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 617-614-3523outside 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
888-286-8010in 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.