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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Eagle Bulk Shipping Inc | NASDAQ:EGLE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 48.70 | 48.51 | 49.18 | 0 | 01:00:00 |
[X]
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
[ ]
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Republic of the Marshall Islands
|
|
98–0453513
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
YES
X
|
NO
|
YES
X
|
NO
|
Large accelerated filer☐
|
Accelerated filer☒
|
Emerging growth company ☐
|
Non-Accelerated filer☐
|
Smaller reporting company☐
|
|
YES
|
NO
X
|
|
|
Page
|
PART I
|
FINANCIAL INFORMATION
|
|
Item 1.
|
|
|
|
|
|
|
||
|
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Item 2.
|
||
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Item 3.
|
||
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Item 4.
|
||
|
|
|
PART II
|
OTHER INFORMATION
|
|
Item 1.
|
||
Item 1A.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
Item 5.
|
||
Item 6.
|
||
|
March 31, 2018
|
|
December 31, 2017
|
||||
ASSETS:
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
57,897,634
|
|
|
$
|
56,251,044
|
|
Accounts receivable
|
13,976,108
|
|
|
17,246,540
|
|
||
Prepaid expenses
|
3,663,037
|
|
|
3,010,766
|
|
||
Short-term investment
|
—
|
|
|
4,500,000
|
|
||
Inventories
|
13,622,341
|
|
|
14,113,079
|
|
||
Vessels held for sale
|
19,670,950
|
|
|
9,316,095
|
|
||
Other current assets
|
1,577,556
|
|
|
785,027
|
|
||
Total current assets
|
110,407,626
|
|
|
105,222,551
|
|
||
Noncurrent assets:
|
|
|
|
||||
Vessels and vessel improvements, at cost, net of accumulated depreciation of $105,608,055 and $99,910,416, respectively
|
693,895,309
|
|
|
690,236,419
|
|
||
Advances for vessels purchase
|
—
|
|
|
2,201,773
|
|
||
Other fixed assets, net of accumulated amortization of $387,759 and $343,799, respectively
|
572,587
|
|
|
617,343
|
|
||
Restricted cash
|
74,917
|
|
|
74,917
|
|
||
Deferred drydock costs, net
|
9,654,102
|
|
|
9,749,751
|
|
||
Deferred financing costs - Super Senior Facility
|
285,342
|
|
|
190,000
|
|
||
Other assets
|
54,269
|
|
|
57,181
|
|
||
Total noncurrent assets
|
704,536,526
|
|
|
703,127,384
|
|
||
Total assets
|
$
|
814,944,152
|
|
|
$
|
808,349,935
|
|
LIABILITIES & STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
9,015,305
|
|
|
$
|
7,470,844
|
|
Accrued interest
|
5,912,503
|
|
|
1,790,315
|
|
||
Other accrued liabilities
|
5,984,737
|
|
|
11,810,366
|
|
||
Fair value of derivatives
|
152,560
|
|
|
73,170
|
|
||
Unearned charter hire revenue
|
6,231,209
|
|
|
5,678,673
|
|
||
Current portion of long-term debt
|
11,875,142
|
|
|
4,000,000
|
|
||
Total current liabilities
|
39,171,456
|
|
|
30,823,368
|
|
||
Noncurrent liabilities:
|
|
|
|
||||
Norwegian Bond Debt, net of debt discount and debt issuance costs
|
190,160,155
|
|
|
189,950,329
|
|
||
New First Lien Facility, net of debt discount and debt issuance costs
|
54,436,463
|
|
|
63,758,185
|
|
||
Ultraco Debt Facility, net of debt discount and debt issuance costs
|
65,001,075
|
|
|
59,975,162
|
|
||
Other liabilities
|
158,033
|
|
|
177,846
|
|
||
Fair value below contract value of time charters acquired
|
2,329,537
|
|
|
2,500,012
|
|
||
Total noncurrent liabilities
|
312,085,263
|
|
|
316,361,534
|
|
||
Total liabilities
|
351,256,719
|
|
|
347,184,902
|
|
||
Commitments and contingencies
|
|
|
|
|
|
||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, $0.01 par value, 25,000,000 shares authorized, none issued as of March 31, 2018 and December 31, 2017, respectively
|
—
|
|
|
—
|
|
||
Common stock, $0.01 par value, 700,000,000 shares authorized, 70,515,018 and 70,394,307 shares issued and outstanding as of March 31, 2018 and December 31, 2017, respectively
|
705,151
|
|
|
703,944
|
|
||
Additional paid-in capital
|
890,881,460
|
|
|
887,625,902
|
|
||
Accumulated deficit
|
(427,899,178
|
)
|
|
(427,164,813
|
)
|
||
Total stockholders’ equity
|
463,687,433
|
|
|
461,165,033
|
|
||
Total liabilities and stockholders’ equity
|
$
|
814,944,152
|
|
|
$
|
808,349,935
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Revenues, net
|
$
|
79,370,609
|
|
|
$
|
45,855,057
|
|
|
|
|
|
||||
Voyage expenses
|
22,514,592
|
|
|
13,353,347
|
|
||
Vessel expenses
|
21,078,657
|
|
|
17,955,519
|
|
||
Charter hire expenses
|
10,268,064
|
|
|
3,873,332
|
|
||
Depreciation and amortization
|
9,276,415
|
|
|
7,492,808
|
|
||
General and administrative expenses
|
9,913,964
|
|
|
7,778,821
|
|
||
Gain on sale of vessel
|
—
|
|
|
(92,114
|
)
|
||
Total operating expenses
|
73,051,692
|
|
|
50,361,713
|
|
||
Operating income/(loss)
|
6,318,917
|
|
|
(4,506,656
|
)
|
||
|
|
|
|
||||
Interest expense
|
6,261,069
|
|
|
6,445,031
|
|
||
Interest income
|
(95,276
|
)
|
|
(189,798
|
)
|
||
Other expense
|
100,379
|
|
|
306,559
|
|
||
Total other expense, net
|
6,266,172
|
|
|
6,561,792
|
|
||
Net income/(loss)
|
$
|
52,745
|
|
|
$
|
(11,068,448
|
)
|
|
|
|
|
||||
Weighted average shares outstanding:
|
|
|
|
||||
Basic
|
70,452,814
|
|
|
65,637,692
|
|
||
Diluted
|
71,531,864
|
|
|
65,637,692
|
|
||
|
|
|
|
||||
Per share amounts:
|
|
|
|
||||
Basic income/(loss)
|
$
|
0.00
|
|
|
$
|
(0.17
|
)
|
Diluted income/(loss)
|
$
|
0.00
|
|
|
$
|
(0.17
|
)
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Net income/(loss)
|
$
|
52,745
|
|
|
$
|
(11,068,448
|
)
|
|
|
|
|
||||
Comprehensive income/(loss)
|
$
|
52,745
|
|
|
$
|
(11,068,448
|
)
|
|
Common
Stock
|
|
Common
Stock
Amount
|
|
Additional
Paid-in
Capital
|
|
Accumulated Deficit
|
|
Total Stockholders’
Equity
|
|||||||||
Balance at December 31, 2017
|
70,394,307
|
|
|
$
|
703,944
|
|
|
$
|
887,625,902
|
|
|
$
|
(427,164,813
|
)
|
|
$
|
461,165,033
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Cumulative effect of accounting change (Note 2) *
|
—
|
|
|
—
|
|
|
—
|
|
|
(787,110
|
)
|
|
(787,110
|
)
|
||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
52,745
|
|
|
52,745
|
|
||||
Issuance of shares due to vesting of restricted shares
|
120,711
|
|
|
1,207
|
|
|
(1,207
|
)
|
|
—
|
|
|
—
|
|
||||
Cash used to settle net share equity awards
|
—
|
|
|
—
|
|
|
(254,146
|
)
|
|
—
|
|
|
(254,146
|
)
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
3,510,911
|
|
|
—
|
|
|
3,510,911
|
|
||||
Balance at March 31, 2018
|
70,515,018
|
|
|
$
|
705,151
|
|
|
$
|
890,881,460
|
|
|
$
|
(427,899,178
|
)
|
|
$
|
463,687,433
|
|
|
Common
Stock
|
|
Common
Stock
Amount
|
|
Additional
Paid-in
Capital
|
|
Accumulated Deficit
|
|
Total Stockholders’
Equity
|
|||||||||
Balance at January 1, 2017
|
48,106,827
|
|
|
$
|
481,069
|
|
|
$
|
783,369,698
|
|
|
$
|
(383,368,128
|
)
|
|
$
|
400,482,639
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(11,068,448
|
)
|
|
(11,068,448
|
)
|
||||
Issuance of shares for private placement
|
22,222,223
|
|
|
222,222
|
|
|
95,807,781
|
|
|
—
|
|
|
96,030,003
|
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
2,170,700
|
|
|
—
|
|
|
2,170,700
|
|
||||
Balance at March 31, 2017
|
70,329,050
|
|
|
$
|
703,291
|
|
|
$
|
881,348,179
|
|
|
$
|
(394,436,576
|
)
|
|
$
|
487,614,894
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income/(loss)
|
$
|
52,745
|
|
|
$
|
(11,068,448
|
)
|
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
|
|
|
|
||||
Depreciation
|
8,073,353
|
|
|
6,510,735
|
|
||
Amortization of deferred drydocking costs
|
1,203,062
|
|
|
982,073
|
|
||
Amortization of debt issuance costs
|
490,095
|
|
|
1,444,963
|
|
||
Amortization of fair value below contract value of time charter acquired
|
(170,475
|
)
|
|
(205,078
|
)
|
||
Payment-in-kind interest on debt
|
—
|
|
|
2,334,893
|
|
||
Net unrealized loss on fair value of derivative instruments
|
208,235
|
|
|
293,007
|
|
||
Stock-based compensation expense
|
3,510,911
|
|
|
2,170,700
|
|
||
Drydocking expenditures
|
(1,107,414
|
)
|
|
(25,807
|
)
|
||
Gain on sale of vessel
|
—
|
|
|
(92,114
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
3,270,432
|
|
|
(3,676,803
|
)
|
||
Other current and non-current assets
|
(121,954
|
)
|
|
(426,860
|
)
|
||
Prepaid expenses
|
(652,271
|
)
|
|
502,054
|
|
||
Inventories
|
490,738
|
|
|
2,148,742
|
|
||
Accounts payable
|
1,544,461
|
|
|
(249,235
|
)
|
||
Accrued interest
|
4,122,188
|
|
|
(28,872
|
)
|
||
Other accrued and other non-current liabilities
|
(5,009,784
|
)
|
|
(3,738,154
|
)
|
||
Unearned revenue
|
(1,031,082
|
)
|
|
1,114,886
|
|
||
Net cash provided by/(used in) operating activities
|
14,873,240
|
|
|
(2,009,318
|
)
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Purchase of vessels and vessel improvements
|
(19,841,535
|
)
|
|
(17,297,323
|
)
|
||
Advance paid for purchase of vessel
|
—
|
|
|
(10,320,000
|
)
|
||
Proceeds from redemption of Short-term investment
|
4,500,000
|
|
|
—
|
|
||
Proceeds from sale of vessels
|
—
|
|
|
5,790,500
|
|
||
Purchase of other fixed assets
|
966
|
|
|
(47,008
|
)
|
||
Net cash used in investing activities
|
(15,340,569
|
)
|
|
(21,873,831
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Repayment of term loan under First Lien Facility
|
—
|
|
|
(2,895,250
|
)
|
||
Repayment of revolver loan under New First Lien Facility
|
(5,000,000
|
)
|
|
—
|
|
||
Proceeds from Ultraco Debt Facility
|
8,600,000
|
|
|
—
|
|
||
Proceeds from the common stock private placement, net of issuance costs
|
—
|
|
|
96,030,003
|
|
||
Cash used to settle net share equity awards
|
(254,146
|
)
|
|
—
|
|
||
Other financing costs
|
(1,231,935
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
2,113,919
|
|
|
93,134,753
|
|
||
|
|
|
|
||||
Net increase in cash and cash equivalents and restricted cash
|
1,646,590
|
|
|
69,251,604
|
|
||
Cash and cash equivalents and restricted cash at beginning of period
|
56,325,961
|
|
|
76,591,027
|
|
||
Cash and cash equivalents and restricted cash at end of period
|
$
|
57,972,551
|
|
|
$
|
145,842,631
|
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
|
||||
Cash paid during the year for interest
|
$
|
1,648,787
|
|
|
$
|
2,694,046
|
|
|
Three Months Ended March 31, 2018
|
||
|
|
||
Time charters
|
$
|
29,323,219
|
|
Voyage charters
|
50,047,390
|
|
|
|
$
|
79,370,609
|
|
|
As of March 31, 2018
|
||||||||||
|
As Reported
|
|
Balances without Adoption of ASC 606
|
|
Effect of Change
|
||||||
Assets
|
|
|
|
|
|
||||||
Accounts Receivable
|
$
|
13,976,108
|
|
|
$
|
14,531,212
|
|
|
$
|
(555,104
|
)
|
Other current assets
|
1,577,556
|
|
|
1,055,071
|
|
|
522,485
|
|
|||
Liabilities
|
|
|
|
|
|
||||||
Unearned charter hire revenue
|
6,231,209
|
|
|
6,950,116
|
|
|
718,907
|
|
|||
Other Accrued liabilities
|
5,984,737
|
|
|
5,961,064
|
|
|
(23,673
|
)
|
|||
|
|
|
|
|
|
|
For the three months ended March 31, 2018
|
||||||||||
|
As Reported
|
|
Balances without Adoption of ASC 606
|
|
Effect of Change
|
||||||
Revenue,net
|
$
|
79,370,609
|
|
|
$
|
78,533,776
|
|
|
$
|
836,833
|
|
|
|
|
|
|
|
||||||
Voyage expenses
|
22,514,592
|
|
|
22,268,705
|
|
|
(245,887
|
)
|
|||
Charter hire expenses
|
10,268,064
|
|
|
10,032,395
|
|
|
(235,669
|
)
|
|||
|
|
|
|
|
|
||||||
Net income/(loss)
|
52,745
|
|
|
(302,532
|
)
|
|
355,277
|
|
|||
|
|
|
|
|
|
||||||
Basic income/(loss) per share
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.01
|
|
Diluted income/(loss) per share
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
$
|
0.00
|
|
|
December 31, 2017
|
|
|
Effect of Adoption of ASC 606
|
|
January 1, 2018
|
|||||
Assets
|
|
|
|
|
|
||||||
Other current assets
(1)
|
$
|
785,027
|
|
|
$
|
796,508
|
|
|
$
|
1,581,535
|
|
Liabilities
|
|
|
|
|
|
||||||
Unearned charter hire revenue
(2)
|
5,678,673
|
|
|
1,583,618
|
|
|
7,262,291
|
|
|||
Stockholders' equity
|
|
|
|
|
|
||||||
Accumulated deficit
|
(427,164,813
|
)
|
|
(787,110
|
)
|
|
(427,951,923
|
)
|
Vessels and Vessel Improvements, at December 31, 2017
|
$
|
690,236,419
|
|
Advance paid for purchase of New London Eagle at December 31, 2017
|
2,201,773
|
|
|
Purchase of Vessels and Vessel Improvements
|
19,841,535
|
|
|
Transfer to Vessels held for sale
|
(10,354,855
|
)
|
|
Vessel depreciation expense
|
(8,029,563
|
)
|
|
Vessels and Vessel Improvements, at March 31, 2018
|
$
|
693,895,309
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
Norwegian Bond Debt
|
$
|
200,000,000
|
|
|
$
|
200,000,000
|
|
Debt discount and debt issuance costs - Norwegian Bond Debt
|
(5,839,845
|
)
|
|
(6,049,670
|
)
|
||
Less:Current portion of Norwegian Bond Debt
|
(4,000,000
|
)
|
|
(4,000,000
|
)
|
||
Norwegian Bond Debt, net of debt discount and debt issuance costs
|
190,160,155
|
|
|
189,950,330
|
|
||
New First Lien Facility *
|
60,000,000
|
|
|
65,000,000
|
|
||
Debt discount and debt issuance costs - New First Lien Facility
|
(1,263,537
|
)
|
|
(1,241,815
|
)
|
||
Less:Current portion of New First Lien Facility
|
(4,300,000
|
)
|
|
—
|
|
||
New First Lien Facility, net of debt issuance costs and debt discount
|
54,436,463
|
|
|
63,758,185
|
|
||
Ultraco Debt Facility
|
69,800,000
|
|
|
61,200,000
|
|
||
Debt discount and debt issuance costs - Ultraco Debt Facility
|
(1,223,783
|
)
|
|
(1,224,838
|
)
|
||
Less:Current portion of Ultraco Debt Facility
|
(3,575,142
|
)
|
|
—
|
|
||
Ultraco Debt Facility, net of debt issuance costs and debt discount
|
65,001,075
|
|
|
59,975,162
|
|
||
Total long-term debt
|
$
|
309,597,693
|
|
|
$
|
313,683,677
|
|
|
||
|
|
|
Period
|
|
Redemption Price
|
First Call Date to, but not including, the Interest Payment Date in November 2020
|
|
104.125%
|
Interest Payment Date in November 2020 to but not including, the Interest Payment Date in May 2021
|
|
103.3%
|
Interest Payment Date in May 2021 to, but not including, the Interest Payment Date in November 2021
|
|
102.475%
|
Interest Payment Date in November 2021 to, but not including, the Interest Payment Date in May 2022
|
|
101.65%
|
Interest Payment Date in May 2022 to, but not including, the Maturity Date
|
|
100%
|
|
Three Months Ended
|
|||||
|
March 31, 2018
|
March 31, 2017
|
||||
First Lien Facility
|
$
|
—
|
|
$
|
2,665,175
|
|
Norwegian Bond Debt
|
4,125,000
|
|
—
|
|
||
New First Lien Facility
|
816,967
|
|
—
|
|
||
Amortization of Debt issuance costs
|
490,095
|
|
1,444,963
|
|
||
Payment in kind interest on Second Lien Facility
|
—
|
|
2,334,893
|
|
||
Ultraco Debt Facility
|
799,674
|
|
—
|
|
||
Super Senior Facility - commitment fees
|
29,333
|
|
—
|
|
||
Total Interest Expense
|
$
|
6,261,069
|
|
$
|
6,445,031
|
|
|
Norwegian Bond Debt
|
New First Lien Facility
|
Ultraco Debt Facility
|
Total
|
||||||||
Nine months ended December 31, 2018
|
$
|
4,000,000
|
|
$
|
—
|
|
$
|
—
|
|
$
|
4,000,000
|
|
2019
|
8,000,000
|
|
10,750,000
|
|
8,937,855
|
|
27,687,855
|
|
||||
2020
|
8,000,000
|
|
8,600,000
|
|
7,150,285
|
|
23,750,285
|
|
||||
2021
|
8,000,000
|
|
8,600,000
|
|
7,150,285
|
|
23,750,285
|
|
||||
2022
|
172,000,000
|
|
32,050,000
|
|
46,561,575
|
|
250,611,575
|
|
||||
|
$
|
200,000,000
|
|
$
|
60,000,000
|
|
$
|
69,800,000
|
|
$
|
329,800,000
|
|
|
|
|
Amount of (gain)/loss
|
||||||
Derivatives not designated as hedging instruments
|
Location of (gain)/loss recognized
|
|
For the
Three Months Ended |
||||||
|
|
|
March 31, 2018
|
|
March 31, 2017
|
||||
FFAs
|
Other expense
|
|
$
|
54,934
|
|
|
$
|
306,559
|
|
Bunker Swaps
|
Other expense
|
|
45,445
|
|
|
—
|
|
||
Total
|
|
$
|
100,379
|
|
|
$
|
306,559
|
|
Derivatives not designated as hedging instruments
|
Balance Sheet location
|
|
Fair Value of Derivatives
|
||||||
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||
FFAs
|
Fair value of derivatives
|
|
$
|
141,000
|
|
|
$
|
73,170
|
|
Bunker Swaps
|
Fair value of derivatives
|
|
11,560
|
|
|
—
|
|
||
Bunker Swaps
|
Other current assets
|
|
—
|
|
|
128,845
|
|
|
|
|
Fair Value
|
||||||||
|
Carrying Value
|
|
Level 1
|
|
Level 2
|
||||||
March 31, 2018
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
||||||
Cash and cash equivalents
(1)
|
$
|
57,972,551
|
|
|
$
|
57,972,551
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
||||||
Norwegian Bond Debt *
|
194,160,155
|
|
|
—
|
|
|
203,334,000
|
|
|||
New First Lien Facility **
|
58,736,463
|
|
|
—
|
|
|
60,000,000
|
|
|||
Ultraco Debt Facility **
|
68,576,217
|
|
|
—
|
|
|
69,800,000
|
|
|
|
|
Fair Value
|
||||||||
|
Carrying Value
|
|
Level 1
|
|
Level 2
|
||||||
December 31, 2017
|
|
|
|
|
|
||||||
Assets
|
|
|
|
|
|
||||||
Cash and cash equivalents
(1)
|
$
|
56,325,961
|
|
|
$
|
56,325,961
|
|
|
$
|
—
|
|
Short-term investment
|
4,500,000
|
|
|
|
|
4,500,000
|
|
||||
Liabilities
|
|
|
|
|
|
||||||
Norwegian Bond Debt
(2)
|
193,950,329
|
|
|
—
|
|
|
200,990,000
|
|
|||
New First Lien Facility
|
63,758,185
|
|
|
—
|
|
|
65,000,000
|
|
|||
Ultraco Debt Facility
|
59,975,162
|
|
|
—
|
|
|
61,200,000
|
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Net income/(loss)
|
$
|
52,745
|
|
|
$
|
(11,068,448
|
)
|
Weighted Average Shares - Basic
|
70,452,814
|
|
|
65,637,692
|
|
||
Dilutive effect of stock options and restricted stock units
|
1,079,050
|
|
|
—
|
|
||
Weighted Average Shares - Diluted
|
71,531,864
|
|
|
65,637,692
|
|
||
Basic income/(loss) per share
|
$
|
0.00
|
|
|
$
|
(0.17
|
)
|
Diluted income/(loss) per share
|
$
|
0.00
|
|
|
$
|
(0.17
|
)
|
|
For the
Three Months Ended March 31, 2018 |
|
For the
Three Months Ended March 31, 2017 |
||||
Stock awards /Stock Option Plans
|
$
|
3,510,911
|
|
|
$
|
2,170,700
|
|
(1)
|
concentration in one vessel category: Supramax/Ultramax dry bulk vessels, which we believe offer certain size, operational and geographical advantages relative to other classes of dry bulk vessels, such as Handy, Panamax and Capesize vessels,
|
(2)
|
an active owner-operator model where we seek to operate our own fleet and develop contractual relationships directly with cargo interests. These relationships and the related cargo contracts have the dual benefit of providing greater operational efficiencies and act as a balance to the Company’s naturally long position to the market. Notwithstanding the focus on voyage chartering, we consistently monitor the dry bulk shipping market and, based on market conditions, will consider taking advantage of long-term time charters at higher rates when appropriate, and
|
(3)
|
maintain high quality vessels and improve standards of operation through improved standards and procedures, crew training and repair and maintenance procedures.
|
Vessel
|
|
Year
Built
|
|
Dwt
|
|
Charter
Expiration
|
|
Daily Charter
Hire Rate
|
|
||||
|
|
|
|
|
|
|
|
|
|
||||
Avocet
|
|
2010
|
|
53,462
|
|
|
N/A
|
|
N/A
|
|
(1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Bittern
|
|
2009
|
|
57,809
|
|
|
May 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Canary
|
|
2009
|
|
57,809
|
|
|
May 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Cardinal
|
|
2004
|
|
55,362
|
|
|
Apr 2018
|
|
$
|
14,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Condor
|
|
2001
|
|
50,296
|
|
|
Apr 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Crane
|
|
2010
|
|
57,809
|
|
|
Apr 2018
|
|
$
|
14,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Crested Eagle
|
|
2009
|
|
55,989
|
|
|
May 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Crowned Eagle
|
|
2008
|
|
55,940
|
|
|
Apr 2018
|
|
$
|
13,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Egret Bulker
|
|
2010
|
|
57,809
|
|
|
May 2018
|
|
$
|
12,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Fairfield Eagle
|
|
2013
|
|
63,301
|
|
|
May 2018
|
|
$
|
11,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gannet Bulker
|
|
2010
|
|
57,809
|
|
|
May 2018
|
|
$
|
12,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Greenwich Eagle
|
|
2013
|
|
63,301
|
|
|
Apr 2018
|
|
$
|
11,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Golden Eagle
|
|
2010
|
|
55,989
|
|
|
Apr 2018
|
|
$
|
24,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Goldeneye
|
|
2002
|
|
52,421
|
|
|
Apr 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Grebe Bulker
|
|
2010
|
|
57,809
|
|
|
Jun 2018
|
|
$
|
10,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Groton Eagle
|
|
2013
|
|
63,200
|
|
|
Nov 2018
|
|
$
|
10,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Hawk I
|
|
2001
|
|
50,296
|
|
|
Apr 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Ibis Bulker
|
|
2010
|
|
57,775
|
|
|
Apr 2018
|
|
$
|
14,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Imperial Eagle
|
|
2010
|
|
55,989
|
|
|
Apr 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
Jaeger
|
|
2004
|
|
52,248
|
|
|
May 2018
|
|
$
|
1,797
|
|
(2
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Jay
|
|
2010
|
|
57,802
|
|
|
Apr 2018
|
|
$
|
9,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Kestrel I
|
|
2004
|
|
50,326
|
|
|
Dec 2018
|
|
$
|
10,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Kingfisher
|
|
2010
|
|
57,776
|
|
|
Apr 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Madison Eagle
|
|
2013
|
|
63,303
|
|
|
May 2018
|
|
$
|
13,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Martin
|
|
2010
|
|
57,809
|
|
|
Apr 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Merlin
|
|
2001
|
|
50,296
|
|
|
Apr 2018
|
|
$
|
12,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Mystic Eagle
|
|
2013
|
|
63,301
|
|
|
Apr 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
New London Eagle
|
|
2015
|
|
63,140
|
|
|
Apr 2018
|
|
$
|
13,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Nighthawk
|
|
2011
|
|
57,809
|
|
|
Apr 2018
|
|
$
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Oriole
|
|
2011
|
|
57,809
|
|
|
Apr 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Osprey I
|
|
2002
|
|
50,206
|
|
|
Apr 2018
|
|
$
|
10,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Owl
|
|
2011
|
|
57,809
|
|
|
May 2018
|
|
$
|
6,500
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
||||
Petrel Bulker
|
|
2011
|
|
57,809
|
|
|
Sep 2018
|
|
$
|
14,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Puffin Bulker
|
|
2011
|
|
57,809
|
|
|
Apr 2018
|
|
$
|
18,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Roadrunner Bulker
|
|
2011
|
|
57,809
|
|
|
Apr 2018
|
|
$
|
20,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Rowayton Eagle
|
|
2013
|
|
63,301
|
|
|
May 2018
|
|
$
|
2,302
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Sandpiper Bulker
|
|
2011
|
|
57,809
|
|
|
May 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Singapore Eagle
|
|
2017
|
|
61,530
|
|
|
Apr 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Shrike
|
|
2003
|
|
53,343
|
|
|
Apr 2018
|
|
$
|
22,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Skua
|
|
2003
|
|
53,350
|
|
|
May 2018
|
|
$
|
5,300
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Southport Eagle
|
|
2013
|
|
63,301
|
|
|
May 2018
|
|
Voyage
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||
Stamford Eagle
|
|
2016
|
|
61,530
|
|
|
May 2018
|
|
$
|
28,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stellar Eagle
|
|
2009
|
|
55,989
|
|
|
Apr 2018
|
|
$
|
12,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stonington Eagle
|
|
2012
|
|
63,301
|
|
|
Oct 2019
|
|
$
|
11,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Tern
|
|
2003
|
|
50,200
|
|
|
Apr 2018
|
|
$
|
16,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Thrasher
|
|
2010
|
|
53,360
|
|
|
May 2018
|
|
$
|
8,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Thrush
|
|
2011
|
|
53,297
|
|
|
Jun 2018
|
|
$
|
2,055
|
|
(6
|
)
|
|
|
|
|
|
|
|
|
|
|
||||
Westport Eagle
|
|
2015
|
|
63,344
|
|
|
May 2018
|
|
$
|
13,750
|
|
|
(1)
|
On August 30, 2017, the Company signed a memorandum of agreement to sell the vessel Avocet for $9.6 million after brokerage commissions and associated selling expenses. The vessel was delivered to the buyers in April 2018.
|
(2)
|
The vessel is contracted to continue the existing time charter at an increased charter rate of $10,000 after May 24, 2018.
|
(3)
|
The vessel is contracted to continue the existing time charter at an increased charter rate of $12,500 after May 16 , 2018.
|
(4)
|
The vessel is contracted to continue the existing time charter at an increased charter rate of $11,200 after April 25, 2018.
|
(5)
|
The vessel is contracted to continue the existing time charter at an increased charter rate of $11,800 after May 4, 2018.
|
(6)
|
The vessel is contracted to continue the existing time charter at an increased charter rate of $11,000 after May 30, 2018 and $13,500 after June 5, 2018. On March 23, 2018, the Company signed a memorandum of agreement to sell the vessel Thrush for
$10.9 million
after brokerage commissions and associated selling expenses. The vessel is expected to be delivered to the buyers in the third quarter of 2018.
|
•
|
Strategic management
. We locate and obtain financing and insurance for, the purchase and sale of vessels.
|
•
|
Commercial management
. We obtain employment for our vessels and manage our relationships with charterers.
|
•
|
Technical management
. We have established an in-house technical management function to perform day-to-day operations and maintenance of our vessels.
|
•
|
commercial operations and technical supervision;
|
•
|
safety monitoring;
|
•
|
vessel acquisition; and
|
•
|
financial, accounting and information technology services.
|
|
Three Months
Ended
|
|||
|
March 31, 2018
|
March 31, 2017
|
||
Ownership Days
|
4,312
|
|
3,686
|
|
Chartered in Days
|
944
|
|
514
|
|
Available Days
|
5,162
|
|
4,134
|
|
Operating Days
|
5,113
|
|
4,105
|
|
Fleet Utilization (%)
|
99.1
|
%
|
99.3
|
%
|
•
|
Ownership days:
We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we record during a period.
|
•
|
Chartered-in under operating lease days:
We define chartered-in under operating lease days as the aggregate number of days in a period during which we chartered-in vessels. Periodically, the Company charters in vessels on a single trip basis.
|
•
|
Available days:
We define available days as the number of our ownership days and chartered-in days less the aggregate number of days that our vessels are off-hire due to vessel familiarization upon acquisition, repairs, vessel upgrades or special surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should
|
•
|
Operating days:
We define operating days as the number of available days in a period less the aggregate number of days that our vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.
|
•
|
Fleet utilization:
We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning. Our fleet continues to perform at high utilization rates.
|
|
|
For the three months ended
|
||||||
|
|
March 31, 2018
|
|
March 31, 2017
|
||||
Revenues, net
|
|
$
|
79,370,609
|
|
|
$
|
45,855,057
|
|
Voyage expenses
|
|
22,514,592
|
|
|
13,353,347
|
|
||
Charter hire expenses
|
|
10,268,064
|
|
|
3,873,332
|
|
||
Net charter hire revenue
|
|
$
|
46,587,953
|
|
|
$
|
28,628,378
|
|
|
|
|
|
|
||||
% Net charter hire from
|
|
|
|
|
||||
Time charters
|
|
51
|
%
|
|
58
|
%
|
||
Voyage charters
|
|
49
|
%
|
|
39
|
%
|
||
Commercial pool
|
|
—
|
%
|
|
3
|
%
|
|
For the three months ended
|
||||||
|
March 31, 2018
|
|
March 31, 2017
|
||||
Net cash provided by/(used in) operating activities
|
$
|
14,873,240
|
|
|
$
|
(2,009,318
|
)
|
Net cash used in investing activities
|
(15,340,569
|
)
|
|
(21,873,831
|
)
|
||
Net cash provided by financing activities
|
2,113,919
|
|
|
93,134,753
|
|
||
|
|
|
|
||||
Net increase in cash and cash equivalents and restricted cash
|
1,646,590
|
|
|
69,251,604
|
|
||
Cash and cash equivalents and restricted cash at beginning of period
|
56,325,961
|
|
|
76,591,027
|
|
||
|
|
|
|
||||
Cash and cash equivalents and restricted cash at end of period
|
$
|
57,972,551
|
|
|
$
|
145,842,631
|
|
Quarter Ending
|
Off-hire Days
(1)
|
Projected Costs
(2)
|
|
June 30, 2018
|
88
|
|
$2.6 million
|
September 30, 2018
|
66
|
|
$1.9 million
|
December 31, 2018
|
44
|
|
$1.3 million
|
March 31, 2019
|
44
|
|
$1.3 million
|
|
|
|
(1) Actual duration of drydocking will vary based on the condition of the vessel, yard schedules and other factors.
|
(2) Actual costs will vary based on various factors, including where the drydockings are actually performed.
|
31.1*
|
|
31.2*
|
|
32.1**
|
|
32.2**
|
|
101*
|
The following materials from Eagle Bulk Shipping Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, formatted in eXtensible Business Reporting Language (XBRL): (i)Condensed Consolidated Balance Sheets (unaudited) as of March 31, 2018 and December 31, 2017, (ii) Condensed Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2018 and 2017, (iii) Condensed Consolidated Statements of Comprehensive Income/(Loss) (unaudited) for the three months ended March 31, 2018 and 2017, (iv) Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for the three months ended March 31, 2018 and 2017, (v) Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2018 and 2017, and (vi) Notes to Condensed Consolidated Financial Statements (unaudited).
|
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