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."

 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Galveston Unit Change of Command

A change-of-command ceremony will be held Thursday morning, July 24, to see a Coast Guard lieutenant commander and graduate of Houston's Alief Hastings High School, Lt.

Panama Canal to Celebrate 100 Years

To commemorate its centennial, the Panama Canal will host a series of events August 14-15 in Panama City to highlight the impact of the waterway during the past century.

Statoil, Repsol, ExxonMobil Win Colombian Offshore License

Statoil announced today that it has been awarded interest in the COL4 license offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round, along with Respol and ExxonMobil.

Bulk Carrier Trends

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

Finance

General Dynamics Reports 2Q 2014 Earnings

General Dynamics today reported 2014 second-quarter earnings from continuing operations of $646 million, or $1.88 per share on a diluted basis, compared to second-quarter

Trading Dutch Well Placed to Pursue Russia Sanctions

The seafaring Netherlands prides itself on being a trading nation, reluctant to let politics get in the way of a good deal. But since the downing, allegedly

Navios Announces VLCC Delivery

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced that the Nave Electron, a 2002-built VLCC of 305,178 dwt, was delivered

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Offshore Oil Pipelines Port Authority Ship Electronics Ship Repair Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1245 sec (8 req/sec)