New York-listed Supramax owner Eagle Bulk Shipping returned to profit in the first quarter of 2018, reversing from a net loss of USD 11 million in the same quarter in 2017.
The company said that its net profit for the period stood at USD 0.1 million.
Generated net revenues for the period were USD 79.4 million, representing an increase of 73 pct year-on-year.
“We continued to execute on our active owner-operator strategy during the first quarter, achieving a TCE of USD 11,052 and outperforming the benchmark Baltic Supramax Index by over USD 1,100 per day. This represents the fifth consecutive quarter we have meaningfully outperformed the market, which I believe underscores the value of our unique business model and our team’s ability to execute,” Gary Vogel, Eagle Bulk’s CEO, commented.
“With attractive supply/demand fundamentals in place, we expect the underlying dry bulk market to continue to improve. Against this backdrop, we believe the company is well positioned to continue to generate strong cash flow with a proven business model, significant operational leverage, and a healthy balance sheet.”
During the first three months of the year, Eagle Bulk took delivery of the New London Eagle, a 2015-built Ultramax and closed the sale of the Avocet, a 2010-built Supramax.
In addition, the company said that it has signed a memorandum of agreement to sell the vessel Thrush for USD 10.9 million.
Looking ahead into the second quarter of 2018, Eagle Bulk’s ships attained a TCE of USD 11,224 with approximately 70 pct of the days fixed for the period thus far.