Tuesday, October 05, 2021

Eagle Bulk Shipping (EGLE)
Starting Dividends and Buybacks

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. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.

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

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

Call with management today at 8:30am EST to discuss debt refinancing and capital allocation strategy. The call number is 844-282-4411 and code is 3666878.


Global refinancing closed sooner than expected.  The Eagle Bulk Shipco 8.25% bonds due in November 2022 and all other debt will be refinanced with a new five-year term loan of $300 million and a revolver of $100 million. The interest rate spread of 210-280 basis points depending on leverage and sustainability measures and annual interest savings approximate $8 million. The new debt is secured by …

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the 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.