TelestackCleveland Cascades LtdTBA - Software Solutions & Services for ports, terminals & warehousesOvetTMS Tanker Conference 2018Multimodal 2018
  • Telestack
  • Port of Stockton
  • TOC Events
  • Docksolid
  • Vigan Engineering S.A
  • TMS Tanker Conference 2018

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."

Latest News

Lock entry system aids in preventing damage

(Posted on 09/11/18)

The technology group Wärtsilä has developed a lock entry assist system that will facilitate... Read more


ICS Chairman calls for training regime revision

(Posted on 09/11/18)

Speaking in Manila, the Chairman of the International Chamber of Shipping (ICS), Esben Poulsson, has... Read more


AtoB@C Shipping acquires a 4,100 dwt dry cargo carrier

(Posted on 09/11/18)

AtoB@C Shipping AB, a Swedish shipping company owned by Aspo's ESL Shipping, has acquired a 4,100 dwt... Read more


Seanergy’s scrubber deal with bulk charterers

(Posted on 01/11/18)

Seanergy Maritime Holdings Corp has announced that it has entered into commercial agreements for the... Read more


ClassNK Releases “PrimeShip-GREEN/ProSTA ver.ITTC”

(Posted on 01/11/18)

Leading classification society ClassNK has released “PrimeShip-GREEN/ProSTA ver.ITTC” on... Read more


Hong Kong’s potential as even more attractive arbitration hub

(Posted on 01/11/18)

Hong Kong has the potential to become an even more attractive international hub for arbitration in the... Read more


Converting optimism into Trade Growth

(Posted on 01/11/18)

The fourth annual The Maritime Standard Ship Finance and Trade Conference is being held at the Sheraton... Read more


New CEO for Lauritzen Bulkers

(Posted on 24/10/18)

J. Lauritzen has announced the appointment of Niels Josefsen as CEO of Lauritzen Bulkers.Niels Josefsen... Read more


Scorpio Bulkers reports 60% revenue increase

(Posted on 24/10/18)

Scorpio Bulkers Inc. has reported its results for the three and nine months ended September 30,... Read more


New guidelines on welfare aspects of MLC

(Posted on 24/10/18)

The International Chamber of Shipping (ICS) and the International Transport Workers’ Federation... Read more


StemmSailors SocietyCimbria Bulk Equipment A/STOC EventsMULTIMODAL 2019The Maritime Standards Awards 2018
  • MULTIMODAL 2019
  • Ovet
  • The Maritime Standards Awards 2018

Subscribe to our newsletter

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