Eagle Bulk Shipping Inc. Reports Second Quarter 2019 Results
Highlights for the Quarter:
- Generated net revenues of
$69.4 million , representing a decrease of$5.5 million or 7% compared to the same period in 2018.
- TCE Revenue (1) for the quarter equated to$38.9 million , a decrease of 18% year-on-year.
- Achieved a TCE (2) of$9,731 for the quarter, a decrease of 15% year-on-year. - Realized a net loss of
$6.0 million or$0.08 per basic and diluted share, compared to a net income of$3.5 million or$0.05 per basic and diluted share in the second quarter 2018. - Adjusted EBITDA(3) of
$10.4 million , representing a decrease of$10.8 million or 51% compared to the same period in 2018. - Looking ahead into the third quarter of 2019, the Company has attained a TCE of
$10,285 with approximately 57% of the available days fixed for the period thus far.
Subsequent Events
- Issued 5-year Senior Unsecured Convertible Bonds totaling
$114.1 million in gross proceeds, including the greenshoe of$14.1 million
- Coupon of 5% and conversion premium of +25% toJuly 24th 2019 closing price or$5.61 per share - Entered into two agreements to acquire a total of six high-specification SDARI-64 Ultramax vessels (the "Acquisition Vessels") for an aggregate purchase price of approximately
$122 .0 million, subject to final documentation and customary closing conditions
- Average age of approximately 3.3 years
- Four vessels are fitted with Exhaust Gas Cleaning Systems ("scrubbers") - Reached an agreement to sell the Kestrel, a 15-year old Supramax, ahead of her statutory drydock for a gross price of
$7.3 million
"Our recently announced bond issuance and pending acquisition of six modern Ultramax vessels, four of which will be delivered to us with scrubbers, is an important step for Eagle, as we continue to renew and grow our fleet with larger, more efficient vessels. Coupled with our existing scrubber initiative, we believe these acquisitions increase our leverage to the opportunities IMO 2020 will present."
1 TCE revenue is a non-GAAP financial measure. See the reconciliation and table of net revenues to TCE later in this release for more information on non-GAAP measures.
2 TCE is a non-GAAP financial measure. See the reconciliation and the table of net revenues to TCE later in this release for more information on non-GAAP measures.
3 Adjusted EBITDA is a non-GAAP financial measure. See the reconciliation and table of net income/(loss) to EBITDA and Adjusted EBITDA later in this release for more information on non-GAAP financial measures.
Fleet Operating Data
Three Months Ended |
Six Months Ended |
|||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||||||
Ownership Days | 4,169 | 4,294 | 8,329 | 8,606 | ||||||||
Chartered in Days | 970 | 867 | 2,006 | 1,811 | ||||||||
Available Days | 4,971 | 5,020 | 10,076 | 10,182 | ||||||||
Operating Days | 4,934 | 4,992 | 10,004 | 10,105 | ||||||||
Fleet Utilization (%) | 99.3 | % | 99.4 | % | 99.3 | % | 99.2 | % |
Vessels sold
- Thrasher (53k DWT / 2010-built) for gross proceeds of
$10.1 million .
Results of Operations for the three and six months ended June 30, 2019 and 2018
For the three months ended June 30, 2019, the Company reported a net loss of
For the six months ended June 30, 2019, the Company reported a net loss of
Net time and voyage charter revenues
Net time and voyage charter revenues for the three months ended June 30, 2019 were
Net time and voyage charter revenues for the six months ended June 30, 2019 and 2018 were
Voyage expenses
Voyage expenses for the three months ended June 30, 2019 were
Voyage expenses for the six months ended June 30, 2019 were
Vessel expenses
Vessel expenses for the three months ended June 30, 2019 were
Average daily vessel operating expenses for our fleet for the three months ended June 30, 2019 and 2018 were
Vessel expenses for the six months ended June 30, 2019 and 2018 were
Average daily vessel operating expenses for our fleet for the six months ended June 30, 2019 and 2018 were $4,809 and $4,840, respectively.
Charter hire expenses
Charter hire expenses for the three months ended June 30, 2019 were
Charter hire expenses for the six months ended June 30, 2019 were
Depreciation and amortization
Depreciation and amortization expense for the three months ended June 30, 2019 and 2018 was
Depreciation and amortization expense for the six months ended June 30, 2019 and 2018 was
General and administrative expenses
General and administrative expenses for the three months ended June 30, 2019 and 2018 were
General and administrative expenses for the six months ended June 30, 2019 and 2018 were
Interest expense
Interest expense for the three months ended June 30, 2019 and 2018 was
Interest expense for the six months ended June 30, 2019 and 2018 was
Loss on debt extinguishment
On
Liquidity and Capital Resources
Net cash provided by operating activities for the six months ended June 30, 2019 was
Net cash used in investing activities for the six months ended June 30, 2019 was
Net cash used in financing activities for the six months ended June 30, 2019 was
As of June 30, 2019, our cash and cash equivalents balance including restricted cash was
As of June 30, 2019, the total availability under the New Ultraco Debt Facility revolving credit facility is
As of June 30, 2019, the Company’s outstanding debt consisted of the
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 the vessels.
In addition to acquisitions that we may undertake in future periods, the Company's other major capital expenditures include funding the Company's program of regularly scheduled drydocking necessary to comply with international shipping standards and environmental laws and regulations. Although the Company has some flexibility regarding the timing of its drydocking, the costs are relatively predictable. Management anticipates that vessels are to be drydocked every two and a half years for vessels older than 15 years and five years for vessels younger than 15 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 deferred and amortized to expense on a straight-line basis over the period through the date of the next scheduled drydocking for those vessels. In the six months ended June 30, 2019, four of our vessels completed drydocking and we incurred
The following table represents certain information about the estimated costs for anticipated vessel drydockings, Ballast water treatment systems ("BWTS"), and Scrubber installations in the next four quarters, along with the anticipated off-hire days:
Projected Costs(2) (in millions) | ||||||||||||
Quarter Ending | Off-hire Days(1) | BWTS | Scrubbers | Drydocks | ||||||||
September 30, 2019 | 287 | $ | 2.1 | $ | 32.7 | $ | 4.4 | |||||
December 31, 2019 | 191 | $ | 2.0 | $ | 14.1 | $ | 3.8 | |||||
March 31, 2020 | 31 | $ | 1.4 | $ | 3.4 | $ | — | |||||
June 30, 2020 | 86 | $ | 2.3 | $ | 0.7 | $ | 3.2 |
(1) Actual duration of off-hire days 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 condensed consolidated financial and other data for the periods indicated below.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | ||||||||||||
Revenues, net | $ | 69,391,315 | $ | 74,938,700 | $ | 146,780,912 | $ | 154,309,309 | |||||||
Voyage expenses | 20,907,155 | 17,204,964 | 46,813,295 | 39,719,556 | |||||||||||
Vessel expenses | 19,958,408 | 20,577,116 | 40,052,114 | 41,655,773 | |||||||||||
Charter hire expenses | 11,179,480 | 10,108,258 | 22,671,386 | 20,376,322 | |||||||||||
Depreciation and amortization | 9,761,322 | 9,272,460 | 19,168,430 | 18,548,875 | |||||||||||
General and administrative expenses | 8,040,811 | 8,895,505 | 16,450,730 | 18,809,469 | |||||||||||
Gain on sale of vessels | (966,802 | ) | (105,073 | ) | (5,073,349 | ) | (105,073 | ) | |||||||
Total operating expenses | 68,880,374 | 65,953,230 | 140,082,606 | 139,004,922 | |||||||||||
Operating income | 510,941 | 8,985,470 | 6,698,306 | 15,304,387 | |||||||||||
Interest expense | 6,733,156 | 6,387,011 | 13,495,159 | 12,648,080 | |||||||||||
Interest income | (393,164 | ) | (111,952 | ) | (827,482 | ) | (207,228 | ) | |||||||
Loss on debt extinguishment | — | — | 2,268,452 | — | |||||||||||
Other expense/(income) | 163,105 | (740,356 | ) | (2,275,150 | ) | (639,977 | ) | ||||||||
Total other expense, net | 6,503,097 | 5,534,703 | 12,660,979 | 11,800,875 | |||||||||||
Net (loss)/income | $ | (5,992,156 | ) | $ | 3,450,767 | $ | (5,962,673 | ) | $ | 3,503,512 | |||||
Weighted average shares outstanding: | |||||||||||||||
Basic | 71,348,524 | 70,515,320 | 71,316,093 | 70,484,240 | |||||||||||
Diluted | 71,348,524 | 72,086,980 | 71,316,093 | 71,560,775 | |||||||||||
Per share amounts: | |||||||||||||||
Basic net (loss)/income | $ | (0.08 | ) | $ | 0.05 | $ | (0.08 | ) | $ | 0.05 | |||||
Diluted net (loss)/income | $ | (0.08 | ) | $ | 0.05 | $ | (0.08 | ) | $ | 0.05 | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2019 | December 31, 2018 | ||||||
ASSETS: | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 38,598,904 | $ | 67,209,753 | |||
Accounts receivable, net of a reserve of $1,754,604 and $2,073,616, respectively | 17,736,491 | 19,785,582 | |||||
Prepaid expenses | 3,978,119 | 4,635,879 | |||||
Inventories | 12,994,459 | 16,137,785 | |||||
Vessels held for sale | — | 8,458,444 | |||||
Other current assets | 2,435,994 | 2,246,740 | |||||
Total current assets | 75,743,967 | 118,474,183 | |||||
Noncurrent assets: | |||||||
Vessels and vessel improvements, at cost, net of accumulated depreciation of $135,392,581 and $124,907,998, respectively | 678,421,137 | 682,944,936 | |||||
Advance for vessel purchase | — | 2,040,000 | |||||
Operating lease right-of-use assets (1) | 22,462,057 | — | |||||
Other fixed assets, net of accumulated depreciation of $655,102 and $547,452, respectively | 768,078 | 692,803 | |||||
Restricted cash | 26,863,979 | 10,953,885 | |||||
Deferred drydock costs, net | 13,591,833 | 12,186,356 | |||||
Deferred financing costs - Super Senior Facility | 194,864 | 285,342 | |||||
Other assets | 45,712,265 | 18,631,655 | |||||
Total noncurrent assets | 788,014,213 | 727,734,977 | |||||
Total assets | $ | 863,758,180 | $ | 846,209,160 | |||
LIABILITIES & STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 6,196,328 | $ | 14,161,169 | |||
Accrued interest | 2,759,451 | 1,735,631 | |||||
Other accrued liabilities | 20,502,093 | 10,064,017 | |||||
Fair value of derivatives | 65,850 | 929,313 | |||||
Current portion of operating lease liabilities (1) | 13,994,770 | — | |||||
Unearned charter hire revenue | 2,430,654 | 6,926,839 | |||||
Current portion of long-term debt | 29,679,587 | 29,176,230 | |||||
Total current liabilities | 75,628,733 | 62,993,199 | |||||
Noncurrent liabilities: | |||||||
Norwegian Bond Debt, net of debt discount and debt issuance costs | 179,151,901 | 182,469,155 | |||||
New First Lien Facility, net of debt discount and debt issuance costs | — | 48,189,307 | |||||
Original Ultraco Debt Facility, net of debt discount and debt issuance costs | — | 70,924,885 | |||||
New Ultraco Debt Facility, net of debt issuance costs | 123,589,834 | — | |||||
Operating lease liabilities (1) | 9,949,554 | — | |||||
Other liabilities | — | 208,651 | |||||
Fair value below contract value of time charters acquired | — | 1,818,114 | |||||
Total noncurrent liabilities | 312,691,289 | 303,610,112 | |||||
Total liabilities | 388,320,022 | 366,603,311 | |||||
Commitments and contingencies |
|||||||
Stockholders' equity: | |||||||
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued as of June 30, 2019 and December 31, 2018 | — | — | |||||
Common stock, $.01 par value, 700,000,000 shares authorized, 71,348,524 and 71,055,400 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively | 713,485 | 710,555 | |||||
Additional paid-in capital | 896,064,585 | 894,272,533 | |||||
Accumulated deficit | (421,339,912 | ) | (415,377,239 | ) | |||
Total stockholders' equity | 475,438,158 | 479,605,849 | |||||
Total liabilities and stockholders' equity | $ | 863,758,180 | $ | 846,209,160 |
(1) We adopted the
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended | |||||||
June 30, 2019 | June 30, 2018 | ||||||
Cash flows from operating activities: | |||||||
Net (loss)/income | $ | (5,962,673 | ) | $ | 3,503,512 | ||
Adjustments to reconcile net (loss)/income to net cash provided by operating activities: | |||||||
Depreciation | 16,434,358 | 16,049,334 | |||||
Amortization of operating lease right-of-use asset | 6,242,947 | — | |||||
Amortization of deferred drydocking costs | 2,734,071 | 2,499,541 | |||||
Amortization of debt discount and debt issuance costs | 1,128,929 | 970,352 | |||||
Amortization of fair value below contract value of time charter acquired | — | (340,950 | ) | ||||
Loss on debt extinguishment | 2,268,452 | — | |||||
Gain on sale of vessels, net | (5,073,349 | ) | (105,073 | ) | |||
Net unrealized (gain)/loss on fair value of derivatives | (1,951,420 | ) | (234,988 | ) | |||
Stock-based compensation expense | 2,672,679 | 5,920,510 | |||||
Drydocking expenditures | (4,506,257 | ) | (4,632,000 | ) | |||
Changes in operating assets and liabilities: | |||||||
Accounts payable | (4,411,836 | ) | 652,934 | ||||
Accounts receivable | 747,545 | 2,968,581 | |||||
Accrued interest | 1,023,820 | (57,037 | ) | ||||
Inventories | 3,143,326 | 2,201,681 | |||||
Operating lease liabilities short and long-term | (6,616,844 | ) | — | ||||
Other current and non-current assets | 885,451 | (333,715 | ) | ||||
Other accrued liabilities and other liabilities | 3,540,177 | (3,332,732 | ) | ||||
Prepaid expenses | 657,760 | 213,117 | |||||
Unearned revenue | (4,496,185 | ) | (2,360,838 | ) | |||
Net cash provided by operating activities | 8,460,951 | 23,582,229 | |||||
Cash flows from investing activities: | |||||||
Purchase of vessel and vessel improvements | (18,477,740 | ) | — | ||||
Proceeds from redemption of short-term investment | — | 4,500,000 | |||||
Proceeds from sale of vessels | 22,631,367 | 9,719,013 | |||||
Proceeds from hull and machinery insurance claims | 1,301,546 | 1,205,268 | |||||
Purchase of other fixed assets | (200,959 | ) | (50,933 | ) | |||
Purchase of scrubbers | (23,893,065 | ) | (20,301,806 | ) | |||
Net cash used in investing activities | (18,638,851 | ) | (4,928,458 | ) | |||
Cash flows from financing activities: | |||||||
Repayment of revolver loan under New First Lien Facility | (5,000,000 | ) | (5,000,000 | ) | |||
Proceeds from the revolver loan under New First Lien Facility | 5,000,000 | — | |||||
Proceeds from Original Ultraco Debt Facility | — | 8,600,000 | |||||
Repayment of Original Ultraco Debt Facility | (82,600,000 | ) | — | ||||
Repayment of Norwegian Bond Debt | (4,000,000 | ) | — | ||||
Repayment of term loan under New Ultraco Debt Facility | (5,048,671 | ) | — | ||||
Proceeds from New Ultraco Debt Facility | 153,440,000 | — | |||||
Repayment of New First Lien Facility - term loan | (60,000,000 | ) | |||||
Debt issuance costs paid to lenders on New Ultraco Debt Facility | (3,156,250 | ) | — | ||||
Cash used to settle net share equity awards | (877,697 | ) | (255,114 | ) | |||
Cash received from exercise of stock options | — | 4,865 | |||||
Other financing costs | (280,237 | ) | (1,373,449 | ) | |||
Net cash (used)/provided by financing activities | (2,522,855 | ) | 1,976,302 | ||||
Net (decrease)/increase in cash, cash equivalents and restricted cash |
(12,700,755 | ) | 20,630,073 | ||||
Cash, cash equivalents and restricted cash at beginning of period | 78,163,638 | 56,325,961 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 65,462,883 | $ | 76,956,034 | |||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||
Cash paid during the period for interest | $ | 11,028,514 | $ | 11,734,765 | |||
Accruals for Scrubbers and ballast water treatment systems included in Accounts payable and Other accrued liabilities | $ | 8,976,160 | $ | — |
ReconciliationofNet income/(loss) to EBITDA and Adjusted EBITDA
In addition to the Company’s financial results reported in accordance with accounting principles generally accepted in
Adjusted EBITDA is a non-GAAP financial measure that is used as a supplemental financial measure by our management and by external users of our financial statements, such as investors, commercial banks and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure or historical costs basis. Our Adjusted EBITDA should not be considered an alternative to net income/(loss), operating income/(loss), cash flows provided by/(used in) operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA in the same manner. Adjusted EBITDA represents EBITDA adjusted to exclude the items which represent certain non-cash, one-time and other items such as vessel impairment, gain /(loss) on sale of vessels, restructuring expenses, loss on debt extinguishment and stock-based compensation expenses that the Company believes are not indicative of the ongoing performance of its core operations. The following table presents a reconciliation of our net income to EBITDA and Adjusted EBITDA.
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | ||||||||||||
Net income/(loss) | $ | (5,992,156 | ) | $ | 3,450,767 | $ | (5,962,673 | ) | $ | 3,503,512 | |||||
Adjustments to reconcile net income/(loss) to EBITDA: | |||||||||||||||
Interest expense | 6,733,156 | 6,387,011 | 13,495,159 | 12,648,080 | |||||||||||
Interest income | (393,164 | ) | (111,952 | ) | (827,482 | ) | (207,228 | ) | |||||||
Income taxes | — | — | — | — | |||||||||||
EBIT | 347,836 | 9,725,826 | 6,705,004 | 15,944,364 | |||||||||||
Depreciation and amortization | 9,761,321 | 9,272,460 | 19,168,430 | 18,548,875 | |||||||||||
EBITDA | 10,109,157 | 18,998,286 | 25,873,434 | 34,493,239 | |||||||||||
Non-cash, one-time and other adjustments to EBITDA(1) | 260,408 | 2,134,051 | (132,218 | ) | 5,474,487 | ||||||||||
Adjusted EBITDA | $ | 10,369,565 | $ | 21,132,337 | $ | 25,741,216 | $ | 39,967,726 |
(1) One-time and other adjustments to EBITDA for the three and six months ended
Reconciliation of net revenues to TCE
Time charter equivalent ("TCE") is a non-GAAP financial measure that is commonly used in the shipping industry primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per-day amounts while charter hire rates for vessels on time charters generally are expressed in such amounts. The Company defines TCE as shipping revenues less voyage expenses and charter hire expenses, adjusted for the impact of one legacy time charter and realized gains/(losses) on FFAs and bunker swaps, divided by the number of owned available days. TCE provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. The Company's calculation of TCE may not be comparable to that reported by other companies. The Company calculates relative performance by comparing TCE against the Baltic Supramax Index ("BSI") adjusted for commissions and fleet makeup. Owned available days is the number of our ownership days less the aggregate number of days that our vessels are off-hire due to vessel familiarization upon acquisition, repairs, vessel upgrades or special surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.
The following table presents the reconciliation of revenues, net to TCE:
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | |||||||||||||
Revenues, net | $ | 69,391,315 | $ | 74,938,700 | $ | 146,780,912 | $ | 154,309,309 | ||||||||
Less: | ||||||||||||||||
Voyage expenses | (20,907,155 | ) | (17,204,964 | ) | (46,813,295 | ) | (39,719,556 | ) | ||||||||
Charter hire expenses | (11,179,480 | ) | (10,108,258 | ) | (22,671,386 | ) | (20,376,322 | ) | ||||||||
Reversal of one legacy time charter | 766,934 | (404,343 | ) | 352,794 | (490,830 | ) | ||||||||||
Realized gain on FFAs and bunker swaps | 861,130 | 344,522 | 385,607 | 461,504 | ||||||||||||
TCE revenue | $ | 38,932,744 | $ | 47,565,657 | $ | 78,034,632 | $ | 94,184,105 | ||||||||
Owned available days | 4,001 | 4,153 | 8,071 | 8,371 | ||||||||||||
TCE | $ | 9,731 | $ | 11,453 | $ | 9,669 | $ | 11,251 |
Glossary of Terms:
Ownership days: We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we recorded during a period.
Chartered-in under operating lease days: We define chartered-in under operating lease days as the aggregate number of days in a period during which we chartered-in vessels. Periodically, the Company charters in vessels on a single trip basis.
Available days: We define available days as the number of our ownership days and chartered-in days less the aggregate number of days that our vessels are off-hire due to vessel familiarization upon acquisition, repairs, vessel upgrades or special surveys. 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: We define operating days as the number of available days in a period less the aggregate number of days that our 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: We calculate 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 high utilization rates.
Definitions of capitalized terms related to our Indebtedness
Norwegian Bond Debt: Norwegian Bond Debt refers to the Senior Secured Bonds issued by
New Ultraco Debt Facility: New Ultraco Debt Facility refers to senior secured credit facility for
New First Lien Facility: New First Lien Facility refers to the credit facility for
Original Ultraco Debt Facility: Original Ultraco Debt Facility refers to the credit facility for
Conference Call Information
As previously announced, members of Eagle Bulk's senior management team will host a teleconference and webcast at
To participate in the teleconference, investors and analysts are invited to call 1 844-282-4411 in the U.S., or 1 512-900-2336 outside of the U.S., and reference participant code 6173884. 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 from
About
Website Information
We intend to use our website, www.eagleships.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website’s Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of our website, in addition to following our press releases, filings with the
Disclaimer:Forward-Looking Statements
Matters discussed in this release may constitute forward-looking statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements reflect 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. These statements may include words such as “believe,” “estimate,” “project,” “intend,” “expect,” “plan,” “anticipate,” and similar expressions in connection with any discussion of the timing or nature of future operating or financial performance or other events.
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, examination of historical operating trends, data contained in our records and other data available from third parties. Although
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 vessel operating expenses, including drydocking and insurance costs, or actions taken by regulatory authorities, ability of our counterparties to perform their obligations under sales agreements, charter contracts, and other agreements on a timely basis, 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
CONTACT
Company Contact:
Chief Financial Officer
Tel. +1 203-276-8100
Email: investor@eagleships.com
Media:
Tel. +1 212-359-2228
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Source:
Source: Eagle Bulk Shipping Inc.