TelestackVigan Engineering S.ANAVTORTOC EventsTMS Awards 2016 winnersBühler GmbH
  • Sailors Society
  • Cimbria Bulk Equipment A/S
  • TMS Awards 2016 winners
  • Stemm
  • Multimodal 2018
  • Telestack

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

Eniram signs MoU to develop new generation of bulk carriers

(Posted on 24/05/18)

Eniram, a Wärtsilä company, has signed a Memorandum of Understanding with Athens-based Arista... Read more


Inmarsat receives IMO approval to deliver significant safety advance

(Posted on 24/05/18)

The International Maritime Organization’s (IMO) Maritime Safety Committee (MSC) has formally approved... Read more


Sulphur cap chaos in 2020 warn shipowners

(Posted on 24/05/18)

The International Chamber of Shipping (ICS) fears ‘chaos and confusion’ unless the UN International... Read more


CREWimpact interfaced with Seagull Training Administrator

(Posted on 24/05/18)

Leading maritime training provider, Seagull AS, have collaborated with IT specialists, SOFTimpact, to... Read more


Two more Registries recognise Prevention at Sea’s oil record book software

(Posted on 24/05/18)

Prevention at Sea (PaSea) has announced that two more maritime registries, Malta and Hong Kong, have... Read more


Ecoshield proven to prevent cavitation erosion

(Posted on 24/05/18)

Damage to rudders, running gear and the stern areas of ships due to cavitation is a perennial problem... Read more


Report on bulk carrier casualties

(Posted on 14/05/18)

INTERCARGO’s latest Bulk Carrier Casualty Report, which provides an analysis of bulk carrier total... Read more


UK P&I Club: US withdraw from the JCPOA Agreement with Iran

(Posted on 14/05/18)

Nigel Carden, Deputy Chairman for the UK Club Managers Thomas Miller P&I, highlights issues regarding... Read more


Diana Shipping reduces losses

(Posted on 14/05/18)

Diana Shipping Inc. has reported a net loss of $3.1 million and net loss attributed to common stockholders... Read more


ESL Shipping invests in safety at work

(Posted on 14/05/18)

ESL Shipping, Bore and Finnlines have jointly invest in the development of occupational safety training... Read more


The Maritime Standards Awards 2018Multimodal 2018DocksolidOvetCleveland Cascades LtdCimbria Bulk Equipment A/S
  • Port of Stockton
  • TBA - Software Solutions & Services for ports, terminals & warehouses
  • Bühler GmbH
  • TMS Tanker Conference 2018
  • FLSmidth
  • Ovet

Subscribe to our newsletter

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