- About us
- IBJ Awards
- Free Sample
- Contact us
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."
As the global shipping industry today celebrates World Maritime Day with its central theme of &ldquo... Read more
Leading provider of secure maritime data communications software, GTMaritime, has reached 15,000 installations... Read more
Posidonia Exhibitions, organisers of Posidonia, the International Shipping Exhibition, is launching... Read more
Seven months after its formal launch, NorthStandard is already realizing tangible benefits from combining... Read more
Maritime nuclear technology company CORE POWER has boosted its Global Advisory Board with four new high... Read more
Foreship has relocated its UK subsidiary to larger premises and appointed Tuur Killaars as Senior Sustainability... Read more
Classification society DNV has signed a Memorandum of Understanding (MoU) with Singapore-based ship... Read more
Leading blended learning provider Intelligent Seas Group (ISG) is delighted to announce its collaboration... Read more
Record year-on-year declines in rainfall has been identified as the ‘likely culprit’ for... Read more
After years of keeping a vital navigation service operating on the same income, Middle East Navigation... Read more