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Eagle Bulk announces 2Q18 financial results

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Dry Bulk,

Eagle Bulk Shipping Inc., one of the world’s largest owner-operators in the supramax /ultramax segment, reported financial results for the three and six months ended 30 June 2018.

Highlights for the quarter

  • Generated net revenues of US$74.9 million, representing an increase of US$21.3 million or 40% compared to the same period in 2017.
  • TCE revenue for the quarter equated to US$47.6 million, an increase of 41% year-on-year.
  • Achieved a TCE of US$11 453 for the quarter, an increase of 25% year-on-year.
  • Realised a net income of US$3.5 million or US$0.05 basic and diluted earnings per share, compared to a net loss of US$5.9 million or US$0.08 per share for the comparable quarter in 2017.
  • Generated operating cash flows of US$24.8 million for the six months ended 30 June 2018.
  • Adjusted EBITDA(2) of US$21.1 million, representing an increase of US$11.8 million or 127% compared to the same period in 2017.
  • Signed a memorandum of agreement to acquire a 2014-built SDARI-64 ultramax bulk carrier for US$21.3 million. The vessel, which will be renamed M/V Hamburg Eagle, is scheduled to be delivered to the company during the fourth quarter of 2018.
  • Looking ahead into the third quarter of 2018, attained a TCE of US$10 808 with approximately 68% of the days fixed for the period thus far.

Gary Vogel, Eagle Bulk's CEO, commented: "We are pleased that our active owner-operator strategy continues to drive improving results across all key performance metrics, including a US$1026 outperformance of the benchmark Baltic Supramax Index during the second quarter. The results are a reflection not only of an improvement in the underlying dry bulk market, but also of the proactive measures we have taken to enhance the balance sheet and optimise the fleet make-up. The value of our differentiated business model and our team’s ability to execute has now been validated over six consecutive quarters."

The full financial results can be viewed here.

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