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Eagle Bulk Shipping Inc. (EGLE)
Focusing on strategic execution and positive long-term outlook.
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.
- Another solid quarter of outperformance... 4Q2018 EBITDA of $23.5 million was below our estimate, but well above 3Q2018 EBITDA of $20.2 million. The negative variance to our estimate was driven by slightly lower TCE rates and higher opex, which more than offset more available days due to higher chartered in capacity.
- …but adjusting
estimates to reflect current market outlook and higher downtime associated with
the expanded scrubber program. We are lowering our 2019 EBITDA estimate to $83.6
million from $91.9 million even though rate outpe...
*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.