Another Bulk Ship Owner Sees Profits Plunge

Press Release
Monday, August 13, 2012

Eagle Bulk Shipping Inc. reports second quarter 2012 financial results.

Eagle Bulk Shipping Inc. is the largest U.S. based owner of Handymax dry bulk vessels. Headquartered in New York City, it operates a modern fleet of vessels engaged primarily in the transportation of a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer along worldwide shipping routes.

Highlights of the company's report follow:

For the Second Quarter:
    •    Net reported loss of $23.1 million or $1.46 per share (based on a weighted average of 15,880,392 diluted shares outstanding for the quarter), compared to net loss of $1.4 million, or $0.09 per share, for the comparable quarter in 2011.
    •    Net revenues of $48.5 million, compared to $76.4 million for the comparable quarter in 2011. Gross time charter and freight revenues of $50.5 million, compared to $81.1 million for the comparable quarter in 2011.
    •    EBITDA, as adjusted for exceptional items under the terms of the Company's credit agreement, was $10.0 million for the second quarter of 2012, compared with $28.8 million for the second quarter of 2011.
    •    Fleet utilization rate of 99.5%.
    •    All references to common stock and per share data have been retrospectively adjusted to reflect a 1 for 4 reverse stock split on May 22, 2012.
    •    On June 20, 2012, the Company entered into a Fourth Amended and Restated Credit Agreement to its credit facility agreement.

Chairman's comments:
Sophocles N. Zoullas, Chairman and CEO, commented, "Eagle Bulk's second quarter results reflect ongoing instability and weakness in the dry bulk market, with the Baltic Index declining approximately 40% this year alone. Our successfully amended credit agreement represents an important achievement in this environment, as we aligned our balance sheet with the realities of the current market without compromising our competitiveness when the market does recover.

"Going forward, we will continue pursuit of a strategy that maximizes revenue upside through a flexible, opportunistic chartering strategy, a diversified cargo mix that stabilizes earnings, and operational excellence and efficiency."


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