Welcome to our dedicated page for Eagle Bulk Shipping news (Ticker: EGLE), a resource for investors and traders seeking the latest updates and insights on Eagle Bulk Shipping stock.
Eagle Bulk Shipping Inc. (NASDAQ: EGLE), headquartered in Stamford, Connecticut, is a leading US-based provider of global transportation solutions for dry bulk commodities. With additional offices in Singapore and Copenhagen, Eagle focuses on the versatile midsize dry bulk vessel segment, operating one of the largest fleets of Supramax and Ultramax vessels worldwide.
The company’s core business involves the transportation of bulk commodities such as coal, grain, iron ore, steel, cement, and forest products. Eagle performs all management services in-house, covering strategic, commercial, operational, technical, and administrative functions. This integrated approach allows the company to optimize revenue performance and maximize earnings on a risk-managed basis.
Recently, Eagle Bulk Shipping Inc. adopted a Limited Duration Shareholder Rights Plan to protect the interests of its shareholders. This move, supported by outside legal and financial advisors, aims to ensure shareholders can realize the value of their investments while minimizing disruption from significant share sales.
Eagle Bulk’s financial condition remains robust, with a reported total liquidity of approximately $188 million as of March 31, 2023. The company continues to pursue its growth and renewal strategies, including the acquisition of 33 additional ships. The company maintains a balanced capital allocation strategy, which includes a dividend policy of 30% of net income and continued repayment of term debt.
Looking ahead, Eagle Bulk aims to capitalize on historically strong supply-side fundamentals to further enhance its Net Asset Value (NAV) per share and Earnings Per Share (EPS). The company remains committed to acting opportunistically to create value for its shareholders.
For more details and the latest updates, visit the company’s website.
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) announced the delivery of the M/V Antwerp Eagle, a 2015-built Ultramax vessel fitted with a scrubber, acquired in May. Following this acquisition, the company's fleet totals 53 vessels, with an average age of 8.8 years. Eagle is a leading owner-operator in the mid-size drybulk segment, providing global transportation solutions to diverse customers including miners and traders. The company manages all operations in-house, aiming to optimize revenue and maximize earnings through active fleet management.
Eagle Bulk Shipping reported robust Q2 2021 results, with net income of $9.2 million ($0.76/share), a significant turnaround from a net loss of $20.5 million in Q2 2020. Revenue surged to $129.9 million, driven by increased charter rates and high demand for dry bulk commodities, achieving an average TCE of $21,580/day. Adjusted EBITDA rose to $62.7 million, reflecting the positive market dynamics. The company raised $27.4 million from equity offerings at $47.97/share and strengthened its fleet with new vessel acquisitions worth $44 million. Management remains optimistic about future market conditions.
Eagle Bulk Shipping Inc. (Nasdaq: EGLE) will announce its second-quarter financial results after the market closes on August 5, 2021. A teleconference and webcast are scheduled for August 6, 2021, at 8:00 a.m. ET, where senior management will discuss the results. Investors can join by calling +1 844-282-4411 (U.S.) or +1 512-900-2336 (international) using participant code 3636539. A replay will be available from August 6 to August 16, 2021. Eagle Bulk operates a large fleet of mid-size drybulk vessels, providing transportation solutions globally.
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) announced a secondary public offering of 1,695,182 shares at $46.50 each, exceeding the initial size of 1,500,000 shares. The offering is led by GoldenTree Asset Management, with a 30-day option for underwriters to buy an additional 254,277 shares. The offering is expected to close on July 2, 2021, and the company will not receive any proceeds as the sale is by existing shareholders. Morgan Stanley acts as the sole book runner. This move aims to provide liquidity to the selling shareholders.
Eagle Bulk Shipping Inc. (NASDAQ: EGLE) announced plans for a secondary public offering of 1,500,000 shares of common stock, managed by GoldenTree Asset Management LP. The underwriter, Morgan Stanley, has an option to purchase an additional 225,000 shares. GoldenTree currently holds approximately 22.6% of Eagle Bulk's outstanding shares. The offering will not yield proceeds for Eagle Bulk as it involves only the selling shareholders. A registration statement has been filed with the SEC, and potential investors are urged to review the preliminary prospectus for detailed information.
Eagle Bulk Shipping Inc. has acquired two 2015-built scrubber-fitted Ultramax bulkcarriers for $44 million, expected to be delivered in Q3 2021. The vessels, renamed M/V Antwerp Eagle and M/V Valencia Eagle, were built by Jiangsu Hantong Ship Heavy Industry. The purchase will be funded by cash raised through an equity issuance of 475,894 shares at an average price of $47.39, totaling $22.5 million. The company also plans to sell the older M/V Tern for $9.7 million, enhancing fleet efficiency with an average age of 8.7 years across 53 ships after these transactions.
Eagle Bulk Shipping reported Q1 2021 financial results showing significant growth driven by increased demand for commodities and higher freight rates. The company achieved net revenues of $96.6 million and a net income of $9.8 million or $0.84 per share, reversing a loss from Q1 2020. Time Charter Equivalent (TCE) revenue surged by 50% year-on-year to $15,124/day. Fleet utilization remained high at 99.4%, and the company secured a $35 million credit facility, indicating strong liquidity.
Eagle Bulk Shipping Inc. (Nasdaq: EGLE) will announce its financial results for Q1 2021 after market close on May 6, 2021. The senior management will host a teleconference at 8:00 a.m. ET on May 7, 2021, to discuss these results. Investors can join the call by dialing +1 844-282-4411 in the U.S. or +1 512-900-2336 internationally, using participant code 1772565. A replay will be available from May 7 to May 17, 2021. Eagle Bulk operates a large fleet of mid-size drybulk vessels, providing global transportation solutions.
Eagle Bulk Shipping (NASDAQ: EGLE) announced that CEO Gary Vogel will participate in a Bloomberg Intelligence Webinar titled “Will Dry Bulk Finally Deliver?” on April 1, 2021, at 10:30 AM ET. The one-hour webinar, hosted by Bloomberg's Lee Klaskow, will cover the drybulk shipping market dynamics, Eagle's strategy, and future market prospects for 2021 and beyond. The event will be available live and for on-demand replay via Bloomberg’s website. Eagle Bulk is a leading shipowner-operator in the Supramax/Ultramax drybulk segment, headquartered in Stamford, Connecticut.
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