Eagle Bulk Shipping Reports Q1 Loss
Eagle Bulk Shipping reported a loss of $11.1 million in its first quarter. It posted revenue of $45.9 million in the period.
Gary Vogel, Eagle Bulk's CEO, commented, “During the first quarter, Eagle finalized the acquisition of 9 Crown-63 Ultramax dry bulk sister vessels – a transaction that will significantly increase our operating scale and provide meaningful exposure to the Ultramax segment."
Gary added: "In total over the past year, we have acquired 11 modern Ultramax vessels as part of our fleet renewal and growth strategy which, in conjunction with the continued build-out of our active operator business model and charter-in fleet, is beginning to drive increased revenue."
Importantly, these developments are occurring against the backdrop of continued improvement in the dry bulk market itself with respect to both trade demand and vessel supply fundamentals.
“Looking ahead, we are increasingly optimistic concerning Eagle’s enviable positioning within the dry bulk market, as well as our ability to generate value for all stakeholders,” Gary concluded.
