UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 11, 2016 (May 10, 2016)
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Eagle Bulk Shipping Inc. | ||
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(Exact name of registrant as specified in its charter) | ||
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Republic of the Marshall Islands |
001-33831 |
98-0453513 |
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(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS employer identification no.) |
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300 First Stamford Place 5th Floor Stamford, CT 06902 | ||
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(Address of principal executive offices, including zip code) | ||
(203) 276-8100
(Registrant's telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report): None
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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Item 2.02. |
Results of Operations and Financial Condition. |
On May 10, 2016, Eagle Bulk Shipping Inc. issued a press release regarding its financial results for the quarter ended March 31, 2016. A copy of the press release is attached as Exhibit 99.1.
The information in this Item 2.02 and the attached exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed incorporated by reference in any filing with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in such filing.
This Current Report on Form 8-K and Exhibit 99.1 contain forward-looking statements within the meaning of the federal securities laws. These forward looking statements are based on current expectations and are not guarantees of future performance. Further, the forward-looking statements are subject to the limitations listed in Exhibit 99.1 and in the other SEC reports of Eagle Bulk Shipping Inc., including that actual events or results may differ materially from those in the forward-looking statements.
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Item 9.01 |
Financial Statements and Exhibits. |
(d) Exhibits
The following exhibit is furnished herewith:
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Exhibit Number |
Description |
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99.1 |
Press release, issued by Eagle Bulk Shipping Inc., dated May 10, 2016, furnished pursuant to Item 2.02 of this Form 8-K |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EAGLE BULK SHIPPING INC. | |
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(registrant) | |
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Dated: May 11, 2016 |
By: |
/s/ Adir Katzav |
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Name: |
Adir Katzav |
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Title: |
Chief Financial Officer |
EXHIBIT INDEX
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Exhibit Number |
Description |
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99.1 |
Press release, issued by Eagle Bulk Shipping Inc., dated May 10, 2016, furnished pursuant to Item 2.02 of this Form 8-K |
Exhibit 99.1
Eagle Bulk Shipping Inc. Reports First Quarter 2016 Results
STAMFORD, CT, May 10, 2016-- Eagle Bulk Shipping Inc. (Nasdaq: EGLE) today announced its results for the first quarter ended March 31, 2016.
First Quarter Highlights:
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● |
Net reported loss of $39.3 million, or $1.04 per share, compared to a net loss of $20.7 million, or $0.55 per share, for the comparable quarter in 2015. |
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Adjusted net loss of $27.5 million, or $0.73 per share, which excludes one-time refinancing expenses of $5.6 million and non-cash vessel impairment of $6.2 million. |
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Net revenues of $21.3 million, compared to $26.3 million for the comparable quarter in 2015. |
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Fleet utilization rate of 98.4%. |
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As previously reported, completion of a comprehensive balance sheet recapitalization that provides Eagle Bulk with approximately $105 million in incremental liquidity and enhanced financial flexibility. |
Events Subsequent to the Close of the First Quarter Include:
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The sale of the vessel Peregrine for $2.7 million net after brokerage commissions. |
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Agreement to sell two additional vessels, MV Harrier and MV Falcon, for $6.5 million net, after brokerage commissions. |
Gary Vogel, Eagle Bulk’s CEO, commented, “In a quarter which saw dry bulk indices hit all-time lows in February – coupled with the uncertainty and negative business impact of a protracted forbearance with certain of our lenders - Eagle Bulk acted decisively to significantly enhance our liquidity position and improve our long-term financial flexibility through the execution of a comprehensive balance sheet restructuring. In addition, as part of this transaction, we formed a new corporate structure to facilitate the Company’s ability to capitalize on market opportunities going forward.
“In this regard, and in line with our objective to become the premier Supramax owner/operator, we continued to build out the Company’s operating platform through the recruitment of top-tier talent in both chartering and operations. We have also focused on technical enhancements, which includes bringing substantially all vessels under in-house management to help actively pursue operational excellence and cost efficiencies over the long-term.”
Results of Operations for the three-month period ended March 31, 2016 and 2015
For the first quarter of 2016, the Company reported a net loss of $39,278,670 or $1.04 per share, based on a weighted average of 37,829,257 diluted shares outstanding. In the comparable first quarter of 2015, the Company reported a net loss of $20,667,064 or $0.55 per share, based on a weighted average of 37,527,010 diluted shares outstanding.
Net revenues in the quarter ended March 31, 2016 were $21,278,288 compared with $26,331,166 recorded in the comparable quarter in 2015. The decrease in revenue is attributable to lower time charter hire rates in the first quarter of 2016.
Total operating expenses for the quarter ended March 31, 2016 were $57,742,766 compared with $43,839,019 recorded in the first quarter of 2015. The increase in operating expenses was primarily due to increase in voyage expenses, refinancing expenses and vessel impairment.
Liquidity and Capital Resources
Net cash used in operating activities during the three-month period ended March 31, 2016 was $19,494,868, compared with net cash used in operating activities of $9,636,748 during the corresponding three-month period ended March 31, 2015. The increase is primarily due to lower charter rates and professional fees with regard to the refinancing transaction.
Net cash used in investing activities during the three-month period ended March 31, 2016, was $508,792, compared with $742,014 during the corresponding three-month period ended March 31, 2015.
Net cash provided by financing activities during the three-month period ended March 31, 2016 was $11,876,073 compared to net cash used in financing activities of $5,191,756 during the corresponding three-month period ended March 31, 2015. The increase in financing activities is due to $60,000,000 received from our Second Lien Loan facility offset by repayment of $15,625,000 of our term loan and $30,158,500 of our revolver loan. The Company also paid $2,340,427 in deferred financing costs.
As of March 31, 2016, our cash balance was $16,768,574, compared to a cash balance of $24,896,161 at December 31, 2015.
As of March 31, 2016 our total availability in the revolving credit facility under the First Lien Facility was $40,158,500.
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 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 dry docking, the costs are relatively predictable. The Company anticipates that vessels are to be drydocked every five years for vessels younger than 15 years and every two and a half years for vessels older than 15 years, accordingly, these expenses are deferred and amortized over that period. 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 three months ended March 31, 2016, three of our vessels were drydocked, and we incurred $1,276,178 in drydocking related costs. In the three months ended March 31, 2015, five of our vessels were drydocked, three other vessels were still in drydock as of March 31, 2015 and we incurred $3,060,384 in drydocking related costs. 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:
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Quarter Ending |
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Off-hire Days(1) |
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Projected Costs(2) |
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June 30, 2016 |
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22 |
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$0.65 million |
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September 30, 2016 |
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66 |
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$1.95 million |
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December 31, 2016 |
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22 |
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$0.65 million |
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March 31, 2017 |
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none |
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none |
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(1) |
Actual duration of drydocking will vary based on the condition of the vessel, yard schedules and other factors. |
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(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 STATEMENT OF OPERATIONS
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Three Months Ended March 31, 2016 |
Three Months Ended March 31, 2015 |
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Revenues, net |
$ | 21,278,288 | $ | 26,331,166 | ||||
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Voyage expenses |
9,244,047 | 5,182,175 | ||||||
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Vessel expenses |
20,480,635 | 20,448,706 | ||||||
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Charter hire expenses |
1,488,518 | 1,215,964 | ||||||
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Depreciation and amortization |
9,396,701 | 10,557,171 | ||||||
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General and administrative expenses |
5,331,343 | 6,435,003 | ||||||
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Refinancing expenses |
5,634,260 | - | ||||||
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Vessel impairment |
6,167,262 | - | ||||||
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Total operating expenses |
57,742,766 | 43,839,019 | ||||||
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Operating loss |
(36,464,478 | ) | (17,507,853 |
) | ||||
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Interest expense |
2,817,646 | 3,162,166 | ||||||
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Interest income |
(3,454 | ) | (2,955 |
) | ||||
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Total other expense, net |
2,814,192 | 3,159,211 | ||||||
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Net loss |
$ | (39,278,670 | ) | $ | (20,667,064 |
) | ||
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Weighted average shares outstanding: |
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Basic |
37,829,257 | 37,527,010 | ||||||
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Diluted |
37,829,257 | 37,527,010 | ||||||
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Per share amounts: |
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Basic net loss |
$ | (1.04 | ) | $ | (0.55 |
) | ||
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Diluted net loss |
$ | (1.04 | ) | $ | (0.55 |
) | ||
Fleet Operating Data
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Three Months Ended |
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Three Months Ended |
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March 31, 2016 |
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March 31, 2015 |
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Ownership Days |
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4,004 |
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4,050 |
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Chartered in Days |
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151 |
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90 |
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Available Days |
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4,096 |
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4,021 |
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Operating Days |
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4.030 |
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3,904 |
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Fleet Utilization (%) |
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98.4% |
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97.1% |
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CONSOLIDATED BALANCE SHEETS
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March 31, 2016 |
December 31, 2015 |
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ASSETS: |
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Current assets: |
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Cash and cash equivalents |
$ | 16,768,574 | $ | 24,896,161 | ||||
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Accounts receivable |
7,096,206 | 7,076,528 | ||||||
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Prepaid expenses |
2,633,930 | 3,232,763 | ||||||
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Inventories |
5,596,345 | 5,574,406 | ||||||
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Other assets |
112,486 | 245,569 | ||||||
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Total current assets |
32,207,541 | 41,025,427 | ||||||
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Noncurrent assets: |
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Vessels and vessel improvements, at cost, net of accumulated depreciation of $58,027,166 and $49,148,080, respectively |
719,026,871 | 733,960,731 | ||||||
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Other fixed assets, net of accumulated amortization of $183,670 and $159,827, respectively |
592,970 | 220,509 | ||||||
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Restricted cash |
141,161 | 141,161 | ||||||
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Deferred drydock costs |
11,928,415 | 11,146,009 | ||||||
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Other assets |
117,113 | 109,287 | ||||||
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Total noncurrent assets |
731,806,530 | 745,577,697 | ||||||
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Total assets |
$ | 764,014,071 | $ | 786,603,124 | ||||
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LIABILITIES & STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Accounts payable |
$ | 11,411,500 | $ | 8,216,473 | ||||
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Accrued interest |
327,283 | 401,232 | ||||||
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Other accrued liabilities |
10,798,848 | 10,827,075 | ||||||
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Fair value below contract value of time charters acquired |
820,313 | 1,283,926 | ||||||
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Unearned charter hire revenue |
2,144,022 | 1,560,402 | ||||||
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Current portion of long-term debt |
- | 15,625,000 | ||||||
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Total current liabilities |
25,501,966 | 37,914,108 | ||||||
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Noncurrent liabilities: |
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First Lien Facility, net of debt issuance costs |
193,591,587 | 225,577,491 | ||||||
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Second Lien Facility, net of debt issuance costs |
59,795,481 | - | ||||||
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Other liabilities |
720,915 | 672,941 | ||||||
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Fair value below contract value of time charters acquired |
4,511,717 | 4,094,122 | ||||||
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Total noncurrent liabilities |
258,619,700 | 230,344,554 | ||||||
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Total liabilities |
284,121,666 | 268,258,662 | ||||||
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Commitments and contingencies |
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Stockholders' equity: |
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Common stock, $.01 par value, 150,000,000 shares authorized, 45,091,578 and 37,666,059 shares issued and outstanding, respectively |
450,916 | 376,661 | ||||||
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Additional paid-in capital |
678,565,852 | 677,813,494 | ||||||
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Accumulated deficit |
(199,124,363 | ) | (159,845,693 | ) | ||||
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Total stockholders' equity |
479,892,405 | 518,344,462 | ||||||
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Total liabilities and stockholders' equity |
$ | 764,014,071 | $ | 786,603,124 | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
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Three Months Ended
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March 31, 2016 |
March 31, 2015 |
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Cash flows from operating activities: |
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Net loss |
$ | (39,278,670 | ) | $ | (20,667,064 |
) | ||
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation |
8,902,929 | 10,271,775 | ||||||
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Amortization of deferred drydocking costs |
493,772 | 285,396 | ||||||
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Amortization of debt issuance costs |
308,504 | 724,425 | ||||||
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Amortization of fair value below contract value of time charter acquired |
(46,018 | ) | (335,330 | ) | ||||
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Impairment of Vessels |
6,167,262 | - | ||||||
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Non-cash compensation expense |
826,613 | 1,884,452 | ||||||
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Drydocking expenditures |
(1,276,178 | ) | (3,060,384 |
) | ||||
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Changes in operating assets and liabilities: |
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Accounts receivable |
(19,678 | ) | 3,833,086 | |||||
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Other assets |
125,257 | 947,830 | ||||||
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Prepaid expenses |
598,833 | 715,445 | ||||||
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Inventories |
(21,939 | ) | (672,954 |
) | ||||
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Accounts payable |
3,195,027 | (3,860,279 |
) | |||||
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Accrued interest |
(73,949 | ) | 34,882 | |||||
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Accrued expenses |
19,747 | 1,138,665 | ||||||
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Unearned revenue |
583,620 | (876,693 |
) | |||||
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Net cash used in operating activities |
(19,494,868 | ) | (9,636,748 |
) | ||||
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Cash flows from investing activities: |
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Vessel Improvements |
(112,488 | ) | (742,014 |
) | ||||
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Purchase of Other Fixed assets |
(396,304 | ) | - | |||||
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Net cash used in investing activities |
(508,792 | ) | (742,014 |
) | ||||
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Cash flows from financing activities: |
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Proceeds from Second Lien Facility |
60,000,000 | - | ||||||
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Repayment of Term Loan |
(15,625,000 | ) | (3,906,250 | ) | ||||
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Repayment of Revolver Loan |
(30,158,500 | ) | - | |||||
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Cash used to settle net share equity awards |
- | (1,285,506 | ) | |||||
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Deferred financing costs |
(2,340,427 | ) | - | |||||
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Net cash provided by / (used in) financing activities |
11,876,073 | (5,191,756 |
) | |||||
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Net decrease in cash and cash equivalents |
(8,127,587 | ) | (15,570,518 |
) | ||||
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Cash and cash equivalents at beginning of period |
24,896,161 | 39,975,287 | ||||||
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Cash and cash equivalents at end of period |
$ | 16,768,574 | $ | 24,404,769 | ||||
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 March 31, 2016:
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Vessel |
Year Built |
Dwt |
Charter Expiration (1) |
Daily Charter Hire Rate |
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Avocet |
2010 |
53,462 |
May 2016 |
$ | 5,000 | |||||
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Bittern |
2009 |
57,809 |
Apr 2016 |
$ | Voyage (1) | |||||
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Canary |
2009 |
57,809 |
May 2016 |
$ | 2,300 | |||||
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Cardinal |
2004 |
55,362 |
Apr 2016 |
$ | 1,700 (1) | |||||
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Condor |
2001 |
50,296 |
Apr 2016 |
$ | 3,500 (1) | |||||
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Crane |
2010 |
57,809 |
Jun 2016 |
$ | 1,600 (2) | |||||
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Crested Eagle |
2009 |
55,989 |
May 2016 |
$ | Voyage | |||||
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Crowned Eagle |
2008 |
55,940 |
Apr 2016 |
$ | Voyage (1) | |||||
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Egret Bulker |
2010 |
57,809 |
Unemployed |
$ | (4) | |||||
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Falcon |
2001 |
50,296 |
May 2016 |
$ | 8,250 | |||||
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Gannet Bulker |
2010 |
57,809 |
Apr 2016 |
$ | 2,300 (1) | |||||
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Golden Eagle |
2010 |
55,989 |
Apr 2016 |
$ | 4,000 (1) | |||||
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Goldeneye |
2002 |
52,421 |
Apr 2016 |
$ | 2,000 (1) | |||||
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Grebe Bulker |
2010 |
57,809 |
Apr 2016 |
$ | 450 (1) | |||||
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Harrier |
2001 |
50,296 |
May 2016 |
$ | 7,250 | |||||
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Hawk I |
2001 |
50,296 |
Jun 2016 |
$ | 7,250 | |||||
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Ibis Bulker |
2010 |
57,775 |
Apr 2016 |
$ | 5,500 (1) | |||||
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Imperial Eagle |
2010 |
55,989 |
Unemployed |
(4) | ||||||
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Jaeger |
2004 |
52,248 |
Apr 2016 |
$ | 3,000 (1) | |||||
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Jay |
2010 |
57,802 |
Apr 2016 |
$ | 4,000 (1) | |||||
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Kestrel I |
2004 |
50,326 |
Jul 2016 |
$ | Voyage | |||||
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Kingfisher |
2010 |
57,776 |
May 2016 |
$ | Voyage | |||||
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Kittiwake |
2002 |
53,146 |
Apr 2016 |
$ | 5,500 (1) | |||||
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Martin |
2010 |
57,809 |
May 2016 |
$ | 7,250 | |||||
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Merlin |
2001 |
50,296 |
Apr 2016 |
$ | 4,000 (1) | |||||
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Nighthawk |
2011 |
57,809 |
Apr 2016 |
$ | 2,900 (1) | |||||
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Oriole |
2011 |
57,809 |
Apr 2016 |
$ | Voyage (1) | |||||
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Osprey I |
2002 |
50,206 |
May 2016 |
$ | 4,300 | |||||
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Owl |
2011 |
57,809 |
Apr 2016 |
$ | 4,700 (1) | |||||
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Peregrine(5) |
2001 |
50,913 |
Apr 2016 |
$ | Voyage (1) | |||||
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Martin |
2010 |
57,809 |
May 2016 |
$ | 7,250 | |||||
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Merlin |
2001 |
50,296 |
Apr 2016 |
$ | 4,000 (1) | |||||
|
Nighthawk |
2011 |
57,809 |
Apr 2016 |
$ | 2,900 (1) | |||||
|
Oriole |
2011 |
57,809 |
Apr 2016 |
$ | Voyage (1) | |||||
|
Osprey I |
2002 |
50,206 |
May 2016 |
$ | 4,300 | |||||
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Owl |
2011 |
57,809 |
Apr 2016 |
$ | 4,700 (1) | |||||
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Peregrine(5) |
2001 |
50,913 |
Apr 2016 |
$ | Voyage (1) | |||||
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Petrel Bulker |
2011 |
57,809 |
Apr 2016 |
$ | 6,950 (1) | |||||
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Puffin Bulker |
2011 |
57,809 |
May 2016 |
$ | 1,500 (3) | |||||
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Redwing |
2007 |
53,411 |
May 2016 |
$ | 3,500 | |||||
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Roadrunner Bulker |
2011 |
57,809 |
Apr 2016 |
$ | 5,350 (1) | |||||
|
Sandpiper Bulker |
2011 |
57,809 |
Apr 2016 |
$ | 3,800 (1) | |||||
|
Shrike |
2003 |
53,343 |
Apr 2016 |
$ | 5,000 (1) | |||||
|
Skua |
2003 |
53,350 |
Apr 2016 |
$ | Voiyage (1) | |||||
|
Sparrow |
2000 |
48,225 |
Unemployed |
(4) | ||||||
|
Stellar Eagle |
2009 |
55,989 |
Apr 2016 |
$ | 3,800 (1) | |||||
|
Tern |
2003 |
50,200 |
Apr 2016 |
$ | 3,350 (1) | |||||
|
Thrasher |
2010 |
53,360 |
Apr 2016 |
$ | 6,500 (1) | |||||
|
Thrush |
2011 |
53,297 |
Apr 2016 |
$ | 3,200 (1) | |||||
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Woodstar |
2008 |
53,390 |
Apr 2016 |
$ | 4,000 (1) | |||||
|
Wren |
2008 |
53,349 |
May 2016 |
$ | Voyage |
|
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(1) |
Upon conclusion of the previous charter the vessel will commence a short term charter for up to six months or a spot voyage. |
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|
(2) |
The vessel is contracted to continue the existing time charter at a daily charter rate of $5,250 after May 24, 2016. |
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|
(3) |
The vessel is contracted to continue the existing time charter at a daily charter rate of $4,500 after May 5, 2016. |
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|
(4) |
The vessels are subsequently contracted to perform a short term time charters. MV Egret Bulker is contracted to perform a time charter at a daily charter rate of $5,000; MV Sparrow is contracted to perform a time charter at a daily charter rate of $8,000 and MV Imperial Eagle is contracted to perform a voyage charter. |
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(5) |
On April 26, 2016, the Company sold the vessel Peregrine for $2.7 million after brokerage commissions payable to third party and expects to record a net loss of approximately $150,000 in the second quarter of 2016. The Peregrine was not available for delivery prior to April 26, 2016. |
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.
About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc., is a Marshall Islands corporation headquartered in Stamford, Connecticut. We own one of the largest fleets of Supramax dry bulk vessels in the world. Supramax dry bulk are vessels which are constructed with on-board cranes, ranging in size from approximately 50,000 to 65,000 dwt and are considered a sub-category of the Handymax segment, typically defined as 40,000-65,000 dwt. We transport a broad range of major and minor bulk cargoes, including but not limited to coal, grain, ore, pet coke, 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
Contact:
Company Contact:
Adir Katzav
Chief Financial Officer
Eagle Bulk Shipping Inc.
Tel. +1 203-276-8100
Investor Relations / Media:
Jonathan Morgan
Perry Street Communications, New York
Tel. +1 212-741-0014
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Source: Eagle Bulk Shipping Inc.
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