Eagle Bulk Shipping (EGLE) Reports Q3 Loss of $0.52

November 8, 2016 4:35 PM EST
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Eagle Bulk Shipping (NASDAQ: EGLE) reported Q3 EPS of ($0.52), versus ($10.83) reported last year. Revenue for the quarter came in at $35.8 million, versus $29.1 million reported last year.

  • Fleet utilization rate of 98.9%.
  • The sale of MV Harrier and MV Kittiwake for net proceeds of $3.2 million and $4.2 million, respectively.
  • The closing of a previously-announced private common stock placement for gross proceeds of $88 million.
  • The appointment of Mr. Frank De Costanzo as Chief Financial Officer on September 30, 2016.
  • On November 7, 2016, Eagle Bulk announced the acquisition of a 2016 built 61,000 deadweight NACKS-61 Ultramax vessel constructed at Nantong COSCO Kawasaki Heavy Industries Engineering Co., Ltd. ("NACKS") for $18.85 million. The vessel is scheduled to be delivered to the Company in November and will be renamed the M/V Stamford Eagle.

Gary Vogel, Eagle Bulk's CEO, commented, "Amid tentative signs of a recovery in charter rates, Eagle Bulk's third quarter results reflect continued progress in building out our Owner-Operator model. This is evident across several key metrics, including a notable increase in voyage business and chartered-in days – both of which contributed to a net revenue increase despite operating four fewer vessels compared to the same period a year ago. At the same time, we achieved tangible cost savings through the continued development of our in-house technical management. We also continued to develop our organization by adding top-tier management in key positions, highlighted by the addition of Frank De Costanzo as Chief Financial Officer.

For earnings history and earnings-related data on Eagle Bulk Shipping (EGLE) click here.

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