01/11/2014 01:29:50 Free Membership Login

Eagle Bulk Shipping Inc. Reports Third Quarter 2012 Results

Date : 11/09/2012 @ 3:00AM
Source : PR Newswire (US)
Stock : Eagle Bulk Shipping Inc. (MM) (EGLE)
Quote : 16.08  0.15 (0.94%) @ 1:14AM
Eagle Bulk Shipping share price Chart

Eagle Bulk Shipping Inc. Reports Third Quarter 2012 Results

Eagle Bulk Shipping (NASDAQ:EGLE)
Historical Stock Chart

2 Years : From Nov 2012 to Nov 2014

Click Here for more Eagle Bulk Shipping Charts.
Eagle Bulk Shipping Inc. Reports Third Quarter 2012 Results

NEW YORK, Nov. 8, 2012 /PRNewswire/ -- Eagle Bulk Shipping Inc. (Nasdaq: EGLE) today announced its results for the third quarter ended September 30, 2012. 

For the Third Quarter:

  • Net reported loss of $29.8 million or $1.77 per share (based on a weighted average of 16,821,024 diluted shares outstanding for the quarter), compared to net loss of $5.9 million, or $0.37 per share, for the comparable quarter in 2011.
  • Net revenues of $46.9 million, compared to $80.3 million for the comparable quarter in 2011. Gross time charter and freight revenues of $48.9 million, compared to $84.0 million for the comparable quarter in 2011.
  • EBITDA, as adjusted for exceptional items under the terms of the Company's credit agreement, was $12.5 million for the third quarter of 2012, compared with $25.9 million for the third quarter of 2011.
  • Fleet utilization rate of 99.4%.

Sophocles N. Zoullas, Chairman and CEO, commented, "The dry bulk market remains in a cyclical trough characterized by supply growth and an inconsistent demand profile. While this environment continues to weigh on our financial results, Eagle Bulk's young and agile fleet of Supramax vessels and dynamic chartering strategy should enhance our competitiveness when the market improves."

Results of Operations for the three-month period ended September 30, 2012 and 2011

For the third quarter of 2012, the Company reported a net loss of $29,837,360 or $1.77 per share, based on a weighted average of 16,821,024 diluted shares outstanding. In the comparable third quarter of 2011, the Company reported net loss of $5,872,211 or $0.37 per share, based on a weighted average of 15,663,181 diluted shares outstanding.

The Company's revenues were earned from time and voyage charters. Gross time and voyage charter revenues in the quarter ended September 30, 2012 were $48,895,357 compared with $83,987,828 recorded in the comparable quarter in 2011. The decrease in gross revenues is attributable primarily to lower charter rates and a decrease in voyage charter revenues in the quarter ended September 30, 2012. Gross revenues recorded in the quarter ended September 30, 2012 and 2011, include an amount of $1,139,972 and $1,267,242, respectively, relating to the non-cash amortization of fair value below contract value of time charters acquired. Brokerage commissions incurred on revenues earned in the quarter ended September 30, 2012 and 2011 were $2,040,686 and $3,664,459, respectively. Net revenues during the quarter ended September 30, 2012 and 2011, were $46,854,671 and $80,323,369, respectively.

Total operating expenses for the quarter ended September 30, 2012 were $54,718,097 compared with $72,507,439 recorded in the third quarter of 2011. The Company operated 45 vessels in the third quarter of 2012 compared with 44 vessels in the corresponding quarter in 2011. The decrease in operating expenses was primarily due to a reduction in chartered-in days, and lower voyage expenses offset by the increase in operating a larger fleet size which includes increases in vessels crew cost, insurances and vessel depreciation expense. The decrease in General and Administrative expenses is primarily attributable to a reduction in professional fees.

EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, decreased by 52% to $12,523,686 for the third quarter of 2012, compared with $25,931,089 for the third quarter of 2011. (Please see below for a reconciliation of EBITDA to net loss).

Results of Operations for the nine-month period ended September 30, 2012 and 2011

For the nine months ended September 30, 2012, the Company reported net loss of $70,377,128 or $4.36 per share, based on a weighted average of 16,153,184 diluted shares outstanding. In the comparable period of 2011, the Company reported net loss of $13,120,770 or $0.84 per share, based on a weighted average of 15,648,791 diluted shares outstanding.

The Company's revenues were earned from time and voyage charters. Gross revenues for the nine-month period ended September 30, 2012 were $154,255,768 compared with $255,505,905 recorded in the comparable period in 2011. The decrease in gross revenues is attributable to lower time charter rates and a decrease in voyage revenues in the period, offset marginally by operating a larger fleet. Gross revenues recorded in the nine-month period ended September 30, 2012 and 2011, include an amount of $3,574,012 and $3,833,571, respectively, relating to the non-cash amortization of fair value below contract value of time charters acquired. Brokerage commissions incurred on revenues earned in the nine-month periods ended September 30, 2012 and 2011 were $6,247,464 and $12,084,373, respectively. Net revenues during the nine-month period ended September 30, 2012, decreased 39% to $148,008,304 from $243,421,532 in the comparable period in 2011.

Total operating expenses were $174,441,812 in the nine-month period ended September 30, 2012 compared to $220,906,297 recorded in the same period of 2011. The decrease in operating expenses was primarily due to a reduction in chartered-in days and lower voyage expenses offset by the increase in operating a larger fleet size which includes increases in vessels crew cost, insurances and vessel depreciation expense.  The decrease in General and Administrative expenses is primarily attributable to a reduction in professional fees and to lower allowance for bad debts being booked in the nine-month period ended September 30, 2012 compared with 2011.

EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, decreased by 54% to $36,307,368 for the nine months ended September 30, 2012 from $78,863,461 for the same period in 2011. (Please see below for a reconciliation of EBITDA to net loss).

Liquidity and Capital Resources

Net cash provided by operating activities during the nine-month period ended September 30, 2012, was $2,644,520, compared with net cash provided by operating activities of $37,107,799 during the corresponding nine-month period ended September 30, 2011. The decrease was primarily due to lower rates on charter renewals.

Net cash provided by investing activities during the nine-month period ended 2012, was $287,344, compared with net cash used in investing activities of $134,649,768 during the corresponding nine-month period ended September 30, 2011. Investing activities during the nine-month period ended September 30, 2011, related primarily to making progress payments and incurring related vessel construction expenses for the newbuilding vessels.

Net cash used in financing activities during the nine-month period ended September 30, 2012 and 2011 was $9,447,930 and $4,305,717, respectively. Financing activities during the nine-month period ended September 30, 2012, related primarily to expenses incurred for the Company's amendment credit agreement.

As of September 30, 2012, our cash balance was $18,559,137, compared to a cash balance of $25,075,203 at December 31, 2011.  Also recorded in Restricted Cash is an amount of $276,056 which collateralizes letters of credit relating to our office leases.

Debt consists of the following:



September 30, 2012


December 31, 2011








Credit Facility


$


$

1,129,478,741


















Term loan


1,129,478,741



Payment-in-kind loan


8,101,953



Less: Current portion



(32,094,006)


Long-term debt


$

1,137,580,694


$

1,097,384,735


 

Disclosure of Non-GAAP Financial Measures

EBITDA represents operating earnings before extraordinary items, depreciation and amortization, interest expense, and income taxes, if any. EBITDA is included because it is used by certain investors to measure a company's financial performance. EBITDA is not an item recognized by U.S. GAAP and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. EBITDA is presented to provide additional information with respect to the Company's ability to satisfy its obligations including debt service, capital expenditures, and working capital requirements. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used herein may not be comparable to that used by other companies due to differences in methods of calculation.

Our term loan agreement require us to comply with financial covenants based on debt and interest ratio with extraordinary or exceptional items, interest, taxes, non-cash compensation, depreciation and amortization (Credit Agreement EBITDA). Therefore, we believe that this non-U.S. GAAP measure is important for our investors as it reflects our ability to meet our covenants. The following table is a reconciliation of net loss, as reflected in the consolidated statements of operations, to the Credit Agreement EBITDA:

 



Three Months Ended



Nine Months Ended




September 30, 2012



September 30, 2011



September 30, 2012



September 30, 2011


Net loss


$

(29,837,360)



$

(5,872,211)



$

(70,377,128)



$

(13,120,770)


Interest Expense



21,981,186




12,390,455




44,995,438




35,399,362


Depreciation and Amortization



19,389,042




18,660,293




58,250,356




53,459,509


Amortization of fair value below contract value of time charter acquired



(1,139,972)




(1,267,242)




(3,574,012)




(3,833,571)


EBITDA



10,392,896




23,911,295




29,294,654




71,904,530


Adjustments for Exceptional Items:

















Non-cash Compensation Expense (1)



2,130,790




2,019,794




7,012,714




6,958,931


Credit Agreement EBITDA


$

12,523,686



$

25,931,089



$

36,307,368



$

78,863,461


(1)  Stock based compensation related to stock options and restricted stock units.

Capital Expenditures and Drydocking

Our capital expenditures relate to the purchase of vessels and capital improvements to our vessels which are expected to enhance the revenue earning capabilities and safety of these vessels.

In addition to acquisitions that we may undertake in future periods, the Company's other major capital expenditures include funding the Company's maintenance program of regularly scheduled drydocking necessary to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations. Although the Company has some flexibility regarding the timing of its drydocking, the costs are relatively predictable. Management anticipates that vessels are to be drydocked every two and a half years. Funding of these requirements is anticipated to be met with cash from operations. We anticipate that this process of recertification will require us to reposition these vessels from a discharge port to shipyard facilities, which will reduce our available days and operating days during that period.

Drydocking costs incurred are amortized to expense on a straight-line basis over the period through the date the next drydocking for those vessels are scheduled to occur. No vessel drydocked in the three months ended September 30, 2012. The following table represents certain information about the estimated costs for anticipated vessel drydockings in the next four quarters, along with the anticipated off-hire days:

 

Quarter Ending

Off-hire Days(1)

Projected Costs(2)

December 31, 2012

-

-

March 31, 2013

22

$0.60 million

June 30, 2013

44

$1.20 million

September 30, 2013

22

$0.60 million




(1)     Actual duration of drydocking will vary based on the condition of the vessel, yard schedules and other factors.

(2)     Actual costs will vary based on various factors, including where the drydockings are actually performed.

                     

Summary Consolidated Financial and Other Data:

The following table summarizes the Company's selected consolidated financial and other data for the periods indicated below.

 

CONSOLIDATED STATEMENT OF OPERATIONS





 

Three Months Ended

 

Nine Months Ended


September 30, 2012

September 30, 2011

September 30, 2012

September 30, 2011











Revenues, net of commissions

$46,854,671

$80,323,369

$148,008,304

$243,421,532






Voyage expenses

6,480,233

11,995,164

20,370,857

35,941,960

Vessel expenses

21,246,653

22,000,678

67,557,977

62,763,849

Charter hire expenses

1,104,571

11,058,796

1,711,144

38,013,289

Depreciation and amortization

19,389,042

18,660,293

58,250,356

53,459,509

General and administrative expenses

6,497,598

8,283,432

26,551,478

30,218,614

Loss (gain) from sale of vessel

509,076

509,076






    Total operating expenses

54,718,097

72,507,439

174,441,812

220,906,297











Operating income (loss)

(7,863,426)

7,815,930

(26,433,508)

22,515,235






Interest expense

21,981,186

12,390,455

44,995,438

35,399,362

Interest income

(7,252)

(35,796)

(23,443)

(122,930)






Other (Income) expense

1,333,482

(1,028,375)

359,573

    Total other expense, net

21,973,934

13,688,141

43,943,620

35,636,005






Net loss

$(29,837,360)

$(5,872,211)

$(70,377,128)

$(13,120,770)






 

Weighted average shares outstanding*:










Basic

16,821,024

15,663,181

16,153,184

15,648,791

Diluted

16,821,024

15,663,181

16,153,184

15,648,791

 

Per share amounts:










Basic net loss

$(1.77)

$(0.37)

$(4.36)

$(0.84)

Diluted net loss

$(1.77)

$(0.37)

$(4.36)

$(0.84)






* Adjusted to give effect to the 1 for 4 reverse stock split that became effective on May 22, 2012.

 

Fleet Operating Data

 




Three Months Ended

Nine Months Ended


September 30, 2012

September 30, 2011

September 30, 2012

September 30, 2011






Ownership Days

4,140

3,938

12,330

11,168

Chartered-in under operating lease Days

 

58

 

582

 

90

 

2,240

Available Days

4,198

4,489

12,372

13,336

Operating Days

4,172

4,464

12,275

13,243

Fleet Utilization

99.4%

99.4%

99.2%

99.3%

 

CONSOLIDATED BALANCE SHEETS






 September 30, 2012 (unaudited)


December 31, 2011

ASSETS:




Current assets:




Cash and cash equivalents

$18,559,137


$      25,075,203

Accounts receivable, net

13,794,508


13,960,777

Prepaid expenses

3,261,234


3,969,905

Inventories

10,813,659


11,083,331

Investment

135,886


988,196

Fair value above contract value of time charters acquired

553,894


567,315

Fair value of derivative instruments

-


246,110

          Total current assets

47,118,318


55,890,837

Noncurrent assets:




Vessels and vessel improvements, at cost, net of accumulated depreciation of $295,815,545 and $239,568,767, respectively

 

1,733,192,789


 

1,789,381,046

Other fixed assets, net of accumulated amortization of $466,074 and  $324,691, respectively

512,633


605,519

Restricted cash

276,056


670,418

Deferred drydock costs

2,526,709


3,303,363

Deferred financing costs

27,204,280


11,766,779

Fair value above contract value of time charters acquired

2,628,175


3,041,496

Other assets

507,637


2,597,270

         Total noncurrent assets

1,766,848,279


1,811,365,891





Total assets

$1,813,966,597


$1,867,256,728





LIABILITIES & STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$9,473,153


$10,642,831

Accrued interest

1,953,730


2,815,665

Other accrued liabilities

15,570,073


11,822,582

Current portion of long-term debt


32,094,006

Deferred revenue and fair value below contract value of time charters acquired

3,969,335


5,966,698

Unearned charter hire revenue

4,183,856


5,779,928





         Total current liabilities

35,150,147


69,121,710

Noncurrent liabilities:




Long-term debt

1,137,580,694


1,097,384,735

Deferred revenue and fair value below contract value of time charters acquired

14,614,056


17,088,464

Fair value of derivative instruments

4,498,027


9,486,116





         Total noncurrent liabilities

1,156,692,777


1,123,959,315

Total liabilities

1,191,842,924


1,193,081,025

Commitment and contingencies




Stockholders' equity:




Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued


Common stock, $.01 par value, 100,000,000 shares authorized, 15,771,496* shares issued and outstanding

157,715


157,508

Additional paid‑in capital

760,134,806


745,945,694

Retained earnings (net of dividends declared of $262,118,388 as of  September 30, 2012 and December 31, 2011, respectively)

 

(132,851,614)


 

(62,474,486)

Accumulated other comprehensive loss

(5,317,234)


(9,453,013)

         Total stockholders' equity

622,123,673


674,175,703

Total liabilities and stockholders' equity

$1,813,966,597


$1,867,256,728

* Adjusted to give effect to the 1 for 4 reverse stock split that became effective on May 22, 2012.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS





Nine  Months Ended


September 30, 2012


September 30, 2011

Cash flows from operating activities:




Net loss

$(70,377,128)


$(13,120,770)

Adjustments to reconcile net loss to net cash provided by operating activities:




Items included in net loss not affecting cash flows:




Depreciation

56,388,161


51,014,334

Amortization of deferred drydocking costs

1,862,195


2,445,175

Amortization of deferred financing costs

4,428,572


3,014,720

Amortization of fair value below contract value of time charter acquired

(3,574,012)


(3,833,571)

Loss from sale of vessel


509,076

Payment-in-kind interest on debt

8,101,953


Unrealized gain from forward freight agreements, net

246,110


377,889

Allowance for accounts receivable

5,351,609


6,586,900

Non‑cash compensation expense

7,012,714


6,958,931

Drydocking expenditures

(1,085,541)


(2,074,115)

Changes in operating assets and liabilities:




Accounts receivable

(5,185,340)


(16,264,471)

Other assets

2,089,633


(2,528,419)

Prepaid expenses

708,671


(198,860)

Inventories

269,672


(5,087,644)

Accounts payable

(1,169,678)


3,309,380

Accrued interest

(861,935)


(2,495,987)

Accrued expenses

505,953


8,709,633

Deferred revenue

(471,017)


19,244

Unearned revenue

(1,596,072)


(233,646)





Net cash provided by operating activities

2,644,520


37,107,799





  Cash flows from investing activities:




Vessels and vessel improvements and advances for vessel construction

(58,521)


(155,686,543)

Purchase of other fixed assets

(48,497)


(342,932)

Proceeds from sale of vessel


22,511,226

Changes in restricted cash

394,362


(1,131,519)





Net cash provided by (used in) investing activities

287,344


(134,649,768)





Cash flows from financing activities:




Repayment of bank debt


(21,875,735)

Changes in restricted cash


19,000,000

Deferred financing costs

(9,382,792)


Cash used to settle net share equity awards

(65,138)


(1,429,982)





Net cash used in financing activities

(9,447,930)


(4,305,717)





Net decrease in cash

(6,516,066)


(101,847,686)

Cash at beginning of period

25,075,203


129,121,680





Cash at end of period

$18,559,137


$27,273,994










The following table represents certain information about our revenue earning charters on our operating fleet as of September 30, 2012:

 

Vessel


Year

Built


Dwt


Charter Expiration (1)


Daily

Charter Hire Rate














Avocet (2)


2010



53,462


Oct  2012


$

9,000
















Bittern (2)


2009



57,809


Oct  2012


$

7,800
















Canary (2)


2009



57,809


Oct  2012


$

11,000
















Cardinal


2004



55,362


Nov 2012 to Feb 2013



Index(4)
















Condor


2001



50,296


 Nov 2012 to Jan 2013


$

11,000
















Crane (2)


2010



57,809


Oct  2012


$

11,500
















Crested Eagle


2009



55,989


Oct  2012


$

10,500
















Crowned Eagle


2008



55,940


Oct  2012



Voyage(3)
















Egret Bulker

 


2010

 



57,809

 


Oct 2012 to Feb 2013

 



$17,650(5) (with 50%

profit share over $20,000)
















Falcon


2001



50,296


Dec 2012 to Feb 2013


$

8,000
















Gannet Bulker

 


2010

 



57,809

 


Jan 2013 to May 2013

 



$17,650(5) (with 50%

profit share over $20,000)
















Golden Eagle


2010



55,989


Oct 2012 to Dec 2012


$

10,500
















Goldeneye


2002



52,421


Oct 2012 to Jan 2013



Index(4)
















Grebe Bulker

 


2010

 



57,809

 


Feb 2013 to Jun 2013

 



$17,650(5) (with 50%

profit share over $20,000)
















Harrier


2001



50,296


Oct 2012 to Nov 2012


$

5,000
















Hawk I


2001



50,296


Nov 2012


$

7,250
















Ibis Bulker

 


2010

 



57,775

 


Mar 2013 to Jul 2013

 



$17,650(5) (with 50%

profit share over $20,000)
















Imperial Eagle


2010



55,989


Nov 2012 to Feb 2013



Index(4)
















Jaeger


2004



52,248


Nov 2012 to Jan 2013



Index(4)
















Jay(2)


2010



57,802


-



Spot
















Kestrel I


2004



50,326


Mar 2013 to May 2013


$

9,500
















    Kingfisher (2)


2010



57,776


Nov 2012 to Feb 2013


$

8,900
















Kite


1997



47,195


Oct 2012 to Nov 2012


$

7,250
















Kittiwake


2002



53,146


Oct 2012 to Jan 2013


$

10,500
















Martin(2)


2010



57,809


Nov 2012 to Feb 2013


$

8,300
















Merlin


2001



50,296


Nov 2012



Voyage(3)
















Nighthawk(2)


2011



57,809


Nov 2012


$

12,500
















Oriole(2)


2011



57,809


Oct  2012


$

8,400
















Osprey I


2002



50,206


Oct  2012



 Voyage(3)
















Owl(2)


2011



57,809


Oct  2012


$

8,500
















Peregrine


2001



50,913


Dec 2012 to Mar 2013


$

8,250
















Petrel Bulker

 


2011

 



57,809

 


May 2014 to Sep 2014

 



$17,650(5) (with 50%

profit share over $20,000)
















Puffin Bulker

 


2011

 



57,809

 


May 2014 to Sep 2014

 



$17,650(5) (with 50%

profit share over $20,000)
















Redwing


2007



53,411


Oct  2012


$

10,000
















Roadrunner Bulker

 


2011

 



57,809

 


Aug 2014 to Dec 2014

 



$17,650(5) (with 50%

profit share over $20,000)
















Sandpiper Bulker

 


2011

 



57,809

 


Aug 2014 to Dec 2014

 



$17,650(5) (with 50%

profit share over $20,000)
















Shrike


2003



53,343


Dec 2012 to Mar 2013


$

11,300
















Skua


2003



53,350


Oct  2012


$

8,250
















Sparrow


2000



48,225


Oct  2012


$

8,500
















Stellar Eagle


2009



55,989


Mar 2013 to Jun 2013



Index(4)
















Tern


2003



50,200


Oct  2012


$

5,750(3)
















Thrasher (2)


2010



53,360


Oct  2012


$

10,000(3)
















Thrush


2011



53,297


Oct  2012


$

9,000(3)
















     Woodstar (2)


2008



53,390


Nov  2012


$

7,200
















Wren (2)


2008



53,349


Oct 2012 to Nov 2012


$

13,000




(1)

The date range provided represents the earliest and latest date on which the charterer may redeliver the vessel to the Company upon the termination of the charter. The time charter hire rates presented are gross daily charter rates before brokerage commissions, ranging from 0.625% to 5.00%, to third party ship brokers.


(2)

The charter rate does not include any shortfall between the vessels' actual daily earnings and the $17,000 per day for which KLC is responsible. Revenue from KLC will be recognized when collectability is assured. In addition, through December 2015, we are entitled to 100% of the profits on earnings between $17,000 to $21,000 per day and a 50% profit share on earnings above $17,000 per day from January 2016 to December 2018.


(3)

Upon conclusion of the previous charter, the vessel will commence a short-term charter for up to six months.


(4)

Index, an average of the trailing Baltic Supramax Index.


(5)

The charterer has an option to extend the charter by two periods of 11 to 13 months each.

           

Glossary of Terms:

Ownership days:  The Company defines ownership days as the aggregate number of days in a period during which each vessel in its fleet has been owned. Ownership days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of expenses that is recorded during a period.

Chartered-in under operating lease days: The Company defines chartered-in under operating lease days as the aggregate number of days in a period during which the Company chartered-in vessels.

Available days:  The Company defines available days as the number of ownership days less the aggregate number of days that its vessels are off-hire due to vessel familiarization upon acquisition, scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.

Operating days:  The Company defines operating days as the number of its available days in a period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

Fleet utilization:  The Company calculates fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning. Our fleet continues to perform at very high utilization rates.

Conference Call Information

As previously announced, members of Eagle Bulk's senior management team will host a teleconference and webcast at 8:30 a.m. ET on Friday, November 9th to discuss the results.

To participate in the teleconference, investors and analysts are invited to call 800-561-2693 in the U.S., or 617-614-3523 outside of the U.S., and reference participant code 99522816. A simultaneous webcast of the call, including a slide presentation for interested investors and others, may be accessed by visiting http://www.eagleships.com.  

A replay will be available following the call until 11:59 PM ET on November 15, 2012. To access the replay, call 888-286-8010 in the U.S., or 617-801-6888 outside of the U.S., and reference passcode 94614983.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in New York. The Company is a leading global owner of Supramax dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although Eagle Bulk Shipping Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Eagle Bulk Shipping Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in our vessel operating expenses, including dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by Eagle Bulk Shipping Inc. with the US Securities and Exchange Commission.

Visit our website at www.eagleships.com

SOURCE Eagle Bulk Shipping Inc.

Copyright 2012 PR Newswire



Your Recent History
LSE
GKP
Gulf Keyst..
LSE
QPP
Quindell
FTSE
UKX
FTSE 100
LSE
IOF
Iofina
FX
GBPUSD
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE and AMEX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

1 site:2 in 141101 01:29