Thursday, May 9, 2019

Eagle Bulk Shipping (EGLE)

Another Solid Quarter Navigating the Downturn.

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.

Refer to full report for price target, fundamental analysis and rating.

• Another solid quarter of outperformance...1Q2019 EBITDA of $15.4 million was above our estimate, but well below 4Q2018 EBITDA of $23.5 million. The positive variance to our estimate of $11.2 million was driven by a $2.4 million gain on hedging, higher TCE rates and available days, which more than offset higher opex and G&A expenses.
• …but adjusting estimates to reflect current market outlook and higher downtime associated with the expanded scrubber program. While the 1Q2019 variance was positive, we are lowering our 2019 EBITDA estimate to $75.8 million fr... 

Get full report on Channelchek desktop.

*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.