Tuesday, August 7, 2012

Eagle Bulk Shipping Inc. - Earnings Estimate For 2012 Q2

For the quarter ended June 30th, 2012, we estimate that Eagle Bulk Shipping Inc. (NASDAQ: EGLE) generated a net loss of ($14,700,000) or basic earnings per common share of ($0.94). Basic earnings per share reflect the company’s 4:1 reverse stock split during the quarter.

We estimate that the company’s fleet of 45 owned-vessels generated net TCE Revenues of $48,300,000 for an average TCE of $11,850. We also estimate that EBITDA was $16,200,000, and Adjusted EBITDA (for credit agreement purposes – excludes stock compensation expense) was $19,300,000.

According to our estimates, EGLE had approximately $34,000,000 cash on hand (including restricted cash), as of the end of the quarter.

Eagle Bulk Shipping owns a fleet of 45 SUPRAMAX dry cargo vessels with a total DWT capacity of approximately 2,450,000 MT, and an average age per vessel of 5.3 years as of June 30th, 2012.