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Eagle Bulk reports 2Q19 results

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Dry Bulk,


On 29 July, Eagle Bulk Shipping Inc. (Eagle Bulk), one of the world’s largest owner-operators within the supramax / ultramax segment, reported financial results for the three and six months ended 30 June 2019.

Gary Vogel, Eagle Bulk's CEO, commented: "Our results for the second quarter are reflective of the challenging freight environment in the first half of the year. Despite the headwinds, we continued to deliver strong TCE outperformance (relative to the the adjusted benchmark Baltic Supramax Index) of nearly US$2000 in the second quarter, marking our tenth consecutive quarter of outperformance.

"Our recently announced bond issuance and pending acquisition of six modern ultramax vessels, four of which will be delivered to us with scrubbers, is an important step for Eagle, as we continue to renew and grow our fleet with larger, more efficient vessels. Coupled with our existing scrubber initiative, we believe these acquisitions increase our leverage to the opportunities IMO 2020 will present."

Net time and voyage charter revenues

Net time and voyage charter revenues for the three months ended 30 June 2019 were US$69.4 million compared with US$74.9 million recorded in the comparable quarter in 2018.The decrease in revenue was primarily attributable to the decline in the dry bulk market resulting in lower charter rates as well as the decrease in available days. The lower ownership days in the current quarter was due to the sale of vessels Condor and Merlin in the first quarter of 2019 and the Thrasher in the second quarter of 2019, which was offset by an increase in chartered-in days.

Net time and voyage charter revenues for the six months ended 30 June 2019 and 2018 were US$146.8 million and US$154.3 million, respectively. The decrease in revenue was primarily due to lower charter rates and a decrease in available days due to lower ownership days offset by an increase in chartered-in days.

Voyage expenses

Voyage expenses for the three months ended 30 June 2019 were US$20.9 million compared to US$17.2 million in the comparable quarter in 2018. The increase was mainly attributable to an increase in bunker prices year over year. Voyage expenses for the six months ended 30 June 2019 were US$46.8 million compared to US$39.7 million in the comparable period in 2018. The increase was mainly attributable to an increase in bunker prices year over year.

Vessel expenses

Vessel expenses for the three months ended 30 June 2019 were US$20 million compared to US$20.6 million in the comparable quarter in 2018. The decrease in vessel expenses was attributable to a decrease in ownership days after the sale of vessels Condor and Merlin in the first quarter of 2019 and the vessel Thrasher in the second quarter of 2019 compared to the comparable period in the prior year. The ownership days for the three months ended 30 June 2019 and 2018 were 4169 and 4294, respectively.

Average daily vessel operating expenses for our fleet for the three months ended 30 June  2019 and 2018 were US$4787 and US$4792, respectively.

Vessel expenses for the six months ended 30 June 2019 and 2018 were US$40.1 million and US$41.7 million, respectively. 

 

The decrease in vessel expenses is primarily attributable to a decrease in ownership days subsequent to the sale of three vessels during the six months ended 30 June 2019. The ownership days for the six months ended 30 June 2019 and 2018 were 8329 and 8606, respectively.

Average daily vessel operating expenses for our fleet for the six months ended 30 June 2019 and 2018 were US$4809 and US$4840, respectively.

To read the full report: https://ir.eagleships.com/news-releases/news-release-details/eagle-bulk-shipping-inc-reports-second-quarter-2019-results

Read the article online at: https://www.drybulkmagazine.com/shipping/01082019/eagle-bulk-reports-2q19-results/

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