Port of StocktonSailors SocietyCleveland Cascades LtdMultimodal 2022CimbriaThe Wolfson Centre for Bulk Solids Handling Technology
  • Multimodal 2022
  • Sailors Society
  • Bühler GmbH
  • The Wolfson Centre for Bulk Solids Handling Technology
  • Cimbria
  • Van Aalst

Eagle Bulk into the red

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.

Subsequent Events

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

Latest News

Salvage training could save time and costs

(Posted on 26/06/22)

Introducing a basic ship salvage module into professional seafarers’ training courses and qualifications... Read more


OTG deploys digital software delivery for faster updates for clients

(Posted on 26/06/22)

Ocean Technologies Group (OTG) has developed a new Digital Delivery framework to increase infrastructure... Read more


DNV report: Hydrogen at risk of being the great missed opportunity

(Posted on 20/06/22)

Hydrogen has a crucial role in decarbonizing the world’s energy system, but uptake will be too... Read more


Aurus and Columbia join forces as ‘Columbia Aurus Ship Management’ India

(Posted on 20/06/22)

Columbia Aurus Ship Management will tap into the Indian crewing market to further consolidate Columbia... Read more


Governments must share emissions target load, warns INTERCARGO

(Posted on 12/06/22)

It would be a mistake to place responsibility for meeting IMO’s zero emission shipping targets... Read more


New BV partnership to advance augmented ship services

(Posted on 12/06/22)

Bureau Veritas (BV), one of the world’s leading ship classification societies, Laskaridis Shipping... Read more


Plakiotakis: financing decarbonisation needs creative solutions

(Posted on 08/06/22)

Shipping is required to face the complex challenges placed by the progressively stricter IMO and EU... Read more


AXSMarine selected for provision of training software

(Posted on 08/06/22)

 AXSMarine, a leading provider of SaaS shipping software and data for Dry Bulk, Tanker, and Container... Read more


CSM takes vessel twinning to new level

(Posted on 08/06/22)

Columbia Shipmanagement (CSM) has once again pushed industry boundaries by creating a totally SMART... Read more


StormGeo announces CII Simulator to advance shipping decarbonization

(Posted on 03/06/22)

StormGeo, a leading provider of weather intelligence and decision-support solutions for the shipping... Read more


Port of South LouisianaTOC EventsViganVan AalstTBA GroupBühler GmbH
  • Port of Stockton
  • Vigan
  • Telestack
  • TBA Group

Subscribe to our newsletter

Keep up to date with the latest global news in bulk cargo handling and shipping