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."
The International Chamber of Shipping (ICS) has published the latest Flag State Performance Table (2020... Read more
RightShip and INTERCARGO have announced the launch of an important new quality standard for the dry... Read more
Chevron Marine Lubricants has helped ship owner customers identify and manage a distinctive engine condition... Read more
The board of Wallem Group have announced that Chief Executive Frank Coles has resigned and will be leaving... Read more
Seanergy Maritime Holdings Corp. has announced that it has reached final agreements with certain of... Read more
The Isle of Man Ship Registry has formally launched the first ever seafarer welfare app designed by... Read more
DNV GL, the assurance and risk management company, will change its name to DNV on 1 March 2021. The... Read more
Norwegian-based scale-up Yxney Maritime and Inmarsat, the world leader in global, mobile satellite communications... Read more
Leading Classification Society ClassNK has been analyzing the retrofitting status of ballast water management... Read more
The maritime industry will remain a target of cyber-criminals in 2021 and the world’s shipping... Read more