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昨天egle公告的这个er怎样?
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昨天egle公告的这个er怎样?# Stock
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NEW YORK, Aug. 7, 2013 /PRNewswire/ -- Eagle Bulk Shipping Inc. (Nasdaq:
EGLE) today announced its results for the second quarter ended June 30, 2013
.
For the Second Quarter:
Net reported loss of $3.0 million or $0.18 per share (based on a
weighted average of 16,968,750 diluted shares outstanding for the quarter),
compared with net loss of $23.1 million, or $1.46 per share, for the
comparable quarter of 2012.
Net revenues of $44.2 million, compared to $48.5 million for the
comparable quarter in 2012. Gross time charter and freight revenues of $45.8
million, compared with $50.5 million for the comparable quarter of 2012.
EBITDA, as adjusted for exceptional items under the terms of the Company
's credit agreement, was $38.6 million for the second quarter of 2013,
compared with $10.0 million for the second quarter of 2012.
Fleet utilization rate of 99.8%.
Sophocles N. Zoullas, Chairman and CEO, commented, "While dry bulk
fundamentals remain challenging, Eagle Bulk's operating strategy is steady:
a flexible and revenue-maximizing chartering strategy, a diversified cargo
mix that promotes stability through a range of market conditions, and
operational excellence and efficiency."
Results of Operations for the three-month period ended June 30, 2013 and
2012
For the second quarter of 2013, the Company reported net loss of $3,039,067
or $0.18 per share, based on a weighted average of 16,968,750 diluted shares
outstanding. In the comparable second quarter of 2012, the Company reported
net loss of $23,106,239 or $1.46 per share, based on a weighted average of
15,880,392 diluted shares outstanding.
Gross time and voyage charter revenues in the quarter ended June 30, 2013
were $45,842,553, compared with $50,537,281 recorded in the comparable
quarter in 2012. The decrease in revenue is attributable to lower time
charter rates earned by the fleet. Gross revenues recorded in the quarter
ended June 30, 2012 include an amount of $1,205,276 relating to the non-cash
amortization of fair value below contract value to time charters acquired.
Brokerage commissions incurred on revenues earned in the quarter ended June
30, 2013 and 2012 were $1,602,408 and $2,000,048, respectively. Net revenues
during the quarter ended June 30, 2013 and 2012 were $44,240,145 and $48,
537,233, respectively.
Total operating expenses for the quarter ended June 30, 2013 were $26,581,
036 compared with $59,605,359 recorded in the second quarter of 2012. The
Company operated 45 vessels in both second quarters of 2013 and 2012. The
decrease in operating expenses resulted primarily from a gain on the time
charter agreement termination with KLC of $25,629,584, and further from a
reduction in the general and administrative expenses resulting from a
reduction in the allowance for accounts receivable, professional fee costs
and compensation expenses. The decrease in vessel expenses in the current
quarter is attributable to efficiencies achieved through performing in-house
technical management by transferring six additional vessels from one of our
unaffiliated third party managers.
EBITDA, adjusted for exceptional items under the terms of the Company's
credit agreement, was $38,620,181 for the second quarter of 2013, compared
with $9,969,683 for the second quarter of 2012. (Please see below for a
reconciliation of EBITDA to loss).
Results of Operations for the six-month period ended June 30, 2013 and 2012
For the six months ended June 30, 2013, the Company reported net loss of $1,
664,797 or $0.10 per share, based on a weighted average of 16,967,418
diluted shares outstanding. In the comparable period of 2012, the Company
reported net loss of $40,539,768 or $2.56 per share, based on a weighted
average of 15,815,594 diluted shares outstanding.
Gross time and voyage charter revenues in the six-month period ended June 30
, 2013 were $119,461,544, compared with $105,360,411 recorded in the
comparable period in 2012. The increase in revenue is attributable to the
settlement agreement with KLC, pursuant to which the Company recognized
revenue of approximately $32.8 million, offset by lower time charter rates
earned by the fleet. Gross revenues recorded in the period ended June 30,
2013 and 2012, include an amount of $10,280,559 and $2,434,040, respectively
, relating to the non-cash amortization of fair value below contract value
of time charters acquired of which $10,106,247 relates to the KLC settlement
agreement in the quarter ended March 31, 2013. Brokerage commissions
incurred on revenues earned in the period ended June 30, 2013 and 2012 were
$2,999,046 and $4,206,778, respectively. Net revenues during the period
ended June 30, 2013 and 2012, were $116,462,498 and $101,153,633,
respectively.
Total operating expenses were $74,001,327 in the six-month period ended June
30, 2013 compared to $119,723,715 recorded in the same period of 2012. The
Company operated 45 vessels in both six-month periods of 2013 and 2012. The
decrease in operating expenses resulted primarily from a gain realized from
the settlement agreement with KLC of $28,961,276. The decrease in general
and administrative expenses resulted from a reduction in allowance for
accounts receivable, professional fee costs and compensation expenses. The
decrease in vessel expenses in the six-month period is attributable to
efficiencies achieved through performing in-house technical management by
transferring six additional vessels from one of our unaffiliated third party
managers. In addition, there was a reduction in charter hire expenses as
none was incurred during the six-month period ended June 30, 2013.
EBITDA, adjusted for exceptional items under the terms of the Company's
credit agreement, increased to $71,144,894 for the six months ended June 30,
2013 from $23,783,682 for the same period in 2012. (Please see below for a
reconciliation of EBITDA to net loss).
Liquidity and Capital Resources
Net cash provided by operating activities during the six-month period ended
June 30, 2013 was $1,513,647, compared with net cash used by operating
activities of $1,463,360 during the corresponding six-month period ended
June 30, 2012. The increase was primarily due to reductions in cost of
operating our fleet, reductions in general and administrative expenses and
partially offset by lower rates on charter renewals.
Net cash provided by investing activities during the six-month period ended
June 30, 2013, was $113,926, compared with $309,866 during the corresponding
six-month period ended June 30, 2012.
Net cash used by financing activities during the six-month period ended June
30, 2013 and 2012 was $126,535 and $6,773,199, respectively. The financing
activity during the six-month period ended June 30, 2012, related primarily
to the additional expenses incurred related to the amendment and
restatement of the Company's credit agreement.
As of June 30, 2013, our cash balance was $19,621,006, compared to a cash
balance of $18,119,968 at December 31, 2012. Also recorded in Restricted
Cash is an amount of $66,243, which collateralizes letters of credit
relating to our office leases.
At June 30, 2013, the Company's debt consisted of $1,129,478,741 in term
loans and $29,853,031 paid-in-kind loans.
We anticipate that our current financial resources, together with cash
generated from operations will be sufficient to fund the operations of our
fleet, including our working capital, throughout 2013. The general decline
in the dry bulk carrier charter market has resulted in lower charter rates
for vessels in the dry bulk market. If the current charter hire rates do not
improve for the remainder of 2013 and in the first quarter of 2014, the
Company will not be in compliance with the maximum leverage ratio and the
minimum interest coverage ratio covenants under our credit agreement at or
after March 31, 2014; and, if charter rates deteriorate significantly from
current levels or if we are unable to achieve our cost cutting measures, the
Company may not be in compliance with the maximum leverage ratio or the
minimum interest coverage ratio covenants in 2013. Although there is no
assurance that we will be successful in doing so, we are evaluating asset
sales, equity and debt financing alternatives that could raise incremental
cash.
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 U.S.
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 herein may not be comparable to
that used by other companies due to differences in methods of calculation.
Our term loan agreement requires us to comply with financial covenants based
on debt and interest ratio with extraordinary or exceptional items,
interest, taxes, non-cash compensation, depreciation and amortization ("
Credit Agreement EBITDA"). Therefore, we believe that this non-U.S. GAAP
measure is important for our investors as it reflects our ability to meet
our covenants. The following table is a reconciliation of net loss, as
reflected in the consolidated statements of operations, to the Credit
Agreement EBITDA:

Three Months Ended

Six Months Ended

June 30, 2013

June 30, 2012

June 30, 2013

June 30, 2012
Net Loss


$(3,039,067)


$(23,106,239)


$(1,664,797)


$(40,539,768)
Interest Expense


20,689,110


12,053,342


41,228,145


23,014,252
Depreciation and Amortization


19,159,955


19,427,957


38,096,532


38,861,314
Amortization of fair value (below) above market of time charter acquired


-


(1,205,276)


(10,280,560)


(2,434,040)
EBITDA


36,809,998


7,169,784


67,379,320


18,901,758
Adjustments for Exceptional Items








Non-cash Compensation Expense (1)


1,810,183


2,799,899


3,765,574


4,881,924
Credit Agreement EBITDA


$38,620,181


$9,969,683


$71,144,894


$23,783,682
(1) Stock based compensation related to stock options and restricted stock
units.
Capital Expenditures and Drydocking
Our capital expenditures relate to the purchase of vessels and capital
improvements to our vessels which are expected to enhance the revenue
earning capabilities and safety of these vessels.
In addition to acquisitions that we may undertake in future periods, the
Company's other 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 dry docking, 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. We anticipate that this
process of recertification will require us to reposition these vessels from
a discharge port to shipyard facilities, which will reduce our 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 of the next scheduled drydock. One vessel
drydocked in the three months ended June 30, 2013. 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:
Quarter Ending

Off-hire Days(1)

Projected Costs(2)
September 30, 2013

44

$1.20 million
December 31, 2013

44

$1.20 million
March 31, 2014

44

$1.20 million
June 30, 2014

22

$0.60 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

Six Months Ended

June 30, 2013

June 30, 2012

June 30, 2013

June 30, 2012








Revenues, net of commissions

$44,240,145

$48,537,233

$116,462,498

$101,153,633




Voyage expenses

7,400,902

6,888,920

15,605,559

13,890,624
Vessel expenses

20,833,766

23,869,262

41,328,178

46,311,324
Charter hire expenses







606,573
Depreciation and amortization

19,159,955

19,427,957

38,096,532

38,861,314
General and administrative expenses

4,815,997

9,419,220

7,932,334

20,053,880
Gain on time charter agreement termination

(25,629,584)



(28,961,276)






Total operating expenses

26,581,036

59,605,359

74,001,327

119,723,715








Operating income (loss)

17,659,109

(11,068,126)

42,461,171

(18,570,082)




Interest expense

20,689,110

12,053,342

41,228,145

23,014,252
Interest income

(4,284)

(8,153)

(68,454)

(16,191)




Other (Income) expense

13,350

(7,076)

2,966,277

(1,028,375)
Total other expense, net

20,698,176

12,038,113

44,125,968

21,969,686




Net loss

$(3,039,067)

$(23,106,239)

$(1,664,797)

$(40,539,768)




Weighted average shares outstanding:








Basic

16,968,750

15,880,392

16,967,418

15,815,594
Diluted

16,968,750

15,880,392

16,967,418

15,815,594
Per share amounts:








Basic net loss

$(0.18)

$(1.46)

$(0.10)

$(2.56)
Diluted net loss

$(0.18)

$(1.46)

$(0.10)

$(2.56)












Fleet Operating Data

Three Months Ended

Six Months Ended

June 30, 2013

June 30, 2012

June 30, 2013

June 30, 2012
Ownership Days

4,095

4,095

8,145

8,190
Chartered-in under operating lease Days

-

-

-

32
Available Days

4,053

4,081

8,083

8,175
Operating Days

4,044

4,062

8,036

8,103
Fleet Utilization

99.8%

99.5%

99.4%

99.1%
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)




June 30, 2013


December 31, 2012
ASSETS:



Current assets:



Cash and cash equivalents

$19,621,006


$18,119,968
Accounts receivable, net

12,973,504


9,303,958
Prepaid expenses

4,120,630


3,544,810
Inventories

11,815,111


12,083,125
Investment

33,939,835


197,509
Fair value above contract value of time charters acquired

-


549,965
Total current assets

82,470,086


43,799,335
Noncurrent assets:



Vessels and vessel improvements, at cost, net of accumulated
depreciation of $351,835,709 and $314,700,681, respectively

1,677,264,725


1,714,307,653
Other fixed assets, net of accumulated amortization of $606,606 and $515,
896, respectively

360,793


447,716
Restricted cash

66,243


276,056
Deferred drydock costs

2,699,884


2,132,379
Deferred financing costs

20,946,561


25,095,469
Fair value above contract value of time charters acquired




2,491,530
Other assets

844,266


594,012
Total noncurrent assets

1,702,182,472


1,745,344,815



Total assets

$1,784,652,558


$1,789,144,150



LIABILITIES & STOCKHOLDERS' EQUITY



Current liabilities:



Accounts payable

$8,236,022


$10,235,007
Accrued interest

996,242


2,430,751
Other accrued liabilities

10,791,942


14,330,141
Deferred revenue and fair value below contract value of time charters
acquired




3,237,694
Unearned charter hire revenue

3,904,870


3,755,166
Fair value of derivative instruments

657,346


2,243,833



Total current liabilities

24,586,422


36,232,592
Noncurrent liabilities:



Long-term debt

1,129,478,741


1,129,478,741
Payment-in-kind loans

29,853,031


15,387,468
Deferred revenue and fair value below contract value of time charters
acquired




13,850,772



Total noncurrent liabilities

1,159,331,772


1,158,716,981
Total liabilities

1,183,918,194


1,194,949,573
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, 16,658,417 and
16,638,092 shares issued and outstanding, respectively

166,581


166,378
Additional paid‑in capital

765,999,866


762,313,030
Retained earnings (net of historical dividends declared of $262,118,388)

(166,940,186)


(165,275,389)
Accumulated other comprehensive income (loss)

1,508,103


(3,009,442)
Total stockholders' equity

600,734,364


594,194,577
Total liabilities and stockholders' equity

$1,784,652,558


$1,789,144,150
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)



Six Months Ended


June 30, 2013


June 30, 2012
Cash flows from operating activities:



Net loss

$(1,664,797)


$(40,539,768)
Adjustments to reconcile net loss to net cash (used in) provided by
operating activities:



Items included in net loss not affecting cash flows:



Depreciation

37,225,738


37,456,975
Amortization of deferred drydocking costs

870,794


1,404,339
Amortization of deferred financing costs

4,164,908


2,332,293
Amortization of fair value below contract value of time charter acquired

(10,280,559)


(2,434,040)
Payment-in-kind interest on debt

14,465,563


707,688
Unrealized gain from forward freight agreements, net




246,110
Investment

(4,925,953)



Realized loss from investment

2,966,277



Proceeds from sale of investment

109,685



Gain on time charter agreement termination

(28,961,276)



Allowance for accounts receivable




5,339,080
Non‑cash compensation expense

3,765,574


4,881,924
Drydocking expenditures

(1,438,299)


(1,168,164)
Changes in operating assets and liabilities:



Accounts receivable

(3,669,546)


(1,628,529)
Other assets

(250,254)


305,195
Prepaid expenses

(575,820)


(1,078,275)
Inventories

268,014


(1,498,568)
Accounts payable

(1,998,985)


(4,013,683)
Accrued interest

(1,434,509)


251,796
Accrued expenses

(3,506,199)


(21,678)
Deferred revenue

(3,766,413)


(312,865)
Unearned revenue

149,704


(1,693,190)



Net cash provided by (used in) operating activities

1,513,647


(1,463,360)



Cash flows from investing activities:



Vessels and vessel improvements and advances for vessel construction

(92,100)


(58,520)
Purchase of other fixed assets

(3,787)


(10,141)
Changes in restricted cash

209,813


378,527



Net cash provided by investing activities

113,926


309,866



Cash flows from financing activities:



Deferred financing costs

(48,000)


(6,773,199)
Cash used to settle net share equity awards

(78,535)






Net cashused in financing activities

(126,535)


(6,773,199)



Net increase / (decrease) in cash

1,501,038


(7,926,693)
Cash at beginning of period

18,119,968


25,075,203



Cash at end of period

$19,621,006


$17,148,510







We have employed all of our vessels in our operating fleet on time and
voyage charters. The following table represents certain information about
our revenue earning charters with respect to our operating fleet as of June
30, 2013:
Vessel


Year
Built



Dwt


Charter Expiration (1)



Daily Charter Hire Rate












Avocet


2010



53,462


Jul 2013


$

10,100(2)














Bittern


2009



57,809


Aug 2013


$

7,000














Canary


2009



57,809


Jul 2013


$

12,500(2)














Cardinal


2004



55,362


Jul 2013


$

8,000














Condor


2001



50,296


Jul 2013


$

10,200(2)














Crane


2010



57,809


Aug 2013


$

9,500














Crested Eagle


2009



55,989


Oct 2013 to Dec 2013


$

8,000














Crowned Eagle


2008



55,940


Jul 2013


$

7,000(2)














Egret Bulker


2010



57,809


Aug 2013


$

10,250














Falcon


2001



50,296


Jul 2013


$

7,200(2)














Gannet Bulker


2010



57,809


Aug 2013


$

6,500














Golden Eagle


2010



55,989


Aug 2013 to Sep 2013


$

8,400














Goldeneye


2002



52,421


Aug 2013


$

7,150














Grebe Bulker


2010



57,809


-



Spot(2)














Harrier


2001



50,296


Aug 2013 to Nov 2013


$

10,750














Hawk I


2001



50,296


Aug 2013 to Sep 2013


$

9,000














Ibis Bulker


2010



57,775


Aug 2013


$

8,900














Imperial Eagle


2010



55,989


Aug 2013 to Oct 2013


$

9,500














Jaeger


2004



52,248


Aug 2013


$

6,750














Jay


2010



57,802


Sep 2013


$

5,500














Kestrel I


2004



50,326


Jul 2013



Voyage(2)














Kingfisher


2010



57,776


Aug 2013


$

12,000














Kite


1997



47,195


Sep 2013


$

7,200














Kittiwake


2002



53,146


Jul 2013 to Sep 2013


$

9,500














Martin


2010



57,809


Jul 2013 to Sep 2013


$

10,250














Merlin


2001



50,296


Aug 2013 to Sep 2013


$

9,600














Nighthawk


2011



57,809


Jul 2013


$

7,000(2)














Oriole


2011



57,809


Jul 2013



Voyage(2)














Osprey I


2002



50,206


Sep 2013 to Dec 2013


$

10,000














Owl


2011



57,809


Aug 2013


$

6,400














Peregrine


2001



50,913


Jul 2013


$

8,250(2)














Petrel Bulker


2011



57,809


May 2014 to Sep 2014



$17,650(4) (with 50%
profit share over $20,000)














Puffin Bulker


2011



57,809


May 2014 to Sep 2014



$17,650(4) (with 50%
profit share over $20,000)














Redwing


2007



53,411


Jul 2013



Voyage(2)














Roadrunner Bulker


2011



57,809


Aug 2014 to Dec 2014



$17,650(4) (with 50%
profit share over $20,000)














Sandpiper Bulker


2011



57,809


Aug 2014 to Dec 2014



$17,650(4) (with 50%
profit share over $20,000)














Shrike


2003



53,343


Oct 2013 to Dec 2013


$

9,200














Skua


2003



53,350


Jul 2013


$

7,000














Sparrow


2000



48,225


Jul 2013



Voyage(2)














Stellar Eagle


2009



55,989


Jan 2014 to Feb 2014



Index(3)














Tern


2003



50,200


Jul 2013



Voyage(2)














Thrasher


2010



53,360


Aug 2013


$

7,100














Thrush


2011



53,297


Jul 2013


$

8,000(2)














Woodstar


2008



53,390


Aug 2013


$

6,400














Wren


2008



53,349


Jul 2013


$

5,000(2)



(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 0.625% to 5.00%, to third
party ship brokers.

(2)

Upon conclusion of the previous charter the vessel will commence a short
term charter for up to six months.

(3)

Index, an average of the trailing Baltic Supramax Index.

(4)

The charterer has an option to extend the charter by two periods of 11 to 13
months each.
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.
Chartered-in under operating lease days: The Company defines chartered-in
under operating lease days as the aggregate number of days in a period
during which the Company chartered-in vessels.
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.
Fleet utilization: The Company calculates fleet utilization by dividing the
number of our operating days during a period by the number of our available
days during the period. The shipping industry uses fleet utilization to
measure a company's efficiency in finding suitable employment for its
vessels and minimizing the amount of days that its vessels are off-hire for
reasons other than scheduled repairs or repairs under guarantee, vessel
upgrades, special surveys or vessel positioning. Our fleet continues to
perform at very high utilization rates.
Conference Call Information
Members of Eagle Bulk's senior management team will host a teleconference
and webcast at 8:30 a.m. ET on Thursday, August 8th 2013, to discuss the
results.
To participate in the teleconference, investors and analysts are invited to
call 866-543-6403 in the U.S., or 617-213-8896 outside of the U.S., and
reference participant code 42452784. 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 August 15
, 2013. To access the replay, call 888-286-8010 in the U.S., or 617-801-6888
outside of the U.S., and reference passcode 80939521.
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

SOURCE Eagle Bulk Shipping Inc.
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