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Eagle Bulk Shipping Inc. reports 2Q17 results

Published by , Editorial Assistant
Dry Bulk,

Eagle Bulk Shipping Inc. (the company or Eagle Bulk), one of the world’s largest owner-operators in the supramax/ultramax segment, has reported financial results for the three and six months ended 30 June, 2017. 

Highlights for the quarter

  • Net loss of US$5.9 million, or US$0.08 per share, compared to a net loss of US$22.5 million, or US$9.98 per share, for the comparable quarter in 2016.
  • Net revenue of US$53.6 million, a 109% increase compared to the same period in 2016.
  • Adjusted EBITDA(1) of US$9.3 million, compared to a negative adjusted EBITDA of (US$6.7 million) for the comparable quarter in 2016.
  • Entered into new credit agreement in the aggregate principal amount of up to US$61.2 million, which may be increased up to US$100 million under certain circumstances.
  • Continued fleet growth and optimisation strategy.
  • Took delivery of six ultramax vessels acquired from Greenship Bulk.
  • Entered into memorandum of agreement to sell the MV Wren for net proceeds of US$7.6 million.
  • Entered into memorandum of agreement to sell the MV Woodstar for net proceeds of US$7.8 million delivered to the buyers subsequent to the quarter end.
  • Achieved fleet utilisation rate of 99.6% through active fleet management and augmented operating performance with 744 chartered-in days, a 272% increase compared to the same period in 2016.

Gary Vogel, Eagle Bulk's CEO, commented:

"During the second quarter, we delivered results that affirm the inherent potential of our active management model, as well as tangible progress towards Eagle Bulk’s larger goal of becoming the premier owner-operator of supramax / ultramax vessels. This progress is reflected in quarterly performance well in excess of the Baltic supramax Index and in our continued fleet growth and optimisation. Importantly, these positive developments are occurring against the backdrop of continued improvement in the dry bulk market itself with respect to both trade demand and vessel supply fundamentals.”

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