First Quarter Revenue Increases 53%
First Quarter EBITDA Increases 35%
First Quarter Net Income Increases 20%
NEW YORK, May 6, 2009 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced its results for the first quarter of 2009.
First quarter highlights included:
* Net Income was $17.2 million or $0.37 per share (based on a weighted average of 47,031,300 up 20% from net income of $14.3 million or $0.31 per share in the first quarter of 2008. * Net Revenues were $56 million, up 53% from $36.7 million in the first quarter of 2008. Gross time charter revenue increased by 52% to $58.6 million, from $38.6 in the first quarter of 2008. * EBITDA, as adjusted for exceptional items under the terms of the Company's credit agreement, increased by 35% to $37.3 million, from $27.5 million in the first quarter of 2008. * Fleet utilization rate for the first quarter was 99.6%. * Took delivery of two newbuilding vessels, Crested Eagle and Stellar Eagle, which immediately entered into their respective time charters.
Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, "Eagle Bulk's first quarter results highlight continued profitability, steady cash flow and solid operating performance amid ongoing challenges in the dry bulk shipping market. Our growth in revenues, EBITDA and net income resulted from the Company's well-executed 30% fleet growth, quarter-on-quarter, as well as our strong charter relationships. Management's conservative chartering strategy and the relative stability of the Supramax asset class has proven to be successful in today's market conditions. Going forward, our contracted coverage at above-market rates combined with our open capacity positions Eagle Bulk very well to capture opportunities as market conditions improve."
Results of Operations for the three month periods ended March 31, 2009 and 2008
For the 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. In the comparable first quarter of 2008, the Company reported net income of $14,345,810 or $0.31 per share, based on a weighted average of 46,925,494 diluted shares outstanding.
All of the Company's revenues were earned from time charters. Gross time charter revenues in the quarter ended March 31, 2009 were $58,621,700, an increase of 52% from $38,610,921 recorded in the comparable quarter in 2008, primarily due to the operation of a larger fleet and higher daily time charter rates. Gross revenues recorded in the 2009 quarter include an amount of $649,731 relating to the non-cash amortization of fair value below contract value of time charters acquired. Brokerage commissions incurred on revenues earned in the first quarters of 2009 and 2008 were $2,644,034 and $1,924,905 respectively. Net revenues during the quarter ended March 31, 2009 increased 53% to $55,977,666 from $36,686,016 in the comparable quarter in 2008.
Total operating expenses were $32,265,141 in the quarter ended March 31, 2009 compared to $20,376,459 recorded in the first quarter of 2008. The increase was due to the operation of a larger fleet resulting in higher vessel operating expenses, vessel depreciation and amortization expenses, and general and administrative expenses which includes cash and non-cash compensation to officers and staff, and administrative costs associated with operating a larger fleet and managing the newbuilding program.
EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, increased by 35% to $37,260,567 for the first quarter of 2009, from $27,547,805 for the first quarter of 2008. (Please see below for a reconciliation of EBITDA to net income).
Newbuilding Program
During the first quarter of 2009, the Company took delivery of two 56,000 deadweight ton Supramax vessels which were built in Japan under newbuilding contracts signed in 2007. The CRESTED EAGLE was delivered into the fleet in January 2009, and the STELLAR EAGLE entered the fleet in March 2009. Both vessels were immediately employed on one-year time charters. Since the commencement of deliveries of its newbuilding vessels in 2008, the Company has taken delivery of five vessels, two built in China and three in Japan. The Company's newbuilding program includes additional 22 vessels, 20 in China and 2 in Japan. These vessels are expected to be constructed and delivered into our fleet through 2011 upon which the Company's total fleet will consist of 47 vessels with a combined carrying capacity of 2.55 million deadweight tons. As of March 31, 2009, the Company has recorded advances of $381,815,260 towards the construction cost of these 22 vessels. These costs include capitalized interest on debt drawn for progress payments, insurance, legal, and technical supervision costs. (Please see table below for 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, 2009 and 2008 was $43,024,179 and $26,454,362, respectively. The increase was primarily due to cash generated from the operation of the fleet for 2,138 days in the three month period ended March 31, 2009 compared to 1,638 days during the same period in 2008, and $13,312,978 relating to deferred revenue payment from a charterer.
Net cash used in investing activities during the three month period ended March 31, 2009, was $44,271,329 compared to $13,399,474 during the corresponding three month period ended March 31, 2008. Investing activities during the three month period ended March 31, 2009 related primarily to making progress payments for the newbuilding vessels and incurring related vessel construction expenses.
Net cash provided by financing activities during the three month period ended March 31, 2009 was $10,935,046, compared to net cash used by financing activities of $17,445,157 during the corresponding three month period ended March 31, 2008. Financing activities during the three month period ended March 31, 2009 primarily involved borrowings of $12,875,000 from our revolving credit facility. Financing activities during the three month period ended March 31, 2008 primarily involved borrowings of $6,630,000 and payment of $23,378,577 in dividends.
As of March 31, 2009, the cash balance was $18,896,758. In addition, $12,500,000 in cash deposits are maintained with the Company's lender for loan compliance purposes and this amount is recorded in Restricted Cash on the balance sheet as of March 31, 2009. Also recorded in Restricted Cash is an amount of $276,056 which is collateralizing a letter of credit relating to the Company's office lease.
At March 31, 2009, the Company had outstanding debt of $802,476,403 borrowed under its $1.35 billion revolving credit facility.
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, 2009 and 2008:
Three Months Ended
March 31, March 31,
2009 2008
------------------------
Net Income $17,236,781 $14,345,810
Interest Expense 6,486,317 3,350,253
Depreciation and Amortization 10,290,916 7,336,039
Amortization of fair value below market of
time charter acquired (649,731) --
------------------------
EBITDA 33,364,283 25,032,102
Adjustments for Exceptional Items:
Non-cash Compensation Expense 3,896,284 2,515,703
------------------------
Credit Agreement EBITDA $37,260,567 $27,547,805
---------------------------------------------========================
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:
Three Months Ended
------------------
March 31, March 31,
2009 2008
----------- -----------
Revenues, net of commissions $55,977,666 $36,686,016
Vessel expenses 13,071,197 7,991,261
Depreciation and amortization 10,290,916 7,336,039
General and administrative expenses 8,903,028 5,049,159
------------------------
Total operating expenses 32,265,141 20,376,459
------------------------
Operating income 23,712,525 16,309,557
Interest expense 6,486,317 3,350,253
Interest income (10,573) (1,386,506)
------------------------
Net interest expense 6,475,744 1,963,747
------------------------
Net income $17,236,781 $14,345,810
=========== ===========
Weighted average shares outstanding:
Basic 47,031,300 46,752,538
Diluted 47,031,300 46,925,494
Per share amounts:
Basic net income $0.37 $0.31
Diluted net income $0.37 $0.31
Cash dividends declared and paid -- $0.50
Fleet Operating Data
Number of Vessels in Operating fleet 25 18
Fleet Ownership Days 2,138 1,638
Fleet Available Days 2,137 1,638
Fleet Operating Days 2,128 1,633
Fleet Utilization Days 99.6% 99.7%
CONSOLIDATED BALANCE SHEETS:
March 31, December 31,
2009 2008
-------------- --------------
ASSETS:
Current assets:
Cash and cash equivalents $ 18,896,758 $ 9,208,862
Accounts receivable 5,242,161 4,357,837
Prepaid expenses 3,377,755 3,297,801
Other assets 3,549,732 --
-------------- --------------
Total current assets 31,066,406 16,864,500
-------------- --------------
Noncurrent assets:
Vessels and vessel improvements, at
cost, net of accumulated depreciation
of $93,807,957 and $84,113,047,
respectively 938,418,488 874,674,636
Advances for vessel construction 381,815,260 411,063,011
Restricted cash 12,776,056 11,776,056
Deferred drydock costs, net
of accumulated amortization of
$5,618,655 and $5,022,649,
respectively 3,228,074 3,737,386
Deferred financing costs 23,827,797 24,270,060
Fair value above contract value of
time charters acquired 4,531,115 4,531,115
Fair value of derivative instruments
and other assets 6,173,340 15,258,780
-------------- --------------
Total noncurrent assets 1,370,770,130 1,345,311,044
-------------- --------------
Total assets $1,401,836,536 $1,362,175,544
============== ==============
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,423,635 $ 2,037,060
Accrued interest 6,651,391 7,523,057
Other accrued liabilities 4,844,379 3,021,975
Deferred revenue and fair value below
contract value of time charters
acquired 16,724,194 2,863,184
Unearned charter hire revenue 5,696,640 5,958,833
-------------- --------------
Total current liabilities 37,340,239 21,404,109
-------------- --------------
Noncurrent liabilities:
Long-term debt 802,476,403 789,601,403
Fair value below contract value of time
charters acquired 28,007,433 29,205,196
Fair value of derivative instruments 49,525,089 50,538,060
-------------- --------------
Total noncurrent liabilities 880,008,925 869,344,659
-------------- --------------
Total liabilities 917,349,164 890,748,768
-------------- --------------
Commitment and contingencies
Stockholders' equity:
Preferred stock, $.01 par value,
25,000,000 shares authorized, none
issued -- --
Common shares, $.01 par value,
100,000,000 shares authorized,
47,031,300 shares issued and
outstanding 470,313 470,313
Additional paid-in capital 618,137,930 614,241,646
Retained earnings (net of dividends
declared of $262,188,388) (90,549,877) (107,786,658)
Accumulated other comprehensive loss (43,570,994) (35,498,525)
-------------- --------------
Total stockholders' equity 484,487,372 471,426,776
-------------- --------------
Total liabilities and stockholders'
equity $1,401,836,536 $1,362,175,544
============== ==============
CONSOLIDATED STATEMENTS OF CASH FLOWS:
Three Months Ended
March 31, March 31,
2009 2008
------------ ------------
Cash flows from operating activities:
Net income $ 17,236,781 $ 14,345,810
Adjustments to reconcile net income to
net cash provided by operating
activities:
Items included in net income not affecting
cash flows:
Depreciation 9,694,910 6,708,415
Amortization of deferred drydocking costs 596,006 627,624
Amortization of deferred financing costs 240,057 61,907
Amortization of fair value below contract
value of time charter acquired (649,731) --
Non-cash compensation expense 3,896,284 2,515,703
Changes in operating assets and
liabilities:
Accounts receivable (884,324) 113,078
Other assets (3,549,732) --
Prepaid expenses (79,954) (141,700)
Accounts payable 1,386,575 (1,476,295)
Accrued interest 350,812 3,106,074
Accrued expenses 1,822,404 (46,930)
Drydocking expenditures (86,694) (65,851)
Deferred revenue 13,312,978 --
Unearned charter hire revenue (262,193) 706,527
------------ ------------
Net cash provided by operating activities 43,024,179 26,454,362
Cash flows from investing activities:
Vessels and vessel improvements and
advances for vessel construction (44,271,329) (13,399,474)
--------------------------
Net cash used in investing activities (44,271,329) (13,399,474)
Cash flows from financing activities:
Bank borrowings 12,875,000 6,630,000
Changes in restricted cash (1,000,000) (151,440)
Deferred financing costs (939,954) (545,140)
Cash dividends -- (23,378,577)
------------ ------------
Net cash provided by/(used in) financing
activities 10,935,046 (17,445,157)
Net increase/(decrease) in cash 9,687,896 (4,390,269)
Cash at beginning of period 9,208,862 152,903,692
------------ ------------
Cash at end of period $ 18,896,758 $148,513,423
============ ============
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, 2009:
---------------------------------------------------------------------
Daily Time
Year Time Charter Charter Hire
Vessel Built Dwt Expiration(1) Rate
------ ----- --- ------------- ------------
Cardinal(2) 2004 55,362 June to September 2009 $12,000
Condor 2001 50,296 May to July 2010 $22,000
Falcon(3) 2001 51,268 April to June 2010 $39,500
Griffon(4) 1995 46,635 February 2010 to $9,500
May 2010
Harrier(5) 2001 50,296 June 2009 to $24,000
September 2009
Hawk I(6) 2001 50,296 May 2009 to June 2009 $12,800
Heron(7) 2001 52,827 January 2011 to $26,375
May 2011
Jaeger(8) 2004 52,248 October 2009 to $10,100
January 2010
Kestrel I(9) 2004 50,326 March 2010 to $11,500
July 2010
Kite(10) 1997 47,195 September 2009 to $9,500
January 2010
Merlin(11) 2001 50,296 December 2010 to $25,000
March 2011
Osprey I(12) 2002 50,206 October 2009 to $25,000
December 2009
Peregrine(13) 2001 50,913 December 2009 to $8,500
March 2010
Sparrow(14) 2000 48,225 February 2010 to $10,000
May 2010
Tern(15) 2003 50,200 December 2009 to $8,500
March 2010
Shrike 2003 53,343 April 2009 to July 2009 $24,600
May 2010 to Aug 2010 $25,600
Skua 2003 53,350 May 2009 to August 2009 $24,200
Kittiwake 2002 53,146 July 2009 to $56,250
September 2009
Goldeneye 2002 52,421 May 2009 to July 2009 $61,000
Wren(16) 2008 53,349 Feb 2012 $24,750
Feb 2012 to Dec 2018/ $18,000 (with
Apr 2019 profit share)
Redwing 2007 53,411 August 2009 to $50,000
October 2009
Woodstar(17) 2008 53,390 Jan 2014 $18,300
Jan 2014 to Dec 2018/ $18,000 (with
Apr 2019 profit share)
Crowned Eagle 2008 55,940 September 2009 - $16,000
December 2009
Crested Eagle(18) 2009 55,989 December 2009 - $10,500
March 2010
Stellar Eagle 2009 55,989 February 2010 - $12,000
May 2010
---------------------------------------------------------------------
(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) In March 2009, the charterer of the CARDINAL paid in advance for
the duration of the charter an amount equal to the difference
between the prevailing daily charter rate of $62,000 and a new
rate of $12,000 per day. This amount has been recorded in
Deferred Revenue in the Company's financial statements and is
being recognized into revenue ratably over the charter period
such that the daily charter rate remains effectively $62,000 per
day. The cash payment received by the Company has been adjusted
by a present value interest rate factor of 3%.
(3) The charterer of the FALCON has an option to extend the charter
period by 11 to 13 months at a daily time charter rate of $41,000.
(4) In March 2009, upon completion of the previous time charter, the
GRIFFON commenced a new short term charter at $10,500 per day.
Upon completion of this charter, the vessel will enter a new
charter for 11 to 13 months at a rate of $9,500 per day.
(5) The daily rate for the HARRIER is $27,000 for the first year and
$21,000 for the second year. Revenue recognition is based on an
average daily rate of $24,000.
(6) In March 2009, upon completion of the previous time charter, the
HAWK commenced a new short term charter at $12,800 per day.
(7) 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.
(8) In December 2008, the JAEGER commenced a charter for one year at
an average daily rate of approximately $10,100 based on a charter
rate of $5,000 per day for the first 50 days and $11,000 per day
for the balance of the year.
(9) In January 2009, upon completion of the previous time charter,
the KESTREL entered into two short term positioning charters
prior to its scheduled drydocking in April 2009. The vessel first
earned $8,500 per day in February 2009 and then earned $18,000
per day for the remainder of the quarter. Upon completion of the
drydocking survey, the vessel will enter a new charter for 11 to
13 months at a rate of $11,500 per day.
(10) In March 2009, the charterer of the KITE paid in advance for the
duration of the charter an amount equal to the difference
between the prevailing daily charter rate of $21,000 and a new
rate of $9,500 per day. This amount has been recorded in
Deferred Revenue in the Company's financial statements and is
being recognized into revenue ratably over the charter period
such that the daily charter rate remains effectively $21,000 per
day. The cash payment received by the Company has been adjusted
by a present value interest rate factor of 3%.
(11) The daily rate for the MERLIN is $27,000 for the first year,
$25,000 for the second year and $23,000 for the third year.
Revenue recognition is based on an average daily rate of $25,000.
(12) The charterer of the OSPREY has an option to extend the charter
period by 11 to 13 months at a time charter rate of $25,000 per
day.
(13) In January 2009, upon completion of the previous time charter,
the PEREGRINE commenced a new charter at $8,500 per day.
(14) In March 2009, the charterer of the SPARROW paid in advance for
the duration of the charter an amount equal to the difference
between the prevailing daily charter rate of $34,500 and a new
rate of $10,000 per day. This amount has been recorded in
Deferred Revenue in the Company's financial statements and is
being recognized into revenue ratably over the charter period
such that the daily charter rate remains effectively $34,500 per
day. The cash payment received by the Company has been adjusted
by a present value interest rate factor of 3%.
(15) In January 2009, upon completion of the previous time charter,
the TERN commenced a new charter at $8,500 per day.
(16) The WREN has entered into a long-term charter. The charter rate
until February 2012 is $24,750 per day. Subsequently, the
charter until redelivery in December 2018 to April 2019 will be
profit share based. The base charter rate will be $18,000 with a
50% profit share for earned rates over $22,000 per day. Revenue
recognition for the base rate from commencement of the charter
is based on an average daily base rate of $20,306.
(17) The WOODSTAR has entered into a long-term charter. The charter
rate until January 2014 is $18,300 per day. Subsequently, the
charter until redelivery in December 2018 to April 2019 will be
profit share based. The base charter rate will be $18,000 with a
50% profit share for earned rates over $22,000 per day. Revenue
recognition for the base rate from commencement of the charter
is based on an average daily base rate of $18,152.
(18) The charterer of the CRESTED EAGLE has an option to extend the
charter period by 11 to 13 months at a base time charter rate of
$11,500 plus 50% of the difference between the base rate and the
BSI time charter average (provided the BSI TC average is greater
than the base rate). The profit share to be calculated each
month based on the trailing BSI TC average for the month.
The following table, as of March 31, 2009, represents certain information about the Company's newbuilding vessels being constructed and their employment upon delivery:
----------------------------------------------------------------------
Daily
Year Time
Built - Time Charter Charter
Expected Employment Hire Profit
Vessel Dwt Delivery(1) Expiration(2) Rate(3) Share
-------- --- ----------- -------------- ------- --------
Thrasher 53,100 Nov 2009 Feb 2016 $18,400 --
Feb 2016 to $18,000 50% over
Dec 2018/Apr 2019 $22,000
Avocet 53,100 Dec 2009 Mar 2016 $18,400 --
Mar 2016 to $18,000 50% over
Dec 2018/Apr 2019 $22,000
Bittern 58,000 Sep 2009 Dec 2014 $18,850 --
Dec 2014 to $18,000 50% over
Dec 2018/Apr 2019 $22,000
Canary 58,000 Oct 2009 Jan 2015 $18,850 --
Jan 2015 to $18,000 50% over
Dec 2018/Apr 2019 $22,000
Crane 58,000 Nov 2009 Feb 2015 $18,850 --
Feb 2015 to $18,000 50% over
Dec 2018/Apr 2019 $22,000
Egret(4) 58,000 Dec 2009 Sep 2012 to $17,650 50% over
Jan 2013 $20,000
Golden Eagle 56,000 Jan 2010 Charter Free -- --
Gannet(4) 58,000 Jan 2010 Oct 2012 to $17,650 50% over
Feb 2013 $20,000
Grebe(4) 58,000 Feb 2010 Nov 2012 to $17,650 50% over
Mar 2013 $20,000
Imperial Eagle 56,000 Feb 2010 Charter Free -- --
Ibis(4) 58,000 Mar 2010 Dec 2012 to $17,650 50% over
Apr 2013 $20,000
Jay 58,000 Apr 2010 Sep 2015 $18,500 50% over
$21,500
Sep 2015 to $18,000 50% over
Dec 2018/Apr 2019 $22,000
Kingfisher 58,000 May 2010 Oct 2015 $18,500 50% over
$21,500
Oct 2015 to $18,000 50% over
Dec 2018/Apr 2019 $22,000
Martin 58,000 Jun 2010 Dec 2016 to $18,400 --
Dec 2017
Thrush 53,100 Nov 2010 Charter Free -- --
Nighthawk 58,000 Mar 2011 Sep 2017 to $18,400 --
Sep 2018
Oriole 58,000 Jul 2011 Jan 2018 to $18,400 --
Jan 2019
Owl 58,000 Aug 2011 Feb 2018 $18,400 --
to Feb 2019
Petrel(4) 58,000 Sep 2011 Jun 2014 to $17,650 50% over
Oct 2014 $20,000
Puffin(4) 58,000 Oct 2011 Jul 2014 to $17,650 50% over
Nov 2014 $20,000
Roadrunner(4) 58,000 Nov 2011 Aug 2014 to $17,650 50% over
Dec 2014 $20,000
Sandpiper(4) 58,000 Dec 2011 Sep 2014 to $17,650 50% over
Jan 2015 $20,000
CONVERTED INTO OPTIONS
----------------------
Snipe(6) 58,000 Jan 2012 Charter Free -- --
Swift(6) 58,000 Feb 2012 Charter Free -- --
Raptor(6) 58,000 Mar 2012 Charter Free -- --
Saker(6) 58,000 Apr 2012 Charter Free -- --
Besra(5,6) 58,000 Oct 2011 Charter Free -- --
Cernicalo(5,6) 58,000 Jan 2011 Charter Free -- --
Fulmar(5,6) 58,000 Jul 2011 Charter Free -- --
Goshawk(5,6) 58,000 Sep 2011 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
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 Thursday, May 7, 2009, to discuss these results.
To participate in the teleconference, investors and analysts are invited to call 888-788-0541 in the U.S., or 857-350-1679 outside of the U.S., and reference participant code 33658430. 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 May 20, 2009. To access the replay, call 888-286-8010 in the U.S., or 617-801-6888 outside of the U.S., and reference passcode 45702074.
About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping, Inc., headquartered in New York City, is a leading global owner of Supramax dry bulk vessels, which are dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons, or dwt, 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