Thursday, March 07, 2019

Eagle Bulk Shipping Inc. (EGLE)

Focusing on strategic execution and positive long-term outlook.

Eagle Bulk Shipping
Inc. is a US-based drybulk owner-operator focused on the Supramax/Ultramax
mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in
size; these vessels are equipped with onboard cranes allowing for the
self-loading and unloading of cargoes, a feature which distinguishes them from
the larger classes of drybulk vessels and provides for greatly enhanced
flexibility and versatility- both with respect to cargo diversity and port
accessibility. 

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

• Another solid quarter of
  outperformance… 4Q2018 EBITDA of $23.5 million was below our estimate,
  but well above 3Q2018 EBITDA of $20.2 million. The negative variance to our
  estimate was driven by slightly lower TCE rates and higher opex, which more
  than offset more available days due to higher chartered in capacity.
• …but adjusting
  estimates to reflect current market outlook and higher downtime associated with
  the expanded scrubber program. We are lowering our 2019 EBITDA estimate to $83.6
  million from $91.9 million even though rate outpe…
  

  
  

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*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.