Net time and voyage charter revenues for the three months ended Septemwere $68.2 million compared with $74.1 million recorded in the comparable quarter in 2019. In the comparable period of 2019, the Company reported a net loss of $10.5 million, or basic and diluted loss of $1.03 per share. In the comparable quarter of 2019, the Company reported a net loss of $4.6 million, or basic and diluted loss of $0.45 per share.įor the nine months ended September 30, 2020, the Company reported a net loss of $35.2 million, or basic and diluted loss of $3.42 per share. Results of Operations for the three and nine months ended Septemand 2019įor the three months ended September 30, 2020, the Company reported a net loss of $11.2 million, or basic and diluted loss of $1.09 per share. All references to common stock and all per share data contained in this press release have been retrospectively adjusted to reflect the Reverse Stock Split unless explicitly stated otherwise. No fractional shares of common stock were issued in connection with the Reverse Stock Split.

Furthermore, the conversion rate set forth in the indenture governing the Company’s Convertible Bond Debt was adjusted to reflect the Reverse Stock Split. Proportional adjustments were made to the Company’s issued and outstanding common stock and to the exercise price and the number of shares issuable upon exercise of all of the Company’s outstanding warrants, the exercise price and number of shares issuable upon exercise of the options outstanding under the Company’s equity incentive plans, and the number of shares subject to restricted stock awards under the Company’s equity incentive plans. We track our TCE performance using the Adjusted net BSI which is BSI adjusted for commissions and our owned fleet makeup ('Adjusted net BSI').Įffective as of September 15, 2020, the Company completed a 1-for-7 reverse stock split (the “Reverse Stock Split”) of the Company's issued and outstanding shares of common stock, par value $0.01 per share, as previously approved by our Board of Directors (the 'Board of Directors') and our shareholders. The average BSI was $9,945/day for the three months ended September 30, 2020. An explanation of these measures and how they are calculated are also included below under the heading 'Supplemental Information - Non-GAAP Financial Measures'.Ģ Baltic Supramax Index ('BSI') is a benchmark index published by Baltic Exchange which tracks the gross time charter spot value for a 58,000 dwt, non-scrubber fitted Supramax and average of 10 trade routes across the world. A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial tables included in this press release. While uncertainty around COVID-19 remains, we are cautiously optimistic that the global economy will continue to recover and benefit from various new monetary and fiscal stimulus programs being instituted around the world.”ġ These are non-GAAP financial measures. We have now fixed approximately 73% of our available days for the fourth quarter at a net TCE of $11,275. Looking ahead, I believe our Q4 fixtures reflect not just an improving market but also our ability to outperform commercially. I believe this positive trend is indicative of a normalization of freight demand.Īdditionally, due to the easing of logistical issues, in the third quarter we were able to repatriate the vast majority of our seafarers who had been unable to return home in a timely manner due to travel restrictions. Gary Vogel, Eagle Bulk’s CEO, commented, “The Baltic Supramax Index continued to recover in the third quarter, since bottoming in April while in the midst of the global lockdown. Closings are expected to occur in the fourth quarter. Reached agreements to sell the M/V Osprey (2002-built Supramax) and M/V Shrike (2003-built Supramax) for a gross price of $10.0 million, in aggregate. Looking ahead, fixed 73% of Q4 available days at an average TCE of $11,275 as of November 2, 2020 Closing is expected to occur in the fourth quarter. Reached an agreement to sell the M/V Skua (2003-built Supramax) for a gross price of $5.4 million. Realized a net loss of $11.2 million, or $1.09 per basic and diluted shareĬompleted the 1-for-7 reverse stock split that became effective on September 15, 2020 TCE Revenue (1) for the quarter equated to $42.4 millionĪchieved TCE (1) of $9,620/day for the quarter versus the Adjusted net BSI (2) at $9,429/day (NASDAQ: EGLE) (“Eagle Bulk”, “Eagle” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today reported financial results for the three and nine months ended September 30, 2020. 05, 2020 (GLOBE NEWSWIRE) - Eagle Bulk Shipping Inc.

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