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Eagle Bulk Shipping (EGLE)
Tough Quarter But Set Up for 2H2019 Rebound
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.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
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- Another solid quarter of TEC rate outperformance, but light of expectations. TCE revenue of $38.9 million and TCE rates of $9,732/day were below our estimates of $40.6 million and $10,000/day, respectively. Adjusted 2Q2019 EBITDA of $10.4 million was below our estimate and down sequentially from $15.3 million in 1Q2019. 8AM EST call today (7/30) — number is 844-282-4411 and code is 6173884.
- Adjusting estimates to reflect current dry bulk market outlook, expanded scrubber program and pending acquisition. We are moving our 2019 EBITDA estimate to $70.5 million from $75.8 million. Estimate is based on...
*Analyst certification and important disclosures included in 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.