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Friday November 8, 2019
Eagle Bulk Shipping (EGLE)
Stock Price Weakness Spells Opportunity
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 full report for price target, fundamental analysis and rating.
- TCE rate underperformance surprise and quarter light of expectations. Adjusted 3Q2019 EBITDA of $13.1 million was below our $18.1 million estimate due to lower TCE revenue and lower TCE rates.
- Shortfall and scrubber program update pushes 2019 EBITDA estimate down to $58.4 million from $66.6 million. Higher off-hire days for scrubbers and lower TCE rate estimates of $10,666/day, down from...
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 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.