expenditures adjusted annually for inflation . although management believes that the assumptions used to evaluate potential impairment are reasonable and appropriate , such assumptions are highly subjective . there can be no assurance as to how long charter rates and vessel values will remain at their currently low levels or whether they will improve by any significant degree . charter rates may remain at depressed levels for some time , which could adversely affect our revenue and profitability , and future assessments of vessel impairment . in the event that an impairment were to occur , we would determine the fair value of the related asset and record a charge to operations calculated by comparing the asset 's carrying value to the estimated fair value . we estimate fair value primarily through the use of third party valuations performed on an individual vessel basis . such valuation is not necessarily the same as the amount any vessel may bring upon sale , which may be more or less , and should not be relied upon as such . 65 the table set forth below indicates the carrying value of each of our vessels as of december 31 , 2011 , where we believe has a basic market value below its carrying value , and the aggregate difference between carrying value and basic market value represented by such vessels . this aggregate difference represents the approximate analysis of the amount by which we believe we would have to reduce our net income if we sold all of such vessels in the current environment , on industry standard terms , in cash transactions , and to a willing buyer where we are not under any compulsion to sell , and where the buyer is not under any compulsion to buy . replace_table_token_11_th 66 replace_table_token_12_th * indicates drybulk carriers for which we believe , as of december 31 , 2011 , the basic charter-free market value is lower than the vessel 's carrying value . we believe that the aggregate carrying value of these vessels exceeds their aggregate basic charter-free market value by approximately $ 667 million . we note that 8 of our drybulk vessels are currently employed under long-term , above-market time charters . we believe that if the vessels were sold with those charters attached , we would receive a premium for those vessels over their basic market value . deferred drydock cost there are two methods that are used by the shipping industry to account for drydockings : ( a ) the deferral method where drydock costs are capitalized when incurred and amortized over the period to the next scheduled drydock ; and ( b ) expensing drydocking costs in the period it is incurred . we use the deferral method of accounting for drydock expenses . under the deferral method , drydock expenses are capitalized and amortized on a straight-line basis until the next drydock , which we estimate to be a period of two to three years . we believe the deferral method better matches costs with revenue than expensing the costs as incurred . we use judgment when estimating the period between drydocks performed , which can result in adjustments to the estimated amortization of drydock expense . if the vessel is disposed of before the next drydock , the remaining balance in deferral drydock is written-off to the gain or loss upon disposal of vessels in the period when contracted . we expect that our vessels will be required to be drydocked approximately every 30 months . costs capitalized as part of the drydocking include direct costs that are incurred as part of the drydocking to meet regulatory requirements , or are expenditures that add economic life to the vessel , increase the vessel 's earnings capacity or improve the vessel 's efficiency . direct costs include the shipyard costs , parts , inspection fees , steel , blasting and painting . expenditures for normal maintenance and repairs , whether incurred as part of the drydocking or not , are expensed as incurred . unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessels ' sale . vessel acquisitions where we identify any intangible assets or liabilities associated with the acquisition of a vessel , we record all identified tangible and intangible assets or liabilities at fair value . fair value is determined by reference to market data and the amount of expected future cash flows . we value any asset or liability arising from the market value of the time charters assumed when an acquired vessel is delivered to us . 67 where we have assumed an existing charter obligation or enter into a time charter with the existing charterer in connection with the purchase of a

