Eagle Bulk Cuts Loss, Bullish on Further Recovery of Drybulk Market

Owner and operator of dry bulk vessels Eagle Bulk Shipping wrapped up the third quarter of this year with a narrowed net loss of USD 10.3 million, compared to a net loss of USD 19.4 million posted in the same period a year earlier. 

Net time and voyage charter revenues in the three-month period ended September 30, 2017, were USD 62.7 million compared to USD 35.8 million recorded in the comparable quarter in 2016. As explained, the increase was due to the improving dry bulk market resulting in higher charter rates and a greater number of freight voyages performed as well as an increase in available days due to more vessels in owned and chartered-in fleets.

“Our strategic shift to Active Management is yielding results with Eagle outperforming the rising market for three consecutive quarters now, leading to positive (operating) cash flow for the first time in more than three years,” Gary Vogel, Eagle Bulk’s CEO, commented.

“As we continue to optimize and grow our operating fleet, I believe we will be in an even better position to deliver above-market TCE rates and returns to our shareholders. Looking ahead, we remain optimistic on the prospects of a continued recovery in the drybulk market. And, as of today, for the fourth quarter we have 64% of our vessels days fixed at an average TCE rate of USD 10,176 per day,” he added.

During the quarter, Eagle Bulk took delivery of the last three Ultramaxes purchased from Greenship Bulk earlier this year.

What is more, the company entered into a memorandum of agreement to sell the MV Avocet for net proceeds of USD 9.6 million. The 53,500 dwt ship was sold to an unnamed Far Eastern buyer in September, VesselsValue’s data shows.

In a separate announcement, Eagle Bulk said it intends to explore a potential private placement of bonds by its subsidiary Eagle Bulk Shipco in the Norwegian bond market.

As of November 3, Eagle Bulk’s fleet comprises 49 vessels with a total tonnage of 2.8 million dwt.

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