Eagle Bulk Shipping (EGLE) Reports Q4 Net Loss of $19.5M

Eagle Bulk Shipping (NASDAQ: EGLE) reported Q4 net loss of $19.5 million.

Q4 2016 Highlights:

Financial Results

• Net revenues, adjusted for voyage expenses and charter hire, of $21.8 million, compared to $15.0 million for the comparable quarter in 2015.
• Net loss of $19.5 million compared to a net loss of $28.8 million for the same period a year ago. Net loss for both periods excludes non-cash vessel impairment charges.
• During the fourth quarter, Eagle Bulk recorded a non-cash impairment charge of $122.9 million related to the Company\'s fleet renewal strategy, which includes 16 vessels earmarked to be potentially sold over the next few years. Including this charge, the net reported loss for the quarter was $142.4 million, compared to a net reported loss of $79.7 million, which included impairment charges of $50.9 million, for the comparable quarter in 2015.

Business

• Fleet utilization rate of 98.6%
• Continued to build-out commercial platform and increased operating activity
• Subsequent to the close of the quarter:
• Reached an agreement in February 2017 to acquire 9 CROWN-63 Ultramax vessels built between 2012 and 2015
• Closed on the purchase of the MV Singapore Eagle (SDARI-64 Ultramax / 2017-built) at $17.9 million
• Sold the MV Redwing (53k DWT / 2007-built) for $6.1 million
• Executed MOA for the sale of the MV Sparrow (50k DWT / 2000-built) for $5.1 million

Cash and Liquidity

• Cash totaled $76.5 million as of December 31, 2016
• Including funds available under Eagle Bulk\'s revolving credit facility revolver, total liquidity stood at $101.5 million as of December 31, 2016
• Closed on $100 million Private Placement common stock offering in January 2017

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

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