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Eagle Bulk Shipping (EGLE)
Several Signs of Recovery Ahead
Eagle Bulk Shipping (EGLE) moves both major and minor dry bulk around the world. Adjusting for announced transactions, EGLE operates a fleet of 50 dry bulk vessels and transports bulk commodities, including coal, grain, iron ore, steel, cement, forest products, and other raw and finished materials. The current fleet consists of 16 Ultramax and 29 Supramax class dry bulk vessels, or mid-sized assets. After the latest acquisition of six Ultramaxes and the sale of one Supramax close in 3Q2019, there will be 20 Ultramaxes and 30 Supramaxes in the fleet. Ultramaxes are larger versions of Supramaxes and carry about 63k deadweight tons (DWT) and Supramaxes carry between 50k and 59k dwt.
Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Dry bulk market has firmed in 3Q2019 despite trade tension overhang. There were clearly near-term challenges to the dry bulk market earlier this year due to trade tensions and slower global economic growth. However, dry bulk indices have improved in the past quarter and are currently near multi-year highs.
- Acquisition update. Fleet expands and age profile improves. The acquisition of six high-spec. SDARI-64 Ultramaxes in two transactions for ~$122 million is...
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 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.