Eagle Bulk Shipping Inc. (EGLE) saw its loss narrow to $11.07 million, or $0.17 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $39.28 million, or $20.77 a share. Revenue during the quarter surged 115.50 percent to $45.86 million from $21.28 million in the previous year period.
Operating loss for the quarter was $4.51 million, compared with an operating loss of $36.46 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $4.55 million compared to negative $14.49 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at 9.93 percent for the quarter compared to negative 68.08 percent in the last year period.
Gary Vogel, Eagle Bulk's chief executive officer, commented, "During the first quarter, Eagle finalized the acquisition of 9 Crown-63 Ultramax dry bulk sister vessels ��" a transaction that will significantly increase our operating scale and provide meaningful exposure to the Ultramax segment. In total over the past year, we have acquired 11 modern Ultramax vessels as part of our fleet renewal and growth strategy which, in conjunction with the continued build-out of our active operator business model and charter-in fleet, is beginning to drive increased revenue. Importantly, these developments are occurring against the backdrop of continued improvement in the dry bulk market itself with respect to both trade demand and vessel supply fundamentals. “Looking ahead, we are increasingly optimistic concerning Eagle’s enviable positioning within the dry bulk market, as well as our ability to generate value for all stakeholders."
Operating cash flow remains negative
Eagle Bulk Shipping Inc. has spent $2.01 million cash to meet operating activities during the quarter as against cash outgo of $19.49 million in the last year period. The company has spent $21.87 million cash to meet investing activities during the quarter as against cash outgo of $0.51 million in the last year period.
Cash flow from financing activities was $93.13 million for the quarter, up 684.22 percent or $81.26 million, when compared with the last year period.
Cash and cash equivalents stood at $145.77 million as on Mar. 31, 2017, up 769.29 percent or $129 million from $16.77 million on Mar. 31, 2016.
Debt moves up marginally
Eagle Bulk Shipping Inc. has witnessed an increase in total debt over the last one year. It stood at $256.83 million as on Mar. 31, 2017, up 1.36 percent or $3.44 million from $253.39 million on Mar. 31, 2016. Eagle Bulk Shipping has witnessed an increase in long-term debt over the last one year. It stood at $256.83 million as on Mar. 31, 2017, up 1.36 percent or $3.44 million from $253.39 million on Mar. 31, 2016. Total debt was 33.29 percent of total assets as on Mar. 31, 2017, compared with 33.17 percent on Mar. 31, 2016. Debt to equity ratio was almost stable at 0.53 as on Mar. 31, 2017, when compared with the last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
