Eagle Bulk Shipping Inc. reports results for the Q1, 2023

Revenues, net for the three months ended March 31, 2023 were $105.2 million

Eagle Bulk Shipping Inc. (NYSE: EGLE) (“Eagle”), one of the world’s largest owner-operators within the midsize drybulk vessel segment, reported financial results for the quarter ended March 31, 2023.

Revenues, net for the three months ended March 31, 2023 were $105.2 million compared to $184.4 million for the comparable quarter in 2022. Revenues, net decreased $79.2 million primarily due to lower rates on both time and voyage charters, driven by a decline in the drybulk market.

Generated Adjusted EBITDA(1) of $18.7 million
Executed agreements to acquire two high-specification 2020-built scrubber-fitted Ultramax bulkcarriers for $60.2 million, or $30.1 million each
Vessels are to be renamed Halifax Eagle and Vancouver Eagle and are expected to be delivered during the second quarter
Declared a quarterly dividend of $0.10 per share for the first quarter of 2023

Executed agreements to sell three 2011-built non-core, non-scrubber-fitted Supramax bulkcarriers (Montauk Eagle, Newport Eagle and Sankaty Eagle) for $49.8 million, or $16.6 million each
Sale of the Newport Eagle closed on May 3, 2023, while the remaining two transactions are expected to close during the second quarter.

Fleet Development

Gibraltar Eagle, a 2015-built Ultramax (64k DWT), acquired in the fourth quarter of 2022 for total consideration of $24.3 million, was delivered to the Company in the first quarter of 2023
Halifax Eagle, a 2020-built, scrubber-fitted Ultramax (64k DWT), acquired in the first quarter of 2023 for total consideration of $30.1 million, is expected to be delivered to the Company in the second quarter of 2023
Vancouver Eagle, a 2020-built, scrubber-fitted Ultramax (64k DWT), acquired in the first quarter of 2023 for total consideration of $30.1 million, is expected to be delivered to the Company in the second quarter of 2023
Jaeger, a 2004-built Supramax (52k DWT), sold in the first quarter of 2023 for total consideration of $9.0 million, was delivered to the buyer in the first quarter of 2023
Montauk Eagle, Newport Eagle and Sankaty Eagle, each a 2011-built Supramax (58k DWT), sold in the second quarter of 2023 for total consideration of $49.8 million
Newport Eagle was delivered to the buyer in the second quarter of 2023 and the two remaining vessels are expected to be delivered to the buyer in the second quarter of 2023
Pro forma owned fleet totals 52 vessels with an average age of 9.8 years