Eagle Bulk Shipping Inc. Reports Second Quarter 2013 Results

NEW YORK, Aug. 7, 2013 /PRNewswire/ -- Eagle Bulk Shipping Inc. (Nasdaq: EGLE) today announced its results for the second quarter ended June 30, 2013. 

For the Second Quarter:

  • Net reported loss of $3.0 million or $0.18 per share (based on a weighted average of 16,968,750 diluted shares outstanding for the quarter), compared with net loss of $23.1 million, or $1.46 per share, for the comparable quarter of 2012.
  • Net revenues of $44.2 million, compared to $48.5 million for the comparable quarter in 2012. Gross time charter and freight revenues of $45.8 million, compared with $50.5 million for the comparable quarter of 2012.
  • EBITDA, as adjusted for exceptional items under the terms of the Company's credit agreement, was $38.6 million for the second quarter of 2013, compared with $10.0 million for the second quarter of 2012.
  • Fleet utilization rate of 99.8%.

Sophocles N. Zoullas, Chairman and CEO, commented, "While dry bulk fundamentals remain challenging, Eagle Bulk's operating strategy is steady: a flexible and revenue-maximizing chartering strategy, a diversified cargo mix that promotes stability through a range of market conditions, and operational excellence and efficiency." 

Results of Operations for the three-month period ended June 30, 2013 and 2012

For the second quarter of 2013, the Company reported net loss of $3,039,067 or $0.18 per share, based on a weighted average of 16,968,750 diluted shares outstanding. In the comparable second quarter of 2012, the Company reported net loss of $23,106,239 or $1.46 per share, based on a weighted average of 15,880,392 diluted shares outstanding.

Gross time and voyage charter revenues in the quarter ended June 30, 2013 were $45,842,553, compared with $50,537,281 recorded in the comparable quarter in 2012. The decrease in revenue is attributable to lower time charter rates earned by the fleet. Gross revenues recorded in the quarter ended June 30, 2012 include an amount of $1,205,276 relating to the non-cash amortization of fair value below contract value to time charters acquired. Brokerage commissions incurred on revenues earned in the quarter ended June 30, 2013 and 2012 were $1,602,408 and $2,000,048, respectively. Net revenues during the quarter ended June 30, 2013 and 2012 were $44,240,145 and $48,537,233, respectively.

Total operating expenses for the quarter ended June 30, 2013 were $26,581,036 compared with $59,605,359 recorded in the second quarter of 2012. The Company operated 45 vessels in both second quarters of 2013 and 2012. The decrease in operating expenses resulted primarily from a gain on the time charter agreement termination with KLC of $25,629,584, and further from a reduction in the general and administrative expenses resulting from a reduction in the allowance for accounts receivable, professional fee costs and compensation expenses. The decrease in vessel expenses in the current quarter is attributable to efficiencies achieved through performing in-house technical management by transferring six additional vessels from one of our unaffiliated third party managers.

EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, was $38,620,181 for the second quarter of 2013, compared with $9,969,683 for the second quarter of 2012. (Please see below for a reconciliation of EBITDA to loss).

Results of Operations for the six-month period ended June 30, 2013 and 2012

For the six months ended June 30, 2013, the Company reported net loss of $1,664,797 or $0.10 per share, based on a weighted average of 16,967,418 diluted shares outstanding. In the comparable period of 2012, the Company reported net loss of $40,539,768 or $2.56 per share, based on a weighted average of 15,815,594 diluted shares outstanding.

Gross time and voyage charter revenues in the six-month period ended June 30, 2013 were $119,461,544, compared with $105,360,411 recorded in the comparable period in 2012. The increase in revenue is attributable to the settlement agreement with KLC, pursuant to which the Company recognized revenue of approximately $32.8 million, offset by lower time charter rates earned by the fleet. Gross revenues recorded in the period ended June 30, 2013 and 2012, include an amount of $10,280,559 and $2,434,040, respectively, relating to the non-cash amortization of fair value below contract value of time charters acquired of which $10,106,247 relates to the KLC settlement agreement in the quarter ended March 31, 2013. Brokerage commissions incurred on revenues earned in the period ended June 30, 2013 and 2012 were $2,999,046 and $4,206,778, respectively. Net revenues during the period ended June 30, 2013 and 2012, were $116,462,498 and $101,153,633, respectively.

Total operating expenses were $74,001,327 in the six-month period ended June 30, 2013 compared to $119,723,715 recorded in the same period of 2012. The Company operated 45 vessels in both six-month periods of 2013 and 2012. The decrease in operating expenses resulted primarily from a gain realized from the settlement agreement with KLC of $28,961,276. The decrease in general and administrative expenses resulted from a reduction in allowance for accounts receivable, professional fee costs and compensation expenses. The decrease in vessel expenses in the six-month period is attributable to efficiencies achieved through performing in-house technical management by transferring six additional vessels from one of our unaffiliated third party managers. In addition, there was a reduction in charter hire expenses as none was incurred during the six-month period ended June 30, 2013.

EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, increased to $71,144,894 for the six months ended June 30, 2013 from $23,783,682 for the same period in 2012. (Please see below for a reconciliation of EBITDA to net loss).

Liquidity and Capital Resources

Net cash provided by operating activities during the six-month period ended June 30, 2013 was $1,513,647, compared with net cash used by operating activities of $1,463,360 during the corresponding six-month period ended June 30, 2012. The increase was primarily due to reductions in cost of operating our fleet, reductions in general and administrative expenses and partially offset by lower rates on charter renewals.

Net cash provided by investing activities during the six-month period ended June 30, 2013, was $113,926, compared with $309,866 during the corresponding six-month period ended June 30, 2012.

Net cash used by financing activities during the six-month period ended June 30, 2013 and 2012 was $126,535 and $6,773,199, respectively.  The financing activity during the six-month period ended June 30, 2012, related primarily to the additional expenses incurred related to the amendment and restatement of the Company's credit agreement.

As of June 30, 2013, our cash balance was $19,621,006, compared to a cash balance of $18,119,968 at December 31, 2012.  Also recorded in Restricted Cash is an amount of $66,243, which collateralizes letters of credit relating to our office leases.

At June 30, 2013, the Company's debt consisted of $1,129,478,741 in term loans and $29,853,031 paid-in-kind loans.

We anticipate that our current financial resources, together with cash generated from operations will be sufficient to fund the operations of our fleet, including our working capital, throughout 2013. The general decline in the dry bulk carrier charter market has resulted in lower charter rates for vessels in the dry bulk market. If the current charter hire rates do not improve for the remainder of 2013 and in the first quarter of 2014, the Company will not be in compliance with the maximum leverage ratio and the minimum interest coverage ratio covenants under our credit agreement at or after March 31, 2014; and, if charter rates deteriorate significantly from current levels or if we are unable to achieve our cost cutting measures, the Company may not be in compliance with the maximum leverage ratio or the minimum interest coverage ratio covenants in 2013. Although there is no assurance that we will be successful in doing so, we are evaluating asset sales, equity and debt financing alternatives that could raise incremental cash.

Disclosure of Non-GAAP Financial Measures

EBITDA represents operating earnings before extraordinary items, depreciation and amortization, interest expense, and income taxes, if any. EBITDA is included because it is used by certain investors to measure a company's financial performance. EBITDA is not an item recognized by U.S. GAAP and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. EBITDA is presented to provide additional information with respect to the Company's ability to satisfy its obligations including debt service, capital expenditures, and working capital requirements. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used herein may not be comparable to that used by other companies due to differences in methods of calculation.

Our term loan agreement requires us to comply with financial covenants based on debt and interest ratio with extraordinary or exceptional items, interest, taxes, non-cash compensation, depreciation and amortization ("Credit Agreement EBITDA"). Therefore, we believe that this non-U.S. GAAP measure is important for our investors as it reflects our ability to meet our covenants. The following table is a reconciliation of net loss, as reflected in the consolidated statements of operations, to the Credit Agreement EBITDA:


Three Months Ended

Six Months Ended


June 30, 2013

June 30, 2012

June 30, 2013

June 30, 2012

Net Loss


$(3,039,067)


$(23,106,239)


$(1,664,797)


$(40,539,768)

Interest Expense


20,689,110


12,053,342


41,228,145


23,014,252

Depreciation and Amortization


19,159,955


19,427,957


38,096,532


38,861,314

Amortization of fair value (below) above market of time charter acquired


 

-


(1,205,276)


 

(10,280,560)


(2,434,040)

EBITDA


36,809,998


7,169,784


67,379,320


18,901,758

Adjustments for Exceptional Items









Non-cash Compensation Expense (1)


1,810,183


2,799,899


3,765,574


4,881,924

Credit Agreement EBITDA


$38,620,181


$9,969,683


$71,144,894


$23,783,682

 (1)  Stock based compensation related to stock options and restricted stock units.

Capital Expenditures and Drydocking

Our capital expenditures relate to the purchase of vessels and capital improvements to our vessels which are expected to enhance the revenue earning capabilities and safety of these vessels.

In addition to acquisitions that we may undertake in future periods, the Company's other major capital expenditures include funding the Company's maintenance program of regularly scheduled drydocking necessary to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations. Although the Company has some flexibility regarding the timing of its dry docking, the costs are relatively predictable. Management anticipates that vessels are to be drydocked every two and a half years. Funding of these requirements is anticipated to be met with cash from operations. We anticipate that this process of recertification will require us to reposition these vessels from a discharge port to shipyard facilities, which will reduce our available days and operating days during that period.

Drydocking costs incurred are amortized to expense on a straight-line basis over the period through the date of the next scheduled drydock. One vessel drydocked in the three months ended June 30, 2013. The following table represents certain information about the estimated costs for anticipated vessel drydockings in the next four quarters, along with the anticipated off-hire days:

Quarter Ending

Off-hire Days(1)

Projected Costs(2)

September 30, 2013

44

$1.20 million

December 31, 2013

44

$1.20 million

March 31, 2014

44

$1.20 million

June 30, 2014

22

$0.60 million




(1) Actual duration of drydocking will vary based on the condition of the vessel,
         yard schedules and other factors

(2) Actual costs will vary based on various factors, including where the
         drydockings are actually performed

 

Summary Consolidated Financial and Other Data:

The following table summarizes the Company's selected consolidated financial and other data for the periods indicated below.

 

CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)





 

Three Months Ended

 

Six Months Ended


June 30, 2013

June 30, 2012

June 30, 2013

June 30, 2012











Revenues, net of commissions

$44,240,145

$48,537,233

$116,462,498

$101,153,633






Voyage expenses

7,400,902

6,888,920

15,605,559

13,890,624

Vessel expenses

20,833,766

23,869,262

41,328,178

46,311,324

Charter hire expenses

606,573

Depreciation and amortization

19,159,955

19,427,957

38,096,532

38,861,314

General and administrative expenses

4,815,997

9,419,220

7,932,334

20,053,880

Gain on time charter agreement termination

 

(25,629,584)

 

 

(28,961,276)

 






    Total operating expenses

26,581,036

59,605,359

74,001,327

119,723,715











Operating income (loss)

17,659,109

(11,068,126)

42,461,171

(18,570,082)






Interest expense

20,689,110

12,053,342

41,228,145

23,014,252

Interest income

(4,284)

(8,153)

(68,454)

(16,191)






Other (Income) expense

13,350

(7,076)

2,966,277

(1,028,375)

    Total other expense, net

20,698,176

12,038,113

44,125,968

21,969,686






Net loss

$(3,039,067)

$(23,106,239)

$(1,664,797)

$(40,539,768)






 

Weighted average shares outstanding:










Basic

16,968,750

15,880,392

16,967,418

15,815,594

Diluted

16,968,750

15,880,392

16,967,418

15,815,594

 

Per share amounts:










Basic net loss

$(0.18)

$(1.46)

$(0.10)

$(2.56)

Diluted net loss

$(0.18)

$(1.46)

$(0.10)

$(2.56)
















 

Fleet Operating Data


Three Months Ended

Six Months Ended


June 30, 2013

June 30, 2012

June 30, 2013

June 30, 2012

Ownership Days

4,095

4,095

8,145

8,190

Chartered-in under operating lease Days

-

-

-

32

Available Days

4,053

4,081

8,083

8,175

Operating Days

4,044

4,062

8,036

8,103

Fleet Utilization

99.8%

99.5%

99.4%

99.1%

 

CONSOLIDATED BALANCE SHEETS
(UNAUDITED)






 June 30, 2013


December 31, 2012

ASSETS:




Current assets:




Cash and cash equivalents

$19,621,006


$18,119,968

Accounts receivable, net

12,973,504


9,303,958

Prepaid expenses

4,120,630


3,544,810

Inventories

11,815,111


12,083,125

Investment

33,939,835


197,509

Fair value above contract value of time charters acquired

-


549,965

          Total current assets

82,470,086


43,799,335

Noncurrent assets:




Vessels and vessel improvements, at cost, net of accumulated

  depreciation of $351,835,709  and $314,700,681, respectively

 

1,677,264,725


 

1,714,307,653

Other fixed assets, net of accumulated amortization of $606,606 and  $515,896, respectively

360,793


447,716

Restricted cash

66,243


276,056

Deferred drydock costs

2,699,884


2,132,379

Deferred financing costs

20,946,561


25,095,469

Fair value above contract value of time charters acquired


2,491,530

Other assets

844,266


594,012

         Total noncurrent assets

1,702,182,472


1,745,344,815





Total assets

$1,784,652,558


$1,789,144,150





LIABILITIES & STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable

$8,236,022


$10,235,007

Accrued interest

996,242


2,430,751

Other accrued liabilities

10,791,942


14,330,141

Deferred revenue and fair value below contract value of time charters acquired


3,237,694

Unearned charter hire revenue

3,904,870


3,755,166

Fair value of derivative instruments

657,346


2,243,833





         Total current liabilities

24,586,422


36,232,592

Noncurrent liabilities:




Long-term debt

1,129,478,741


1,129,478,741

Payment-in-kind loans

29,853,031


15,387,468

Deferred revenue and fair value below contract value of time charters acquired


13,850,772





         Total noncurrent liabilities

1,159,331,772


1,158,716,981

Total liabilities

1,183,918,194


1,194,949,573

Commitment and contingencies




Stockholders' equity:




Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued


Common stock, $.01 par value, 100,000,000 shares authorized, 16,658,417 and 16,638,092  shares issued and outstanding, respectively

 

166,581


 

166,378

Additional paid‑in capital

765,999,866


762,313,030

Retained earnings (net of historical dividends declared of $262,118,388)

(166,940,186)


(165,275,389)

Accumulated other comprehensive income (loss)

1,508,103


(3,009,442)

         Total stockholders' equity

600,734,364


594,194,577

Total liabilities and stockholders' equity

$1,784,652,558


$1,789,144,150

 

CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)





Six Months Ended



June 30, 2013


June 30, 2012

Cash flows from operating activities:




Net loss

$(1,664,797)


$(40,539,768)

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:




Items included in net loss not affecting cash flows:




Depreciation

37,225,738


37,456,975

Amortization of deferred drydocking costs

870,794


1,404,339

Amortization of deferred financing costs

4,164,908


2,332,293

Amortization of fair value below contract value of time charter acquired

(10,280,559)


(2,434,040)

Payment-in-kind interest on debt

14,465,563


707,688

Unrealized gain from forward freight agreements, net


246,110

Investment

(4,925,953)


Realized loss from investment

2,966,277


Proceeds from sale of investment

109,685


Gain on time charter agreement termination

(28,961,276)


Allowance for accounts receivable


5,339,080

Non‑cash compensation expense

3,765,574


4,881,924

Drydocking expenditures

(1,438,299)


(1,168,164)

Changes in operating assets and liabilities:




Accounts receivable

(3,669,546)


(1,628,529)

Other assets

(250,254)


305,195

Prepaid expenses

(575,820)


(1,078,275)

Inventories

268,014


(1,498,568)

Accounts payable

(1,998,985)


(4,013,683)

Accrued interest

(1,434,509)


251,796

Accrued expenses

(3,506,199)


(21,678)

Deferred revenue

(3,766,413)


(312,865)

Unearned revenue

149,704


(1,693,190)





Net cash provided by (used in) operating activities

1,513,647


(1,463,360)





  Cash flows from investing activities:




Vessels and vessel improvements and advances for vessel construction

(92,100)


(58,520)

Purchase of other fixed assets

(3,787)


(10,141)

Changes in restricted cash

209,813


378,527





Net cash provided by investing activities

113,926


309,866





Cash flows from financing activities:




Deferred financing costs

(48,000)


(6,773,199)

Cash used to settle net share equity awards

(78,535)






Net cashused in financing activities

(126,535)


(6,773,199)





Net increase / (decrease) in cash

1,501,038


(7,926,693)

Cash at beginning of period

18,119,968


25,075,203





Cash at end of period

$19,621,006


$17,148,510










We have employed all of our vessels in our operating fleet on time and voyage charters. The following table represents certain information about our revenue earning charters with respect to our operating fleet as of June 30, 2013:

Vessel


Year

Built



 Dwt


 Charter Expiration (1)



 Daily Charter Hire Rate














Avocet


2010



53,462


Jul 2013


$

10,100(2)
















Bittern


2009



57,809


Aug 2013


$

7,000
















Canary


2009



57,809


Jul 2013


$

12,500(2)
















Cardinal


2004



55,362


Jul 2013


$

8,000
















Condor


2001



50,296


 Jul 2013


$

10,200(2)
















Crane


2010



57,809


Aug 2013


$

9,500
















Crested Eagle


2009



55,989


Oct 2013 to Dec 2013


$

8,000
















Crowned Eagle


2008



55,940


Jul 2013


$

7,000(2)
















Egret Bulker 


2010



57,809


Aug 2013 


$

10,250
















Falcon


2001



50,296


Jul 2013


$

7,200(2)
















Gannet Bulker


2010



57,809


Aug 2013


$

6,500
















Golden Eagle


2010



55,989


Aug 2013 to Sep 2013


$

8,400
















Goldeneye


2002



52,421


Aug 2013


$

7,150
















Grebe Bulker


2010



57,809


-



Spot(2)
















Harrier


2001



50,296


Aug 2013 to Nov 2013


$

10,750
















Hawk I


2001



50,296


Aug 2013 to Sep 2013


$

9,000
















Ibis Bulker


2010



57,775


Aug 2013


$

8,900
















Imperial Eagle


2010



55,989


Aug 2013 to Oct 2013


$

9,500
















Jaeger


2004



52,248


Aug 2013


$

6,750
















Jay


2010



57,802


Sep 2013


$

5,500
















Kestrel I


2004



50,326


Jul 2013



Voyage(2)
















    Kingfisher


2010



57,776


Aug 2013


$

12,000
















Kite


1997



47,195


Sep 2013


$

7,200
















Kittiwake


2002



53,146


Jul 2013 to Sep 2013


$

9,500
















Martin


2010



57,809


Jul 2013 to Sep 2013


$

10,250
















Merlin


2001



50,296


Aug 2013 to Sep 2013


$

9,600
















Nighthawk


2011



57,809


Jul 2013


$

7,000(2)
















Oriole


2011



57,809


Jul 2013



Voyage(2)
















Osprey I


2002



50,206


Sep 2013 to Dec 2013


$

10,000
















Owl


2011



57,809


Aug 2013


$

6,400
















Peregrine


2001



50,913


Jul 2013


$

8,250(2)
















Petrel Bulker

 


2011

 



57,809

 


May 2014 to Sep 2014

 



$17,650(4) (with 50%

profit share over $20,000)
















Puffin Bulker

 


2011

 



57,809

 


May 2014 to Sep 2014

 



$17,650(4) (with 50%

profit share over $20,000)
















Redwing


2007



53,411


Jul 2013



Voyage(2)
















Roadrunner Bulker


2011

 



57,809

 


Aug 2014 to Dec 2014

 



$17,650(4) (with 50%

profit share over $20,000)
















Sandpiper Bulker 


2011

 



57,809

 


Aug 2014 to Dec 2014

 



$17,650(4) (with 50%

profit share over $20,000)
















Shrike


2003



53,343


Oct 2013 to Dec 2013


$

9,200
















Skua


2003



53,350


Jul 2013


$

7,000
















Sparrow


2000



48,225


Jul 2013



Voyage(2)
















Stellar Eagle


2009



55,989


Jan 2014 to Feb 2014



Index(3)
















Tern


2003



50,200


Jul 2013



Voyage(2)
















Thrasher


2010



53,360


Aug 2013


$

7,100
















Thrush


2011



53,297


Jul 2013


$

8,000(2)
















     Woodstar


2008



53,390


Aug 2013


$

6,400
















Wren


2008



53,349


Jul 2013


$

5,000(2)



 


(1)

The date range provided represents the earliest and latest date on which the charterer may redeliver the vessel to the Company upon the termination of the charter. The time charter hire rates presented are gross daily charter rates before brokerage commissions, ranging from 0.625% to 5.00%, to third party ship brokers.


(2)

Upon conclusion of the previous charter the vessel will commence a short term charter for up to six months.


(3)

Index, an average of the trailing Baltic Supramax Index.


(4)

The charterer has an option to extend the charter by two periods of 11 to 13 months each.

Glossary of Terms:

Ownership days:  The Company defines ownership days as the aggregate number of days in a period during which each vessel in its fleet has been owned. Ownership days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of expenses that is recorded during a period.

Chartered-in under operating lease days: The Company defines chartered-in under operating lease days as the aggregate number of days in a period during which the Company chartered-in vessels.

Available days:  The Company defines available days as the number of ownership days less the aggregate number of days that its vessels are off-hire due to vessel familiarization upon acquisition, scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.

Operating days:  The Company defines operating days as the number of its available days in a period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

Fleet utilization:  The Company calculates fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company's efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning. Our fleet continues to perform at very high utilization rates.

Conference Call Information

Members of Eagle Bulk's senior management team will host a teleconference and webcast at 8:30 a.m. ET on Thursday, August 8th 2013, to discuss the results.

To participate in the teleconference, investors and analysts are invited to call 866-543-6403 in the U.S., or 617-213-8896 outside of the U.S., and reference participant code 42452784. A simultaneous webcast of the call, including a slide presentation for interested investors and others, may be accessed by visiting http://www.eagleships.com.  

A replay will be available following the call until 11:59 PM ET on August 15, 2013. To access the replay, call 888-286-8010 in the U.S., or 617-801-6888 outside of the U.S., and reference passcode 80939521.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in New York. The Company is a leading global owner of Supramax dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although Eagle Bulk Shipping Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Eagle Bulk Shipping Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in our vessel operating expenses, including dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists.

Risks and uncertainties are further described in reports filed by Eagle Bulk Shipping Inc. with the US Securities and Exchange Commission.

Visit our website at www.eagleships.com

   

SOURCE Eagle Bulk Shipping Inc.



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