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Eagle Bulk records 4Q17 loss

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Dry Bulk,

Eagle Bulk, one of the world’s largest owner-operators in the supramax/ultramax segment, has reported financial results for the three and twelve months ended 31 December 2017.

Highlights for the Quarter:

  • Generated net revenues of US$74.6 million, representing an increase of 78% compared to the same period in 2016.
    - Time charter equivalent (TCE) revenues for the quarter equated to US$45.1 million, an increase of 107% y/y.
    - Achieved a TCE of US$10 452 for the quarter, or an increase of 73% y/y.
  • Realised a net loss of US$16.6 million or US$0.24 per share, compared to a net loss of US$142.4 million or US$2.96 per share for the comparable quarter in 2016.
    - Net loss, excluding loss on debt extinguishment, of US$1.6 million, or US$0.02 per share.
  • Adjusted EBITDA of US$17.2 million, representing an increase of 105% compared to prior quarter.
  • Completed US$265 million debt refinancing, extending maturities to 2022 and lowering overall interest cost.
    - Through issuance of fixed coupon bond, eliminated exposure to rising interest rates on 60% of the company’s debt.
  • Acquired another CROWN-63, 64 000 DWT, 2015 built ultramax vessel for US$21.3 million.
  • Looking ahead into 1Q18, attained a TCE of US$11 015 with approximately 90% of the days fixed for the period thus far.

Gary Vogel, CEO, commented: “During the fourth quarter, Eagle Bulk’s active management operating model drove outperformance of the benchmark Baltic supramax index for the fourth consecutive quarter, resulting in positive operating income for the first time in seven years. We believe our results are indicative of a competitive advantage that will benefit us as market conditions continue to improve. We are also pleased to have completed a comprehensive refinancing in December that significantly strengthened our balance sheet, lowered borrowing costs and extended maturities. In the process, we also gained financial flexibility to ensure that we can act opportunistically and deliver value to our shareholders.”

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