Eagle Bulk Reports 2Q Loss

Maritime Activity Reports, Inc.

August 7, 2017

Photo: Eagle Bulk Shipping Inc

Photo: Eagle Bulk Shipping Inc

 Connecticut-based Eagle Bulk Shipping has reported a loss of $5.9 million in its second quarter ended June 30, 2017. However, the net revenue of $53.6 million has shown a 109% increase compared to the same period in 2016.

 
The company has achieved fleet utilization rate of 99.6% through active fleet management and augmented operating performance with 744 chartered-in days, a 272% increase compared to the same period in 2016.
 
Gary Vogel, Eagle Bulk's CEO, commented, "During the second quarter, we delivered results that affirm the inherent potential of our active management model, as well as tangible progress towards Eagle Bulk’s larger goal of becoming the premier owner-operator of Supramax / Ultramax vessels."
 
He added: "This progress is reflected in quarterly performance well in excess of the Baltic Supramax Index and in our continued fleet growth and optimization.  Importantly, these positive developments are occurring against the backdrop of continued improvement in the dry bulk market itself with respect to both trade demand and vessel supply fundamentals.” 
 
The shipping company took delivery of six Ultramax vessels acquired from Greenship Bulk. It has entered into memorandum of agreement to sell the MV Wren for net proceeds of $7.6 million.
 
Eagle Bulk also entered into memorandum of agreement to sell the MV Woodstar for net proceeds of $7.8 million delivered to the buyers subsequent to the quarter end.
 
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