US-based handymax/supramax bulk carrier operator Eagle Bulk Shipping has ordered two Future-56 class supramax vessels from Japan’s IHI Marine United yard for US$33.5m each with deliveries expected in January and February of 2010. The company has also announced a Q3 net profit US$9.1m, US$0.25 per share, up from US$7.4m in the same quarter last year.
Sophocles Zoullas, Chairman and Chief Executive Officer, commented, "Our third quarter results highlight continued strong performance at Eagle Bulk. Our third quarter utilization rate of 99.6%, contributed to our significant free cash-flow, and we are very pleased that our shareholders continue to benefit from this performance. With this quarter's dividend payment of $0.51 per share we have now paid aggregate dividends of $2.62 per share in just five quarters of operations."
Mr Zoullas continued, "Fully 100% of our fleet's projected 2006 earnings are covered by fixed rate time charters at an average daily rate in excess of $21,600, and 79% of our 2007 earnings are also covered by fixed rate charters providing significant insulation from volatility in the dry bulk market. We continue to operate with one of the lowest cash break-evens in the dry bulk sector, and our strong capital structure positions us well to continue to make opportunistic investments to grow the business.”