Eagle Bulk Shipping (EGLE) – Good Start in January and 1Q2022 Looks On Track

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Tuesday, February 08, 2022

Eagle Bulk Shipping (EGLE)
Good Start in January and 1Q2022 Looks On Track

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 the full report for the price target, fundamental analysis, and rating.

    Chief Strategy Officer market observations. Last week, EGLE’s CSO highlighted the balanced dry bulk market one month into the new year. While down 23% versus December, the Baltic Supramax Index (BSI) average of ~$20k/day in January is a solid data point compared to the past. January is typically a weak month, and seven out of the last ten years the BSI ended the year higher than where it started. While a pickup in volatility was noted, the forward FFA curve is close to ~$22.5k/day, which suggests a well-balanced dry bulk market.

    Favorable Dry Bulk Outlook Intact, Albeit with Volatility.  While overall TCE rates dropped recently due to weather disruptions and seasonality and the forward cover is low, our outlook remains favorable. Volatility is likely to continue, and seasonality should be expected. At the same time, the order book remains muted, and the January 1, 2023 implementation of new carbon emission regulations …

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 the 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. 


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