Eagle Bulk Reports 3Q Loss
Connecticut-based Eagle Bulk Shipping Inc reported a loss of $19.4 million in its third quarter ended September 30, 2016. It had net loss of $20.4 million last year Q3.
It has a loss of 52 cents per share compared to $10.83 net loss per share, for the comparable quarter in 2015.
The shipping company posted revenue of $35.8 million in the period, 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.
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," Gary added.
"Looking ahead, we believe that our strengthened balance sheet, now inclusive of the $88 million in growth capital raised during the quarter, will enable us to take advantage of market opportunities, such as the recently-announced acquisition of a 2016 built NACKS-61 Ultramax vessel," he conclused.
