| Eagle Bulk Shipping Inc. Reports First Quarter 2010 Results |
NEW YORK, May 6, 2010 (GlobeNewswire via COMTEX) --Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced its results for the first quarter ended March 31, 2010. Financial highlights included: For the First Quarter:
-- Net Income of $4.6 million or $0.07 per share (based on a weighted
average of 62,282,017 diluted shares outstanding for the quarter) on net
revenues of $54.2 million.
-- Gross time charter revenues were $57.4 million, compared to $58.6
million in the first quarter of 2009.
-- Net Revenues were $54.2 million, compared to $56 million in the first
quarter of 2009.
-- EBITDA, as adjusted for exceptional items under the terms of the
Company's credit agreement, was $32.9 million for the first quarter of
2010. During the comparable quarter in 2009, EBITDA was $37.3 million.
-- Fleet utilization rate for the first quarter was 99.0%.
-- Took delivery of six newbuilding vessels, Crane, Avocet, Egret Bulker,
Thrasher, Golden Eagle, and Imperial Eagle, which immediately entered
their respective time charters.
Subsequent to the end of the first quarter, Eagle Bulk has taken delivery of two new vessels, the Gannet Bulker and the Grebe Bulker, bringing the on-the-water fleet to 35 vessels. Both vessels have entered into their respective long-term charters. Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, "Eagle Bulk delivered another quarter of operational excellence while taking delivery of six newbuilds. We capitalized on a strong drybulk market by opportunistically placing two of the vessels on Baltic Supramax Index-linked ("BSI") charters, while the other four newbuildings entered into their respective long term charters. This balanced approach will continue throughout the year, as 58% of our revenue is fixed, 18% is indexed to the BSI, and 24% is open to charter in a favorable rate environment." Results for the three months ended March 31, 2010 and 2009 For the first quarter of 2010, the Company reported net income of $4,573,634 or $0.07 per share, based on a weighted average of 62,282,017 diluted shares outstanding. In the comparable first quarter of 2009, the Company reported net income of $17,236,781 or $0.37 per share, based on a weighted average of 47,031,300 diluted shares outstanding. All of the Company's revenues were earned from time charters. Gross revenues in the quarter ended March 31, 2010 were $57,362,935, compared to $58,621,700 recorded in the comparable quarter in 2009. Net revenues during the quarter ended March 31, 2010 declined 3% to $54,243,725 from $55,977,666 in the quarter ended March 31, 2009. Net revenues recorded in the 2010 quarter include non-cash amortization of fair value below contract value of time charters acquired of $864,628, compared to $649,731 recorded in the 2009 quarter. Brokerage commissions incurred on revenues earned were $3,119,210 and $2,644,034 in the first quarters of 2010 and 2009, respectively. Total operating expenses in the quarter ended March 31, 2010 were $38,556,526 compared to $32,265,141 recorded in the first quarter of 2009. The Company operated 33 vessels in the first quarter of 2010 compared to 25 vessels in 2009. Costs in the quarter ended March 31, 2010 were attributed by operating larger fleet. EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, was $32,938,490 for the first quarter of 2010, compared to $37,260,567 for the first quarter of 2009. (Please see below for a reconciliation of EBITDA to net income). Newbuilding Program The Company had entered into vessel newbuilding contracts at shipyards in Japan and China. During the first quarter of 2010, six vessels, Crane, Egret Bulker, Golden Eagle, Thrasher, Avocet, and Imperial Eagle were delivered into the Company's fleet. Since the inception of the program to March 31, 2010, the Company has taken delivery of 13 vessels, and has 14 vessels to be constructed and delivered during 2010-11. As of March 31, 2010, the Company has recorded advances of $302,583,979 towards the construction cost of these 14 vessels. These costs include progress payments to the shipyards, capitalized interest on debt drawn for the progress payments, insurance, legal, and technical supervision costs. (Table below provides anticipated delivery dates on the newbuilding fleet). Liquidity and Capital Resources Net cash provided by operating activities during the three month periods ended March 31, 2010 and 2009, was $30,920,496 and $43,024,179, respectively. The decrease was primarily due to lower rates on charter renewals offset by operation of a larger fleet. Net cash used in investing activities during the three month period ended March 31, 2010, was $117,084,424, compared to $44,271,329 during the corresponding three month period ended March 31, 2009. Investing activities during the three month period ended March 31, 2010 related primarily to making progress payments and incurring related vessel construction expenses for the newbuilding vessels. Net cash provided by financing activities during the three month period ended March 31, 2010, was $98,972,546, compared to net cash provided by financing activities of $10,935,046 during the corresponding three month period ended March 31, 2009. Financing activities during the three month period ended March 31, 2010, primarily involved borrowings of $101,972,546 from our revolving credit facility. Financing activities during the three month period ended March 31, 2009, primarily involved borrowings of $12,875,000. As of March 31, 2010, our cash balance was $84,153,391, compared to a cash balance of $71,344,773 at December 31, 2009. In addition, $16,500,000 in cash deposits are maintained with our lender for loan compliance purposes and this amount is recorded in Restricted cash in our financial statements as of March 31, 2010. Also recorded in Restricted Cash is an amount of $276,056, which is collateralizing letters of credit relating to our office leases. At March 31, 2010, the Company's debt consisted of $1,002,143,426 in net borrowings under the amended Revolving Credit Facility. These borrowings consisted of $730,443,547 for the 33 vessels currently in operation and $271,699,879 to fund the Company's newbuilding program. Disclosure of Non-GAAP Financial Measures EBITDA represents operating earnings before extraordinary items, depreciation and amortization, interest expense, and income taxes, if any. EBITDA is included because it is used by certain investors to measure a company's financial performance. EBITDA is not an item recognized by GAAP and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. EBITDA is presented to provide additional information with respect to the Company's ability to satisfy its obligations including debt service, capital expenditures, and working capital requirements. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation. The following table is a reconciliation of net income, as reflected in the consolidated statements of operations, to the Credit Agreement EBITDA for the three-month periods ended March 31, 2010 and 2009:
Three Three
Months Months
ended March ended March
31, 31,
2010 2009
----------- -----------
Net Income $4,573,634 $17,236,781
Interest Expense 11,176,987 6,486,317
Depreciation and Amortization 13,706,370 10,290,916
Amortization of fair value (below)
above market of time charter acquired (864,628) (649,731)
----------- -----------
EBITDA 28,592,363 33,364,283
Adjustments for Exceptional Items:
Non-cash Compensation Expense (1) 4,346,127 3,896,284
----------- -----------
Credit Agreement EBITDA $32,938,490 $37,260,567
----------- -----------
(1) Stock based compensation related to stock
options, restricted stock units.
The Company's capital expenditures relate to the purchase of vessels and capital improvements to acquired vessels, which are expected to enhance the revenue earning capabilities and safety of these vessels. In addition to the capital expenditures on newbuilding vessels as described above, major capital expenditures include funding the Company's maintenance program of regularly scheduled drydocking necessary to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations. Although the Company has some flexibility regarding the timing of its drydocking, the costs are relatively predictable. Management anticipates that vessels are to be drydocked every two and a half years. Funding of these requirements is anticipated to be met with cash from operations. The Company anticipates that this process of recertification will require it to reposition these vessels from a discharge port to shipyard facilities, which will reduce available days and operating days during that period. Drydocking costs incurred are amortized to expense on a straight-line basis over the period through the date the next drydocking for those vessels are scheduled to occur. The following table represents certain information about the estimated costs for anticipated vessel drydockings in the next four quarters, along with the anticipated off-hire days:
Off-hire Projected
Quarter Ending Days(1) Costs(2)
----------------------- -------- -------------
June 30, 2010 66 $1.65 million
September 30, 2010 66 $1.65 million
December 31, 2010 44 $1.10 million
March 31, 2011 44 $1.10 million
(1) Actual duration of drydocking will vary
based on the condition of the vessel, yard
schedules and other factors.
------------------------------------------------
(2) Actual costs will vary based on various
factors, including where the drydockings are
actually performed.
------------------------------------------------
Summary Consolidated Financial and Other Data: The following table summarizes the Company's selected consolidated financial and other data for the periods indicated below.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
------------------------
March 31, March 31,
2010 2009
----------- -----------
Revenues, net of
commissions $54,243,725 $55,977,666
Vessel expenses 15,362,733 13,071,197
Depreciation and
amortization 13,706,370 10,290,916
General and administrative
expenses 9,487,423 8,903,028
----------- -----------
Total operating expenses 38,556,526 32,265,141
----------- -----------
Operating income 15,687,199 23,712,525
Interest expense 11,176,987 6,486,317
Interest income (63,422) (10,573)
----------- -----------
Net interest expense 11,113,565 6,475,744
----------- -----------
Net income $4,573,634 $17,236,781
=========== ===========
Weighted average shares
outstanding :
Basic 62,126,665 47,031,300
Diluted 62,282,017 47,031,300
Per share amounts:
Basic net income $0.07 $0.37
Diluted net income $0.07 $0.37
Cash dividends declared
and paid -- --
Fleet Operating Data:
Number of Vessels in
Operating fleet 33 25
Fleet Ownership Days 2,826 2,138
Fleet Available Days 2,804 2,137
Fleet Operating Days 2,776 2,128
Fleet Utilization 99.0% 99.6%
CONSOLIDATED BALANCE SHEETS
--------------- ---------------
March 31, 2010 December 31,
(unaudited) 2009
--------------- ---------------
ASSETS:
Current assets:
Cash and cash equivalents $84,153,391 $71,344,773
Accounts receivable 8,842,296 7,443,450
Prepaid expenses 3,240,664 4,989,446
Fair value above contract value
of time charters acquired 550,213 427,359
--------------- ---------------
Total current assets 96,786,564 84,205,028
--------------- ---------------
Noncurrent assets:
Vessels and vessel
improvements, at cost, net of
accumulated depreciation of
$138,461,809 and $125,439,001,
respectively 1,274,757,629 1,010,609,956
Advances for vessel
construction 302,583,979 464,173,887
Other fixed assets, net of
accumulated amortization of
$76,049 and $59,519,
respectively 254,713 258,347
Restricted cash 16,776,056 13,776,056
Deferred drydock costs 5,281,565 5,266,289
Deferred financing costs 19,912,857 21,044,379
Fair value above contract value
of time charters acquired 3,938,242 4,103,756
Fair value of derivative
instruments -- 4,765,116
--------------- ---------------
Total noncurrent assets 1,623,505,041 1,523,997,786
--------------- ---------------
Total assets $1,720,291,605 $1,608,202,814
=============== ===============
LIABILITIES & STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $5,582,920 $2,289,333
Accrued interest 7,824,844 7,810,931
Other accrued liabilities 6,440,541 3,827,718
Deferred revenue and fair value
below contract value of time
charters acquired 6,385,258 7,718,902
Unearned charter hire revenue 6,821,703 4,858,133
--------------- ---------------
Total current liabilities 33,055,266 26,505,017
--------------- ---------------
Noncurrent liabilities:
Long-term debt 1,002,143,426 900,170,880
Deferred revenue and fair value
below contract value of time
charters acquired 25,801,147 26,389,796
Fair value of derivative
instruments 33,026,330 35,408,049
--------------- ---------------
Total noncurrent liabilities 1,060,970,903 961,968,725
--------------- ---------------
Total liabilities 1,094,026,169 988,473,742
--------------- ---------------
Commitment and contingencies
Stockholders' equity:
Preferred stock, $.01 par
value, 25,000,000 shares
authorized, none issued -- --
Common stock, $.01 par value,
100,000,000 shares authorized,
62,126,665 shares issued and
outstanding 621,267 621,267
Additional paid-in capital 728,596,252 724,250,125
Retained earnings (net of
dividends declared of
$262,118,388 as of March 31,
2010 and December 31, 2009,
respectively) (69,925,753) (74,499,387)
Accumulated other comprehensive
loss (33,026,330) (30,642,933)
--------------- ---------------
Total stockholders' equity 626,265,436 619,729,072
--------------- ---------------
Total liabilities and
stockholders' equity $1,720,291,605 $1,608,202,814
=============== ===============
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three Months Ended
March 31, March 31,
2010 2009
------------- ------------
Cash flows from operating
activities:
Net income $4,573,634 $17,236,781
Adjustments to reconcile net income
to net cash provided by operating
activities:
Items included in net income not
affecting cash flows:
Depreciation 13,039,338 9,694,910
Amortization of deferred drydocking
costs 667,032 596,006
Amortization of deferred financing
costs 584,717 240,057
Amortization of fair value below
contract value of time charter
acquired (864,628) (649,731)
Non-cash compensation expense 4,346,127 3,896,284
Changes in operating assets and
liabilities:
Accounts receivable (1,398,846) (884,324)
Other assets -- (3,549,732)
Prepaid expenses 1,748,782 (79,954)
Accounts payable 3,293,587 1,386,575
Accrued interest 2,051,673 350,812
Accrued expenses 2,612,823 1,822,404
Drydocking expenditures (682,308) (86,694)
Deferred revenue (1,015,005) 13,312,978
Unearned charter hire revenue 1,963,570 (262,193)
------------- ------------
Net cash provided by operating
activities 30,920,496 43,024,179
Cash flows from investing
activities:
Vessels and vessel improvements and
advances for vessel construction (117,071,528) (44,271,329)
Purchase of other fixed assets (12,896) --
------------- ------------
Net cash used in investing
activities (117,084,424) (44,271,329)
Cash flows from financing
activities:
Bank borrowings 101,972,546 12,875,000
Changes in restricted cash (3,000,000) (1,000,000)
Deferred financing costs -- (939,954)
------------- ------------
Net cash provided by financing
activities 98,972,546 10,935,046
Net increase in cash 12,808,618 9,687,896
Cash at beginning of period 71,344,773 9,208,862
------------- ------------
Cash at end of period $84,153,391 $18,896,758
============= ============
Commercial and strategic management of the fleet is carried out by a wholly-owned subsidiary of the Company, Eagle Shipping International (USA) LLC, a Marshall Islands limited liability company with offices in New York City. The following table represents certain information about the Company's revenue earning charters on its operating fleet as of March 31, 2010.
Daily Time
Year Charter Hire
Vessel Built Dwt Time Charter Expiration (1) Rate
------------------ ----- ------ ------------------------------ ------------
Avocet (3) 2010 53,462 May 2016 $18,400
$18,000
May 2016 to Dec 2018/May 2019 (with 50%
profit share
over
$22,000)
$18,850
$18,000
Bittern (4) 2009 57,809 Jan 2015 (with 50%
profit share
over
Jan 2015 to Dec 2018/Apr 2019 $22,000)
$18,850
$18,000
Canary (5) 2009 57,809 March 2015 (with 50%
profit share
over
Mar 2015 to Dec 2018/Apr 2019 $22,000)
Cardinal 2004 55,362 Sep 2010 to November 2010 $16,250
Condor 2001 50,296 Jul 2010 to Oct 2010 $22,000
Crane (6) 2010 57,809 Apr 2015 $18,850
$18,000
Apr 2015 to Dec 2018/Apr 2019 (with 50%
profit share
over
$22,000)
$11,500
(with 50%
Index share
Crested Eagle over
(2,7) 2009 55,989 January 2011 to April 2011 $11,500)
Crowned Eagle 2008 55,940 March 2010 to May 2010 $25,000
$17,650
Egret Bulker(8) 2010 57,809 Oct 2012 to Feb 2013 (with 50%
profit share
over
$20,000)
Falcon(9) 2001 51,268 April 2010 to Jun 2010 $39,500
Golden Eagle
(2,10) 2010 55,989 Dec 2010 to Mar 2011 Index
Index (with
minimum
Goldeneye (2) 2002 52,421 May 2010 to July 2010 $8,500)
Griffon (11) 1995 46,635 February 2010 to May 2010 $14,375
Harrier 2001 50,296 April 2010 to August 2010 $13,500
Hawk I 2001 50,296 May 2010 to August 2010 $13,000
Heron (12) 2001 52,827 January 2011 to May 2011 $26,375
Imperial Eagle
(2,13) 2010 55,989 Jan 2011 to Mar 2011 Index
Jaeger (14) 2004 52,248 April 2010 to July 2010 $26,000
Kestrel I 2004 50,326 March 2010 to July 2010 $11,500
Kite 1997 47,195 November 2010 to January 2011 $17,000
Index (with
minimum
Kittiwake (2) 2002 53,146 August 2010 to October 2010 $8,500)
Merlin (15) 2001 50,296 December 2010 to March 2011 $23,000
Osprey I (16) 2002 50,206 March 2010 to May 2010 $18,000
Peregrine (2) 2001 50,913 January 2010 $8,500
$10,500
(with 50%
Index share
over
Jan 2010 to Jan 2011/Mar 2011 $10,500)
Index (with
minimum
Redwing (2) 2007 53,411 August 2010 to October 2010 $8,500)
Shrike 2003 53,343 May 2010 to August 2010 $25,600
Index (with
minimum
Skua (2) 2003 53,350 Sep 2010 to November 2010 $8,500)
Sparrow (17) 2000 48,225 February 2010 to May 2010 $10,000
Stellar Eagle 2009 55,989 February 2010 to May 2010 $12,000
Tern 2003 50,200 Mar 2010 to June 2010/Aug 2010 $23,500
$18,400
$18,000
Thrasher (18) 2010 53,360 Apr 2016 (with 50%
profit share
over
Apr 2016 to Dec 2018/Apr 2019 $22,000)
$18,300
$18,000
Woodstar (19) 2008 53,390 January 2014 (with 50%
profit share
over
Jan 2014 to Dec 2018/Apr 2019 $22,000)
$24,750
$18,000
Wren (20) 2008 53,349 Dec 2011 (with 50%
profit share
over
Dec 2011 to Dec 2018/Apr 2019 $22,000)
(1) The date range provided represents the earliest and latest date on which
the charterer may redeliver the vessel to the Company upon the termination of
the charter. The time charter hire rates presented are gross daily charter
rates before brokerage commissions, ranging from 1.25% to 6.25%, to third
party ship brokers.
-------------------------------------------------------------------------------
(2) Index, an average of the trailing Baltic Supramax Index.
(3) Revenue recognition for the AVOCET is based on an average daily base rate
of $18,281.
(4) Revenue recognition for the BITTERN is based on an average daily base rate
of $18,485.
(5) Revenue recognition for the CANARY is based on an average daily base rate
of $18,493.
(6) Revenue recognition for the CRANE is based on an average daily base rate of
$18,497.
(7) The charterer of the CRESTED EAGLE has exercised an option to extend the
charter period by 11 to 13 months from February 2010.
(8) The EGRET BULKER has entered into a charter for 33 to 37 months. The
charter rate is $17,650 per day with a 50% profit share for earned rates over
$20,000 per day. The charterer has an option to extend the charter by 2
periods of 11 to 13 months each.
(9) Upon completion of the previous charter in April 2010, the FALCON commenced
a charter for four to six months at $25,000 per day.
(10) The GOLDEN EAGLE commenced an index based charter for 11 to 13 months. The
index rate will be an average of the trailing Baltic Supramax Index for each
15 day hire period.
(11) The charter rate of the GRIFFON has been changed to $14,375 as a result of
an arbitration settlement reached in March 2010.
(12) The charterer of the HERON has an option to extend the charter period by
11 to 13 months at a time charter rate of $27,375 per day. The charterer has a
second option for a further 11 to 13 months at a time charter rate of $28,375
per day.
(13) The IMPERIAL EAGLE commenced an index based charter for 11 to 13 months.
The index rate will be an average of the trailing Baltic Supramax Index for
each 15 day hire period.
(14) Upon completion of the previous charter in January 2010, the JAEGER
commenced a charter for three to five months at $26,000 per day.
(15) Revenue recognition for the MERLIN is based on an average daily rate of
$25,000.
(16) Upon completion of the previous charter in April 2010, the OSPREY I
commenced a charter for four to six months at $25,250 per day.
(17) Upon completion of the previous time charter in April 2010 the SPARROW
commenced a charter for four to six months at $24,000 per day.
(18) Revenue recognition for the THRASHER is based on an average daily base
rate of $18,280.
(19) Revenue recognition for the WOODSTAR is based on an average daily base
rate of $18,154.
(20) Revenue recognition for the WREN is based on an average daily base rate of
$20,245.
The following table, as of March 31, 2010, represents certain information about the Company's newbuilding vessels being constructed and their expected employment upon delivery:
Year
Built -- Daily
Actual Time
or Charter
Expected Hire
Delivery Time Charter Employment Rate
Vessel Dwt (1) Expiration (2) (3) Profit Share
------------------ ------ -------- ------------------------- ------- -----------------
Gannet Bulker
(4,7) 58,000 2010Q2 Jan 2013 to May 2013 $17,650 50% over $20,000
Grebe Bulker (4,7) 58,000 2010Q2 Jan 2013 to May 2013 $17,650 50% over $20,000
Ibis Bulker (4) 58,000 2010Q2 Mar 2013 to Jul 2013 $17,650 50% over $20,000
Jay 58,000 2010Q3 Dec-15 $18,500 50% over $21,500
Dec 2015 to Dec 2018/Apr
2019 $18,000 50% over $22,000
Kingfisher 58,000 2010Q3 Dec-15 $18,500 50% over $21,500
Dec 2015 to Dec 2018/Apr
2019 $18,000 50% over $22,000
Martin 58,000 2010Q3 Feb 2017 to Feb 2018 $18,400 --
Thrush 53,100 2010Q4 Charter Free -- --
Nighthawk 58,000 2011Q1 Sep 2017 to Sep 2018 $18,400 --
Oriole 58,000 2011Q3 Jan 2018 to Jan 2019 $18,400 --
Owl 58,000 2011Q3 Feb 2018 to Feb 2019 $18,400 --
Petrel (4) 58,000 2011Q4 Jun 2014 to Oct 2014 $17,650 50% over $20,000
Puffin (4) 58,000 2011Q4 Jul 2014 to Nov 2014 $17,650 50% over $20,000
Roadrunner (4) 58,000 2011Q4 Aug 2014 to Dec 2014 $17,650 50% over $20,000
Sandpiper (4) 58,000 2011Q4 Sep 2014 to Jan 2015 $17,650 50% over $20,000
CONVERTED INTO
OPTIONS
------------------
Snipe (6) 58,000 2012Q1 Charter Free -- --
Swift (6) 58,000 2012Q1 Charter Free -- --
Raptor (6) 58,000 2012Q2 Charter Free -- --
Saker (6) 58,000 2012Q2 Charter Free -- --
Besra (5,6) 58,000 2011Q4 Charter Free -- --
Cernicalo (5,6) 58,000 2011Q1 Charter Free -- --
Fulmar (5,6) 58,000 2011Q3 Charter Free -- --
Goshawk (5,6) 58,000 2011Q4 Charter Free -- --
(1) Vessel build and delivery dates are estimates based on guidance received from shipyard.
-------------------------------------------------------------------------------------------
(2) The date range represents the earliest and latest date on which the charterer may
redeliver the vessel to the Company upon the termination of the charter.
(3) The time charter hire rate presented are gross daily charter rates before brokerage
commissions ranging from 1.25% to 6.25% to third party ship brokers.
(4) The charterer has an option to extend the charter by 2 periods of 11 to 13 months each.
(5) Options for construction declared on December 27, 2007.
(6) Firm contracts converted to options in December 2008.
(7) The GANNET BULKER and GREBE BULKER were delivered during the second quarter of 2010.
Glossary of Terms: Ownership days: The Company defines ownership days as the aggregate number of days in a period during which each vessel in its fleet has been owned. Ownership days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of expenses that is recorded during a period. Available days: The Company defines available days as the number of ownership days less the aggregate number of days that its vessels are off-hire due to vessel familiarization upon acquisition, scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues. Operating days: The Company defines operating days as the number of its available days in a period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. Conference Call Information As previously announced, members of Eagle Bulk's senior management team will host a teleconference and webcast at 8:30 a.m. ET on Friday, May 7, 2010, to discuss these results. To participate in the teleconference, investors and analysts are invited to call 800-265-0241 in the U.S., or 617-847-8704 outside of the U.S., and reference participant code 91021982. A simultaneous webcast of the call, including a slide presentation for interested investors and others, may be accessed by visiting http://www.eagleships.com. A replay will be available following the call until 11:59 PM ET on May 14, 2010. To access the replay, call 888-286-8010 in the U.S., or 617-801-6888 outside of the U.S., and reference passcode 12955927. About Eagle Bulk Shipping Inc. Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in New York. The Company is a leading global owner of Supramax dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. Forward-Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although Eagle Bulk Shipping Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Eagle Bulk Shipping Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in our vessel operating expenses, including dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by Eagle Bulk Shipping Inc. with the US Securities and Exchange Commission. Visit our website at www.eagleships.com This news release was distributed by GlobeNewswire, www.globenewswire.com SOURCE: Eagle Bulk Shipping Inc. CONTACT: Eagle Bulk Shipping Inc. Alan Ginsberg, Chief Financial Officer +1 212-785-2500 Perry Street Communications, New York Investor Relations / Media: Jon Morgan +1 212-741-0014 |