Wednesday, March 2, 2011

Eagle Bulk Shipping Inc. - Earnings Estimate For 2010 Q4

For the quarter ended December 31st, 2010, we forecast that Eagle Bulk Shipping Inc. (NASDAQ: EGLE) generated net income of approximately $3,400,000 or basic earnings per common share of $0.05, excluding any effect of the company’s freight trading operations that were established during the previous quarter.

We forecast that the company generated net TCE Revenues of approximately $62,100,000. We also forecast that EBITDA for the quarter was about $33,700,000, and Adjusted EBITDA (for credit agreement purposes) was about $37,000,000.

As of December 31st, 2010 we estimate that the company had total debt of $1.13 billion and total capitalization $1.80 billion. Its debt to total capitalization ratio stood at approximately 62.8%.

EGLE is a publicly traded shipping company that as of December 31st, 2010 owned a modern diversified fleet of 39 supramax-size dry cargo vessels with a total DWT capacity of approximately 2,100,000 MT. It also had on order 7 new building vessels, scheduled for delivery during 2011, with a total DWT capacity of approximately 406,000 MT.