Eagle Bulk turns a profit in second quarter

Eagle Bulk Shipping has reported a net income of US$3.5 million for the second quarter of 2018, compared to a net loss of US$5.9 million for the same quarter in 2017.

The company generated net revenues of US$74.9 million, representing an increase of US$21.3 million or 40 per cent compared to the same period in 2017.

Adjusted EBITDA was US$21.1 million, representing an increase of US$11.8 million or 127 per cent compared to the same period in 2017.

In the quarter, Eagle Bulk signed a memorandum of agreement to acquire a 2014-built Ultramax bulk carrier for US$21.3 million. The vessel, which will be renamed Hamburg Eagle, is scheduled to be delivered to the company during the fourth quarter of 2018.

Looking ahead into the third quarter of 2018, Eagle Bulk attained a TCE of US$10,808 with approximately 68 per cent of the days fixed for the period thus far.