Movers and SHAKERS
Eagle Bulk Shipping (EGLE)
Adding Another Ultramax
Eagle Bulk Shipping Inc. is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Another Utlramax extends fleet renewal program. A 2017-built SDARI-64 will be acquired for ~$19.1 million (cash of $15.0 million and an equity warrant of $4.1 million) in 2Q2021. The warrant will be exchanged into 212,315 unregistered shares at closing. The acquisition adds to the three SDARI-64 Ultramaxes, built in 2015-6 at Chengxi Shipyard and outfitted with scrubbers, already lined up to to add to the fleet in 1Q2021. The impact on the age profile and fuel consumption are positive, and the pro forma fleet will total 49 vessels with an average age of ~8.8 years.
Slight positive impact on 2021 EBITDA. Assuming the acquisition closes in the middle of 2Q2021, there should be a positive impact and our new EBITDA estimate moves to $78.6 million, up $1.4 million ...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.