- About us
- IBJ Awards
- Free Sample
- Contact us
Eagle Bulk into the red
(Posted on 31/07/19)
Eagle Bulk Shipping Inc., one of the world’s largest owner-operators within the Supramax / Ultramax segment, has reported financial results for the three and six months ended June 30, 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 adjusted benchmark Baltic Supramax Index) of nearly $2,000 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."
Highlights for the Quarter:
Generated net revenues of $69.4 million, representing a decrease of $5.5 million or 7% compared to the same period in 2018.
- TCE Revenue (1) for the quarter equated to $38.9 million, a decrease of 18% year-on-year.
- Achieved a TCE (2) of $9,731 for the quarter, a decrease of 15% year-on-year.
Realized a net loss of $6.0 million or $0.08 per basic and diluted share, compared to a net income of $3.5 million or $0.05 per basic and diluted share in the second quarter 2018.
Adjusted EBITDA(3) of $10.4 million, representing a decrease of $10.8 million or 51% compared to the same period in 2018.
Looking ahead into the third quarter of 2019, the Company has attained a TCE of $10,285 with approximately 57% of the available days fixed for the period thus far.
Issued 5-year Senior Unsecured Convertible Bonds totaling $114.1 million in gross proceeds, including the greenshoe of $14.1 million
- Coupon of 5% and conversion premium of +25% to July 24th 2019 closing price or $5.61 per share
Entered into two agreements to acquire a total of six high-specification SDARI-64 Ultramax vessels (the "Acquisition Vessels") for an aggregate purchase price of approximately $122.0 million, subject to final documentation and customary closing conditions
- Average age of approximately 3.3 years
- Four vessels are fitted with Exhaust Gas Cleaning Systems ("scrubbers")
Reached an agreement to sell the Kestrel, a 15-year old Supramax, ahead of her statutory drydock for a gross price of $7.3 million
Launched this week, the new Seafarer Workforce Report from BIMCO and the International Chamber of Shipping... Read more
DNV, the world’s leading classification society and risk management expert, is embarking on an... Read more
International Maritime Industries (IMI), the largest maritime yard in the Middle East and North Africa... Read more
Distractions are recognised as one of the biggest causes of human error resulting in incidents, accidents... Read more
The Bahamas Maritime Authority (BMA) has announced that it has recognised the Seafarer Mental Health... Read more
Leading Classification Society ClassNK granted its first Innovation Endorsement “Provider Certification... Read more
World shipping can learn a lot from Jamaica when it comes to equality in the maritime workplace because... Read more
Classification society DNV has issued a verification statement allowing global survival technology specialist... Read more
METIS Cyberspace Technology is contributing to an EU-backed project that will test clean energy solutions... Read more
The technology group Wärtsilä continues to lead the ongoing transformation of the energy and... Read more