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Eagle Bulk Shipping Inc. Reports Operating Results (10-Q)

August 09, 2012 | About:
10qk

10qk

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Eagle Bulk Shipping Inc. (EGLE) filed Quarterly Report for the period ended 2012-06-30.

Eagle Bulk Shipping Inc. has a market cap of $47.4 million; its shares were traded at around $2.92 with and P/S ratio of 0.2.

Highlight of Business Operations:

• Ownership days: We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period. Ownership days for the three month period ended June 30, 2012, increased 11% from the corresponding period in 2011 as we operated 45 vessels in the second quarter of 2012 compared to 41 vessels in the corresponding period in 2011.

Gross time and voyage charter revenues in the quarter ended June 30, 2012 were $50,537,281, compared with $81,135,090 recorded in the comparable quarter in 2011. The decrease in gross revenues is attributable primarily to lower charter rates and a decrease in voyage charter revenues in the quarter ended June 30, 2012 of $7,383,790, compared to $15,365,728 in the comparable quarter in 2011. Gross revenues recorded in the quarter ended June 30, 2012 and 2011, include an amount of $1,205,276 and $1,271,810, respectively, relating to the non-cash amortization of fair value below contract value of time charters acquired. Brokerage commissions incurred on revenues earned in the quarter ended June 30, 2012 and 2011 were $2,000,048 and $4,729,702, respectively. Net revenues during the quarter ended June 30, 2012 and 2011, were $48,537,233 and $76,405,388, respectively.

Gross time and voyage charter revenues in the six-month period ended June 30, 2012 were $105,360,411, compared with $171,518,078 recorded in the comparable quarter in 2011. The decrease in gross revenues is attributable primarily to lower charter rates and a decrease in voyage charter revenues in the six-month period ended June 30, 2012 of $16,219,529, compared to $44,208,037 in the comparable six-month period in 2011. Gross revenues recorded in the six-month period ended June 30, 2012 and 2011, include an amount of $2,434,040 and $2,566,329, respectively, relating to the non-cash amortization of fair value below contract value of time charters acquired. Brokerage commissions incurred on revenues earned in the six-month period ended June 30, 2012 and 2011 were $4,206,778 and $8,419,915, respectively. Net revenues during the six-month period ended June 30, 2012 and 2011, were $101,153,633 and $163,098,163, respectively.

Voyage expenses for the three-month period ended June 30, 2012 were $6,888,920, compared to $8,125,284 in the comparable quarter in 2011. The decrease in voyage expenses is attributable to reduction in voyage charter revenues and in port charges in the quarter ended June 30, 2012.

Voyage expenses for the six-month period ended June 30, 2012 were $13,890,624, compared to $23,946,796 in the comparable period in 2011. The decrease in voyage expenses is attributable to reduction in voyage charter revenues and in port charges in the quarter ended June 30, 2012.

Read the The complete Report

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