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Eagle Bulk’s results in “steadily rising market”
(Posted on 09/11/18)
Eagle Bulk Shipping Inc. one of the world's largest owner-operators in the Supramax / Ultramax segment, has reported financial results for the three and nine months ended September 30, 2018.
Highlights for the Quarter included generated net revenues of $69.1 million , representing an increase of $6.4 million or 10% compared to the same period in 2017. TCE Revenue (1) for the quarter equated to $46.5 million , an increase of 31% year-on-year. Achieved a TCE (1) of $11,281 for the quarter, an increase of 30% year-on-year.
Adjusted EBITDA(2) of $20.2 million , representing an increase of $11.8 million or 140% compared to the same period in 2017. Generated operating cash flows of $38.5 million for the nine months ended September 30, 2018 .
Eagle Bulk entered into agreements to purchase up to 37 exhaust gas cleaning systems ("scrubbers") to be retrofitted on vessels and took delivery of the Hamburg Eagle and signed the second amendment to the Ultraco Debt Facility and secured $12.8 million financing for the vessel's acquisition.
The amendment for the Norwegian Bond Facility has been approved allowing for the proceeds from the sale of Shipco Vessels to be used for the acquisition and installation of scrubbers on the vessels in the Shipco silo.
Looking ahead into the fourth quarter of 2018, attained a TCE of $12,407 with approximately 70% of the days fixed for the period thus far.
Gary Vogel, Eagle Bulk's CEO, commented, "The third quarter marks the seventh consecutive quarter where we have outperformed the benchmark Baltic Supramax Index; a significant accomplishment in what has been a steadily rising market. I believe this consistency is attributable to both our Active Management methodology and the quality of our global commercial team.
Separately, during the quarter, we announced the commencement of a scrubber fleet initiative that will position the Company to responsibly meet regulations coming into force in January 2020. Retrofitting up to 37 of our vessels with exhaust gas cleaning systems (scrubbers) is an important strategic initiative that we believe will create a unique competitive advantage for Eagle when the new regulations come into effect."
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