Eagle Bulk Shipping Inc (NYSE: EGLE) |
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Price: $62.6000
$0.23
0.369%
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Day's High:
| $63
| Week Perf:
| 1.34 %
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Day's Low: |
$ 61.39 |
30 Day Perf: |
0.3 % |
Volume (M): |
2,855 |
52 Wk High: |
$ 65.09 |
Volume (M$): |
$ 178,717 |
52 Wk Avg: |
$61.27 |
Open: |
$62.73 |
52 Wk Low: |
$54.80 |
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Market Capitalization (Millions $) |
726 |
Shares
Outstanding (Millions) |
12 |
Employees |
116 |
Revenues (TTM) (Millions $) |
394 |
Net Income (TTM) (Millions $) |
23 |
Cash Flow (TTM) (Millions $) |
-69 |
Capital Exp. (TTM) (Millions $) |
1 |
Eagle Bulk Shipping Inc
Eagle Bulk Shipping Inc., incorporated under the laws of the Republic of the
Marshall Islands and headquartered in New York City, is engaged primarily in
the ocean transportation of a broad range of major and minor bulk cargoes, including
iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.
We operate in the Handymax sector of the dry bulk industry, with particular
emphasis on the Supramax class of vessels. We own one of the largest fleets
of Supramax dry bulk vessels in the world. Supramax dry bulk vessels range in
size from 50,000 to 60,000 deadweight tons, or dwt. These vessels have the cargo
loading and unloading flexibility of on-board cranes while offering cargo carrying
capacities approaching that of Panamax dry bulk vessels, which range in size
from 60,000 to 100,000 dwt and must rely on port facilities to load and offload
their cargoes. We believe that the cargo handling flexibility and cargo carrying
capacity of the Supramax class vessels make them attractive to charterers.
We believe that we have a number of strengths that provide us with a competitive
advantage in the dry bulk shipping industry, including:
A fleet of Supramax dry bulk vessels. We specialize in the Supramax class of
the Handymax sector of the dry bulk industry. Our operating fleet of 45 vessels
at December 31, 2014 makes us one of the worlds largest fleets of vessels in
that sector. We view Handymax vessels, especially the Supramax class of vessels,
as a highly attractive sector of the dry bulk shipping industry relative to
larger vessel sectors due to their:
reduced volatility in charter rates compared to other classes of vessels;
increased operating flexibility;
ability to access more ports;
ability to carry a more diverse range of cargoes; and
broader customer base.
A modern, high quality fleet. The 45 Handymax vessels in our operating fleet
at December 31, 2014 had an average age of approximately 7.6 years compared
to an average age for the world Handymax dry bulk fleet of approximately 8.9
years. In 2011, we completed our Supramax vessel newbuilding program, pursuant
to which we took delivery of 27 Supramax newbuilding vessels from 2008 to 2011.
We believe that owning a modern, high quality fleet reduces operating costs,
improves safety and provides us with a competitive advantage in securing employment
for our vessels. Our fleet was built to high standards and all of our vessels
were built at leading Japanese and Chinese shipyards, including Mitsui Engineering
and Shipbuilding Co., Ltd., and Oshima Shipbuilding Co., Ltd. The newbuilding
vessels were built at premier shipyards in, IHI Marine United, Japan and Yangzhou
Dayang Shipbuilding Co. Ltd, China.
A fleet of sister and similar ships allows us to maintain low cost, highly efficient
operations. Our current operating fleet of 45 vessels includes eight identical
sister ships built at the Mitsui shipyard based on the same design specifications,
two sets of five and 17 identical sister ships built at Dayang shipyard, five
identical sister ships built at IHI Marine United shipyard, and three similar
ships built at the Oshima shipyard that use many of the same parts and equipment.
In addition, we charter-in a 37,000 dwt newbuilt Japanese vessel. Operating
sister and similar ships provides us with operational and scheduling flexibility,
efficiencies in employee training and lower inventory and maintenance expenses.
We believe that this should allow us both to increase revenue and lower operating
costs. We intend to actively monitor and control vessel operating expenses while
maintaining the high quality of our fleet through regular inspection and maintenance
programs. We also intend to take advantage of savings that result from the economies
of scale that the third party technical managers provide us through access to
bulk purchasing of supplies, quality crew members and a global service network
of engineers, naval architects and port captains.
Balanced charter program. Our strategy is to balance our revenues between mid-term
time charters, short-term time charters, voyage charters and pool arrangements
to maximize our financial performance throughout shipping cycles. The Company
has been executing its commercial strategy by trading in the spot market through
spot market-related time charters on voyages, short time charters, index charters,
and pool charters. We have entered into either time charter, or voyage charter
employment, or pool contracts for all the vessels in our operating fleet. The
vessels that are on charters whose revenues are linked to the Baltic Supramax
index generally have durations of one-year or less. These index-linked charters,
voyage charters and pool contracts can provide us with revenue upside assuming
the market improves. We regularly monitor the dry bulk shipping market and based
on market conditions we may consider taking advantage of long-term charter rates
when appropriate.
Expand our fleet through selective acquisitions of dry bulk vessels. Depending
on market conditions, we intend to acquire additional modern, high-quality vessels
through timely and selective acquisitions in a manner that is accretive to our
cash flows. We expect to focus primarily in the Handymax sector of the dry bulk
shipping industry, and in particular on Supramax class vessels. We may also
consider acquisitions of other sizes of dry bulk vessels, but not tankers.
Our strategy is to balance our revenues between mid-term time charters, short-term
time charters, voyage charters and pool arrangements to maximize our financial
performance throughout shipping cycles. The Company has been executing its commercial
strategy by trading in the spot market through spot market-related time charters
on voyage charters, short time charters, index charters, and pool arrangements.
We have entered into either time charter, or voyage charter employment, or pool
contracts for all the vessels in our operating fleet. The vessels that are on
charters whose revenues are linked to the Baltic Supramax index generally have
durations of one-year or less. These index-linked charters, voyage charters
and pool contracts provide us with revenue upside assuming the market improves.
We regularly monitor the dry bulk shipping market and based on market conditions
we may consider taking advantage of long-term charter rates when appropriate.
Under a pool arrangement, the vessels operate under a time charter agreement
with the Pool Manager. The members of the pool share in the revenue generated
by the entire group of vessels in the pool, and the pool may operate either
in the time charter or spot market in which case the cost of bunkers and port
costs are borne by the pool and the net pool revenue is distributed as time
charter hire to each participant. To the extent the vessels are operated in
the spot market, they are subject to the fluctuations of the spot market. The
operating costs including crews, maintenance and insurance are typically paid
by the owner of the vessel.
We believe that this structure provides significant visibility to our future
financial results and allows us to take advantage of the relatively stable cash
flows and high utilization rates that are associated with medium-term time charters,
while at the same time providing us with the revenue upside potential from the
index-linked or short-term time charters or voyage charters or pool arrangements.
We regularly monitor the dry bulk shipping market and based on market conditions
we may consider taking advantage of long-term charter rates.
A time charter involves the hiring of a vessel from its owner for a period of
time pursuant to a contract under which the vessel owner places its ship (including
its crew and equipment) at the service of the charterer. Under a typical time
charter, the charterer periodically pays us a fixed or an index-based daily
charter hire rate and bears all voyage expenses, including the cost of fuel
and port and canal charges. Once we have time chartered-out a vessel, trading
of the vessel and the commercial risks shift to the customer. Subject to certain
restrictions imposed by us in the contract, the charterer determines the type
and quantity of cargo to be carried and the ports of loading and discharging.
We have established our own in-house technical management capability, through
which we provide technical management services to several of our and related
party vessels. We have contracted the technical operations of a portion of our
vessels to third-party vessel managers, and oversee the technical operation
and navigation of the vessel at all times, including monitoring vessel operating
expenses, such as the cost of crewing, insuring, repairing and maintaining the
vessel, costs of spare parts and supplies, tonnage taxes and other miscellaneous
expenses.
Company Address: 300 First Stamford Place Stamford 6902 CT
Company Phone Number: 276?8100 Stock Exchange / Ticker: NYSE EGLE
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Customers recorded net loss |
Customers recorded net loss |
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Stock Performances by Major Competitors |
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Merger and Acquisition
Published Fri, Apr 5 2024 1:12 PM UTC
On April 5, 2024, Eagle Bulk Shipping Inc. announced that its shareholders voted in favor of the Agreement and Plan of Merger with Star Bulk Carriers Corp. This merger proposal and the authorization to issue shares upon potential future conversion of the Company s Convertible Senior Notes were approved at the special meeting of shareholders. Eagle Bulk Shipping Inc. oper...
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Eagle Bulk Shipping Inc
The recent financial results of Eagle Bulk Shipping Inc have been met with mixed reactions, as the company reported a revenue reduction of -30.937% in the fourth quarter of 2023. This decline in earnings by -61.8% has raised concerns among investors and analysts alike. Despite this, the company did show some improvement in its revenue compared to the previous quarter, indicating a possible turnaround in the future. The strategic collaboration between Star Bulk and Eagle Bulk Shipping, resulting in the merger of their fleets of owned vessels, is seen as a significant move that will redefine the dry bulk shipping industry. The combined entity, now boasting a total of 169 vessels, is expected to benefit from economies of scale, operational efficiency, and enhanced market positioning. The inclusion of scrubber-fitted vessels also aligns the conglomerate with environmental regulations on emissions control, further solidifying their commitment to sustainability.
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Merger and Acquisition
Published Mon, Dec 11 2023 9:30 PM UTC
In a monumental move set to redefine the landscape of the dry bulk shipping industry, Star Bulk and Eagle Bulk Shipping have embarked on a strategic collaboration, merging their leading, diversified, and scrubber-fitted fleets of 169 owned vessels. This ground-breaking alliance not only unites two industry behemoths but also creates an unrivaled global leader in th...
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Eagle Bulk Shipping Inc
Eagle Bulk Shipping Inc (EGLE), one of the largest owner-operators in the midsize dry bulk vessel segment, recently reported its financial results for the quarter ending September 30, 2023. The numbers paint a bleak picture for the company, as it slipped into a significant shortfall of $0.55 per share compared to a profit of $4.77 per share in the same period last year. Additionally, its income per share dropped from $1.21 per share in the previous reporting period. One of the most concerning aspects of EGLE's performance is its plummeting revenue. In the corresponding reporting period a year ago, the company generated $185.31 million in revenue. However, this year, its revenue took a sharp nosedive of -55.424%, falling to $82.61 million. Sequentially, there was a further decline of -18.539% from $101.41 million. These numbers are indicative of a severe decline in demand for EGLE's services and a lack of profitability.
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Eagle Bulk Shipping Inc
Financial News Report: Eagle Bulk Shipping Inc's Q2 2023 Earnings Decline Significantly, Revenue and Margins Shrink In the second quarter of 2023, Eagle Bulk Shipping Inc (EGLE) experienced a significant decline in earnings per share (EPS) of -79.03%, dropping to $1.21 per share compared to $5.77 per share in the same period the previous year. However, it is worth noting that EPS improved by an impressive 404.17% from $0.24 per share from the prior reporting season. The company also witnessed a considerable decrease in revenue, with a decline of -48.964% to $101.41 million compared to $198.70 million in the corresponding reporting season a year before. Additionally, revenue sequentially decreased by -3.605% from $105.20 million.
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Per Share |
Current |
Earnings (TTM) |
1.43 $ |
Revenues (TTM) |
33.96 $
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Cash Flow (TTM) |
- |
Cash |
10.23 $
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Book Value |
51.76 $
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Dividend (TTM) |
1.45 $ |
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Per Share |
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Earnings (TTM) |
1.43 $
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Revenues (TTM) |
33.96 $ |
Cash Flow (TTM) |
- |
Cash |
10.23 $
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Book Value |
51.76 $ |
Dividend (TTM) |
1.45 $ |
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