Wednesday, August 7, 2013

Eagle Bulk Shipping: Settlement Gain for 2013 Q2

During the second quarter of 2013, Eagle Bulk Shipping (EGLE) was issued 538,751 shares of Korea Line Corporation (KLC), as part of its final settlement with the beleaguered Korean charterer. I estimate that EGLE will report a one-time settlement gain of $26,400,000 or $1.56 per share to reflect the incremental gain from the issuance of the above shares.

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