Eagle Bulk Cuts Losses in Q2 2013

MarineLink.com
Wednesday, August 07, 2013
Photo courtesy of Eagle Bulk Shipping

Eagle Bulk Shipping Inc. (Nasdaq: EGLE) announce its results for the second quarter ended June 30, 2013.

Financial highlights:

  • Net reported loss of $3.0 million or $0.18 per share (based on a weighted average of 16,968,750 diluted shares outstanding for the quarter), compared with net loss of $23.1 million, or $1.46 per share, for the comparable quarter of 2012.
  • Net revenues of $44.2 million, compared to $48.5 million for the comparable quarter in 2012. Gross time charter and freight revenues of $45.8 million, compared with $50.5 million for the comparable quarter of 2012.
  • EBITDA, as adjusted for exceptional items under the terms of the Company's credit agreement, was $38.6 million for the second quarter of 2013, compared with $10.0 million for the second quarter of 2012.
  • Fleet utilization rate of 99.8%.

Sophocles N. Zoullas, Chairman and CEO, commented, "While dry bulk fundamentals remain challenging, Eagle Bulk's operating strategy is steady: a flexible and revenue-maximizing chartering strategy, a diversified cargo mix that promotes stability through a range of market conditions, and operational excellence and efficiency."

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