Monday, May 9, 2011

Eagle Bulk Shipping Inc. - Earnings Estimate For 2011 Q1

For the quarter ended March 31st, 2011, we forecast that Eagle Bulk Shipping Inc. (NASDAQ: EGLE) generated net loss of approximately $1,800,000 or $0.03 basic net loss per common share. Our forecast excludes the effect of the company’s freight trading operations that were established during the third quarter of last year. Our forecast also excludes any provision against non-collectible hire due to Korea Line’s bankruptcy.

We forecast that the company’s fleet of 40 vessels generated net TCE Revenues of approximately $55,800,000 or the equivalent TCE of $16,160. We also forecast that EBITDA for the quarter was about $24,500,000, and Adjusted EBITDA (for credit agreement purposes) was about $27,300,000.

As of March 31st, 2011, we estimate that the company had total debt of $1.15 billion and total capitalization of $1.82 billion. We also estimate that its debt to total capitalization ratio stood at approximately 63.1%.

About Eagle Bulk Shipping Inc.: EGLE is a publicly traded shipping company that as of March 31st, 2011 owned a modern diversified fleet of 40 supramax-size dry cargo vessels with a total DWT capacity of approximately 2,160,000 MT. It also had on order 6 new building vessels, scheduled for delivery during 2011, with a total DWT capacity of approximately 348,000 MT.