Thursday, November 8, 2012

Eagle Bulk Shipping Inc. - Earnings Estimate for 2012 Q3

For the quarter ended September 30th, 2012, we estimate that Eagle Bulk Shipping Inc. (NASDAQ: EGLE) generated a net loss of ($31,000,000) or basic earnings per common share of ($1.85). Basic earnings per share reflect the company’s 4:1 reverse stock split during the second quarter.

We estimate that the company’s fleet of 45 owned-vessels generated net TCE Revenues of $41,000,000 for an average TCE of $9,900. We also estimate that EBITDA was $9,700,000, and Adjusted EBITDA (for credit agreement purposes – excludes stock compensation expense) was $12,150,000.

According to our estimates, EGLE burned through $1,800,000 in cash for its operating activities during the third quarter, and had approximately $12,500,000 cash on hand (including restricted cash), as of September 30th, 2012.

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 5.5 years as of September 30th, 2012.

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