Eagle Bulk Shipping in profit for Q1
(Posted on 14/05/18)
Eagle Bulk Shipping Inc, one of the world’s largest owner-operators in the Supramax / Ultramax segment, has reported financial results for the three months ended 31st March.
An adjusted EBITDA of $18.8 million, representing an increase of 314% compared to the first quarter of 2017 has dramatically reversed the loss incurred in the period one year ago.
The company generated net revenues of $79.4 million, representing an increase of 73% compared to the same period in 2017. Time Charter Equivalent (TCE) revenues ( for the quarter equated to $46.6 million, an increase of 63% year-on-year.
A TCE of $11,052 for the quarter was achieved, an increase of 41% year-on-year, with a realized a net income of $0.1 million or $0.00 per share, compared to a net loss of $11.1 million or $0.17 per share for the comparable quarter in 2017.
Operating cash flows for the quarter were at $14.9 million .
The company took delivery of the New London Eagle, a 2015-built CROWN-63 Ultramax, closed the sale of the Avocet, a 2010-built DIAMOND-53 Supramax, and signed a memorandum of agreement to sell the vessel Thrush for $10.9 million net of commissions and selling expenses.
Looking ahead into the second quarter of 2018, a TCE of $11,224 with approximately 70% of the days fixed for the period has been attained thus far.
Gary Vogel, Eagle Bulk's CEO, commented, "We continued to execute on our active owner-operator strategy during the first quarter, achieving a TCE of $11,052 and outperforming the benchmark Baltic Supramax Index by over $1,100 per day. This represents the fifth consecutive quarter we have meaningfully outperformed the market, which I believe underscores the value of our unique business model and our team’s ability to execute. With attractive supply/demand fundamentals in place, we expect the underlying dry bulk market to continue to improve. Against this backdrop, we believe the Company is well positioned to continue to generate strong cash flow with a proven business model, significant operational leverage and a healthy balance sheet."
Latest News
LR and Marshall Islands certify Helm CONNECT electronic record books
(Posted on 14/11/25)Helm Operations has announced that nine electronic record books within Helm CONNECT Logbook have been... Read more
Sailors’ Society launches increased support for Chinese seafarers
(Posted on 13/11/25)International maritime welfare charity Sailors’ Society has announced a significant expansion... Read more
NORDEN signs two-year contract with US wood pellet producer
(Posted on 10/11/25)NORDEN has signed a two-year Contract of Affreightment (COA) with Enviva to transport a significant... Read more
Algoma reports strong core results and continued fleet growth
(Posted on 10/11/25)Algoma Central Corporation has reported its results for the three and nine months ended 30 September... Read more
Damen unveils Combi Freighter 5000 ICE
(Posted on 10/11/25)Damen Shipyards Group has unveiled the latest platform in its successful cargo vessels portfolio. The... Read more
Wallem Group reaches a century in Hong Kong
(Posted on 04/11/25)Wallem Group, a leading global maritime partner, is celebrating the centenary of moving its headquarters... Read more
INTERCARGO celebrates record membership ahead of 45th Anniversary
(Posted on 04/11/25)The International Association of Dry Cargo Shipowners (INTERCARGO) is marking its 45th anniversary in... Read more
NORDEN reports net profit of US$26m in Q3 2025
(Posted on 04/11/25)Net profit for the Group amounted to USD 26 million (DKK 166 million) in the third quarter of 2025,... Read more
ClassNK releases 'Guidelines for Onboard CO2 Capture and Storage Systems (Edition 2.0)'
(Posted on 04/11/25)ClassNK has released 'Guidelines for Onboard CO2 Capture and Storage Systems (Edition 2.0)' first in... Read more
InterManager urges Seafarer participation in Enclosed-Space Safety Survey
(Posted on 27/10/25)Following the International Maritime Organisation’s (IMO’s) newly tightened rules on enclosed... Read more
