Eagle Bulk Shipping reported a better-than-expected quarterly loss as its revenue doubled from a year ago.
The New York-listed bulker owner reported an $11m loss for the first quarter compared to a $39.3m loss in the year earlier quarter. The $0.17 per share loss was better than the $0.23 per loss expected by analysts.
Revenue of $45.8m for the quarter was up from $21.2m in the year earlier. The Gary Vogel-led shipowner credited improved dry bulk shipping rates and additional chartered-in ships, which increased revenue days for the company.
Eagle also said it chartered in a 63,000-dwt newbuilding in May 2016 for a period of nine to 14 months and a 61,000-dwt newbuilding that was delivered in July 2016 for a period of 11 to 13 months. It also chartered in vessels on a short-term basis.
The Stamford-based shipowner has also added 11 ultramax vessels to its owned fleet over the last year as part of its fleet renewal programme. Eagle expects the first six of nine ultramaxes from its $153m deal to buy the fleet of Greenship Bulk to be delivered over this quarter and the next.
Vogel said the Greenship transaction "will significantly increase our operating scale and provide meaningful exposure to the ultramax segment."
