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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
x
|
Non-Accelerated filer
¨
|
Smaller reporting company
x
|
Emerging growth company
¨
|
|
Yes
¨
|
No
x
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $0.01 per share
|
EGLE
|
The Nasdaq Stock Market LLC
|
|
|
Page
|
PART I
|
FINANCIAL INFORMATION
|
|
ITEM 1.
|
FINANCIAL STATEMENTS (Unaudited)
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
ITEM 2.
|
||
|
|
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
|
|
|
|
ITEM 4.
|
||
|
|
|
PART II
|
OTHER INFORMATION
|
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
|
ITEM 1A.
|
RISK FACTORS
|
|
ITEM 2.
|
||
ITEM 3.
|
||
ITEM 4.
|
||
ITEM 5.
|
||
ITEM 6.
|
||
SIGNATURES
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
ASSETS:
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
60,715,204
|
|
|
$
|
67,209,753
|
|
Accounts receivable, net of a reserve of $1,758,463 and $2,073,616, respectively
|
18,975,479
|
|
|
19,785,582
|
|
||
Prepaid expenses
|
3,941,090
|
|
|
4,635,879
|
|
||
Inventories
|
13,137,786
|
|
|
16,137,785
|
|
||
Vessels held for sale
|
—
|
|
|
8,458,444
|
|
||
Other current assets
|
3,242,311
|
|
|
2,246,740
|
|
||
Total current assets
|
100,011,870
|
|
|
118,474,183
|
|
||
Noncurrent assets:
|
|
|
|
||||
Vessels and vessel improvements, at cost, net of accumulated depreciation of $133,015,330 and $124,907,998, respectively
|
695,343,213
|
|
|
682,944,936
|
|
||
Advance for vessel purchase
|
—
|
|
|
2,040,000
|
|
||
Operating lease right-of-use assets
|
25,433,893
|
|
|
—
|
|
||
Other fixed assets, net of accumulated depreciation of $610,970 and $547,452, respectively
|
655,648
|
|
|
692,803
|
|
||
Restricted cash
|
19,283,145
|
|
|
10,953,885
|
|
||
Deferred drydock costs, net
|
13,219,645
|
|
|
12,186,356
|
|
||
Deferred financing costs - Super Senior Facility
|
285,342
|
|
|
285,342
|
|
||
Other assets
|
28,772,636
|
|
|
18,631,655
|
|
||
Total noncurrent assets
|
782,993,522
|
|
|
727,734,977
|
|
||
Total assets
|
$
|
883,005,392
|
|
|
$
|
846,209,160
|
|
LIABILITIES & STOCKHOLDERS' EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
13,694,404
|
|
|
$
|
14,161,169
|
|
Accrued interest
|
6,990,987
|
|
|
1,735,631
|
|
||
Other accrued liabilities
|
9,109,295
|
|
|
10,064,017
|
|
||
Fair value of derivatives
|
—
|
|
|
929,313
|
|
||
Current portion of operating lease liabilities
|
13,775,046
|
|
|
—
|
|
||
Unearned charter hire revenue
|
5,173,582
|
|
|
6,926,839
|
|
||
Current portion of long-term debt
|
28,194,684
|
|
|
29,176,230
|
|
||
Total current liabilities
|
76,937,998
|
|
|
62,993,199
|
|
||
Noncurrent liabilities:
|
|
|
|
||||
Norwegian Bond Debt, net of debt discount and debt issuance costs
|
182,817,726
|
|
|
182,469,155
|
|
||
New First Lien Facility, net of debt discount and debt issuance costs
|
—
|
|
|
48,189,307
|
|
||
Original Ultraco Debt Facility, net of debt discount and debt issuance costs
|
—
|
|
|
70,924,885
|
|
||
New Ultraco Debt Facility, net of debt issuance costs
|
129,903,085
|
|
|
—
|
|
||
Operating lease liabilities
|
13,142,943
|
|
|
—
|
|
||
Other liabilities
|
—
|
|
|
208,651
|
|
||
Fair value below contract value of time charters acquired
|
—
|
|
|
1,818,114
|
|
||
Total noncurrent liabilities
|
325,863,754
|
|
|
303,610,112
|
|
||
Total liabilities
|
402,801,752
|
|
|
366,603,311
|
|
||
Commitments and contingencies
|
|
|
|
||||
Stockholders' equity:
|
|
|
|
||||
Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued as of March 31, 2019 and December 31, 2018
|
—
|
|
|
—
|
|
||
Common stock, $.01 par value, 700,000,000 shares authorized, 71,348,411 and 71,055,400 shares issued and outstanding as of March 31, 2019 and December 31, 2018, respectively
|
713,484
|
|
|
710,555
|
|
||
Additional paid-in capital
|
894,837,912
|
|
|
894,272,533
|
|
||
Accumulated deficit
|
(415,347,756
|
)
|
|
(415,377,239
|
)
|
||
Total stockholders' equity
|
480,203,640
|
|
|
479,605,849
|
|
||
Total liabilities and stockholders' equity
|
$
|
883,005,392
|
|
|
$
|
846,209,160
|
|
|
Three Months Ended
|
||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||
Revenues, net
|
$
|
77,389,597
|
|
|
$
|
79,370,609
|
|
|
|
|
|
||||
Voyage expenses
|
25,906,140
|
|
|
22,514,592
|
|
||
Vessel expenses
|
20,093,706
|
|
|
21,078,657
|
|
||
Charter hire expenses
|
11,491,906
|
|
|
10,268,064
|
|
||
Depreciation and amortization
|
9,407,108
|
|
|
9,276,415
|
|
||
General and administrative expenses
|
8,409,919
|
|
|
9,913,964
|
|
||
Gain on sale of vessels
|
(4,106,547
|
)
|
|
—
|
|
||
Total operating expenses
|
71,202,232
|
|
|
73,051,692
|
|
||
Operating income
|
6,187,365
|
|
|
6,318,917
|
|
||
Interest expense
|
6,762,003
|
|
|
6,261,069
|
|
||
Interest income
|
(434,318
|
)
|
|
(95,276
|
)
|
||
Loss on debt extinguishment
|
2,268,452
|
|
|
—
|
|
||
Other (income)/expense
|
(2,438,255
|
)
|
|
100,379
|
|
||
Total other expense, net
|
6,157,882
|
|
|
6,266,172
|
|
||
Net income
|
$
|
29,483
|
|
|
$
|
52,745
|
|
|
|
|
|
||||
Weighted average shares outstanding:
|
|
|
|
||||
Basic
|
71,283,301
|
|
|
70,452,814
|
|
||
Diluted
|
72,070,868
|
|
|
71,531,864
|
|
||
|
|
|
|
||||
Per share amounts:
|
|
|
|
||||
Basic net income
|
$
|
—
|
|
|
$
|
—
|
|
Diluted net income
|
$
|
—
|
|
|
$
|
—
|
|
|
Three Months Ended
|
||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||
Net income
|
$
|
29,483
|
|
|
$
|
52,745
|
|
|
|
|
|
||||
Comprehensive income
|
$
|
29,483
|
|
|
$
|
52,745
|
|
|
Common
Stock
|
|
Common
Stock
Amount
|
|
Additional
Paid-in
Capital
|
|
Accumulated Deficit
|
|
Total Stockholders’
Equity
|
|||||||||
Balance at December 31, 2018
|
71,055,400
|
|
|
$
|
710,555
|
|
|
$
|
894,272,533
|
|
|
$
|
(415,377,239
|
)
|
|
$
|
479,605,849
|
|
Net income
|
|
|
|
—
|
|
|
—
|
|
|
29,483
|
|
|
29,483
|
|
||||
Issuance of shares due to vesting of restricted shares
|
293,011
|
|
|
2,929
|
|
|
(2,929
|
)
|
|
—
|
|
|
—
|
|
||||
Cash used to settle net share equity awards
|
—
|
|
|
—
|
|
|
(877,161
|
)
|
|
—
|
|
|
(877,161
|
)
|
||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
1,445,469
|
|
|
—
|
|
|
1,445,469
|
|
||||
Balance at March 31, 2019
|
71,348,411
|
|
|
$
|
713,484
|
|
|
$
|
894,837,912
|
|
|
$
|
(415,347,756
|
)
|
|
$
|
480,203,640
|
|
|
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*
|
—
|
|
|
—
|
|
|
—
|
|
|
(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
|
|
|
Three Months Ended
|
||||||
|
March 31, 2019
|
|
March 31, 2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
29,483
|
|
|
$
|
52,745
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation
|
8,168,411
|
|
|
8,073,353
|
|
||
Amortization of operating lease right-of-use asset
|
3,271,111
|
|
|
—
|
|
||
Amortization of deferred drydocking costs
|
1,238,698
|
|
|
1,203,062
|
|
||
Amortization of debt discount and debt issuance costs
|
503,716
|
|
|
490,095
|
|
||
Amortization of fair value below contract value of time charter acquired
|
—
|
|
|
(170,475
|
)
|
||
Loss on debt extinguishment
|
2,268,452
|
|
|
—
|
|
||
Gain on sale of vessels, net
|
(4,106,547
|
)
|
|
—
|
|
||
Net unrealized (gain)/loss on fair value of derivatives
|
(2,958,154
|
)
|
|
208,235
|
|
||
Stock-based compensation expense
|
1,445,469
|
|
|
3,510,911
|
|
||
Drydocking expenditures
|
(2,527,553
|
)
|
|
(1,107,414
|
)
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts payable
|
1,467,508
|
|
|
1,544,461
|
|
||
Accounts receivable
|
810,103
|
|
|
3,270,432
|
|
||
Accrued interest
|
5,255,356
|
|
|
4,122,188
|
|
||
Inventories
|
2,999,999
|
|
|
490,738
|
|
||
Operating lease liabilities short and long-term
|
(3,643,179
|
)
|
|
—
|
|
||
Other current and non-current assets
|
1,084,257
|
|
|
(121,954
|
)
|
||
Other accrued liabilities and other liabilities
|
(2,306,786
|
)
|
|
(5,009,784
|
)
|
||
Prepaid expenses
|
694,789
|
|
|
(652,271
|
)
|
||
Unearned revenue
|
(1,753,257
|
)
|
|
(1,031,082
|
)
|
||
Net cash provided by operating activities
|
11,941,876
|
|
|
14,873,240
|
|
||
|
|
|
|
||||
Cash flows from investing activities:
|
|
|
|
||||
Advance paid for purchase of scrubbers and ballast water systems
|
(11,244,778
|
)
|
|
—
|
|
||
Proceeds from redemption of short-term investment
|
—
|
|
|
4,500,000
|
|
||
Proceeds from sale of vessels
|
12,820,557
|
|
|
—
|
|
||
Purchase of other fixed assets
|
(23,924
|
)
|
|
966
|
|
||
Purchase of vessels and vessel improvements
|
(18,465,609
|
)
|
|
(19,841,535
|
)
|
||
Net cash used in investing activities
|
(16,913,754
|
)
|
|
(15,340,569
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities:
|
|
|
|
||||
Repayment of revolver loan under New First Lien Facility
|
(5,000,000
|
)
|
|
(5,000,000
|
)
|
||
Proceeds from the revolver loan under New First Lien Facility
|
5,000,000
|
|
|
—
|
|
||
Proceeds from Original Ultraco Debt Facility
|
—
|
|
|
8,600,000
|
|
||
Repayment of Original Ultraco Debt Facility
|
(82,600,000
|
)
|
|
—
|
|
||
Proceeds from New Ultraco Debt Facility
|
153,440,000
|
|
|
—
|
|
||
Repayment of New First Lien Facility - term loan
|
(60,000,000
|
)
|
|
—
|
|
||
Debt issuance costs paid to lenders on New Ultraco Debt Facility
|
(3,156,250
|
)
|
|
—
|
|
||
Cash used to settle net share equity awards
|
(877,161
|
)
|
|
(254,146
|
)
|
||
Other financing costs
|
—
|
|
|
(1,231,935
|
)
|
||
Net cash provided by financing activities
|
6,806,589
|
|
|
2,113,919
|
|
|
|
|
|
||||
Net increase in cash, cash equivalents and restricted cash
|
1,834,711
|
|
|
1,646,590
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
78,163,638
|
|
|
56,325,961
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
79,998,349
|
|
|
$
|
57,972,551
|
|
SUPPLEMENTAL CASH FLOW INFORMATION
|
|
|
|
||||
Cash paid during the period for interest
|
$
|
901,516
|
|
|
$
|
1,648,787
|
|
Accrual for other financing costs included in Other accrued liabilities
|
$
|
300,000
|
|
|
$
|
—
|
|
Accruals for Scrubbers and ballast water treatment systems included in Accounts payable and Other accrued liabilities
|
$
|
4,749,057
|
|
|
$
|
—
|
|
•
|
Allowed not to reassess whether any expired or existing contracts are or contain leases.
|
•
|
Allowed not to reassess any expired or existing lease classifications.
|
•
|
Allowed not to reassess initial direct costs for any existing leases.
|
Description
|
Location in Balance Sheet
|
March 31, 2019
|
|
January 1, 2019 **
|
||||
Assets:
|
|
|
|
|
||||
Chartered-in contracts greater than 12 months *
|
Operating lease right-of-use assets
|
$
|
23,031,702
|
|
|
$
|
26,144,409
|
|
Office leases
|
Operating lease right-of-use assets
|
2,402,191
|
|
|
2,560,593
|
|
||
|
|
$
|
25,433,893
|
|
|
$
|
28,705,002
|
|
Liabilities :
|
|
|
|
|
||||
Chartered-in contracts greater than 12 months
|
Current portion of operating lease liabilities
|
$
|
13,138,079
|
|
|
$
|
13,802,149
|
|
Office leases
|
Current portion of operating lease liabilities
|
636,967
|
|
|
693,203
|
|
||
|
|
$
|
13,775,046
|
|
|
$
|
14,495,352
|
|
|
|
|
|
|
||||
Chartered-in contracts greater than 12 months
|
Operating lease liabilities
|
$
|
11,377,720
|
|
|
$
|
14,160,374
|
|
Office leases
|
Operating lease liabilities
|
1,765,223
|
|
|
1,867,390
|
|
||
|
|
$
|
13,142,943
|
|
|
$
|
16,027,764
|
|
Description
|
Location in Statement of Operations
|
|
Amount
|
||
|
|
|
|
||
Lease expense for chartered-in contracts less than 12 months
|
Charter hire expenses
|
|
$
|
8,360,743
|
|
Lease expense for chartered-in contracts greater than 12 months
|
Charter hire expenses
|
|
3,131,163
|
|
|
|
|
|
$
|
11,491,906
|
|
|
|
|
|
||
Lease expense for office leases
|
General and administrative expenses
|
|
$
|
178,000
|
|
|
|
|
$
|
178,000
|
|
|
|
|
|
||
Sub lease income from chartered-in contracts greater than 12 months *
|
Revenues, net
|
|
$
|
3,082,752
|
|
Year
|
Chartered in contracts greater than 12 months
|
Office leases
|
Operating leases
|
||||||
|
|
|
|
||||||
Discount rate upon adoption
|
5.37
|
%
|
5.80
|
%
|
5.48
|
%
|
|||
|
|
|
|
||||||
Nine months ending December 31, 2019
|
$
|
10,569,508
|
|
$
|
535,680
|
|
$
|
11,105,188
|
|
2020
|
10,068,473
|
|
725,421
|
|
10,793,894
|
|
|||
2021
|
5,622,630
|
|
716,405
|
|
6,339,035
|
|
|||
2022
|
|
483,048
|
|
483,048
|
|
||||
2023
|
|
244,878
|
|
244,878
|
|
||||
|
$
|
26,260,611
|
|
$
|
2,705,432
|
|
$
|
28,966,043
|
|
|
|
|
|
||||||
Present value of lease liability
|
$
|
24,515,799
|
|
$
|
2,402,190
|
|
$
|
26,917,989
|
|
|
|
|
|
||||||
Lease liabilities - short term
|
$
|
13,138,079
|
|
$
|
636,967
|
|
$
|
13,775,046
|
|
Lease liabilities - long term
|
11,377,720
|
|
1,765,223
|
|
13,142,943
|
|
|||
Total lease liabilities
|
$
|
24,515,799
|
|
$
|
2,402,190
|
|
$
|
26,917,989
|
|
|
|
|
|
||||||
Discount based on incremental borrowing rate
|
$
|
1,744,812
|
|
$
|
303,242
|
|
$
|
2,048,054
|
|
2019
|
|
$
|
714,794
|
|
2020
|
|
728,212
|
|
|
2021
|
|
707,630
|
|
|
2022
|
|
483,048
|
|
|
2023
|
|
244,878
|
|
|
Total
|
|
$
|
2,878,562
|
|
|
Three months ended
|
||||||
|
March 31, 2019
|
|
|
March 31, 2018
|
|
||
|
|
|
|
||||
Time charters
|
$
|
27,504,191
|
|
|
$
|
29,323,219
|
|
Voyage charters
|
49,885,406
|
|
|
50,047,390
|
|
||
|
$
|
77,389,597
|
|
|
$
|
79,370,609
|
|
Vessels and vessel improvements, at December 31, 2018
|
$
|
682,944,936
|
|
Advance paid for purchase of Cape Town Eagle at December 31, 2018
|
2,040,000
|
|
|
Purchase of Vessels and Vessel Improvements
|
18,465,609
|
|
|
Vessel depreciation expense
|
(8,107,332
|
)
|
|
Vessels and vessel improvements, at March 31, 2019
|
$
|
695,343,213
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Norwegian Bond Debt
|
$
|
196,000,000
|
|
|
$
|
196,000,000
|
|
Debt discount and debt issuance costs - Norwegian Bond Debt
|
(5,182,274
|
)
|
|
(5,530,845
|
)
|
||
Less: Current Portion - Norwegian Bond Debt
|
(8,000,000
|
)
|
|
(8,000,000
|
)
|
||
Norwegian Bond Debt, net of debt discount and debt issuance costs
|
182,817,726
|
|
|
182,469,155
|
|
||
New Ultraco Debt Facility
|
153,440,000
|
|
|
—
|
|
||
Debt issuance costs - New Ultraco Debt Facility
|
(3,342,231
|
)
|
|
—
|
|
||
Less: Current Portion - New Ultraco Debt Facility
|
(20,194,684
|
)
|
|
—
|
|
||
New Ultraco Debt Facility, net of debt discount and debt issuance costs
|
129,903,085
|
|
|
—
|
|
||
New First Lien Facility
|
—
|
|
|
60,000,000
|
|
||
Debt discount and debt issuance costs - New First Lien Facility
|
—
|
|
|
(1,060,693
|
)
|
||
Less: Current Portion - New First Lien Facility
|
—
|
|
|
(10,750,000
|
)
|
||
New First Lien Facility, net of debt discount and debt issuance costs
|
—
|
|
|
48,189,307
|
|
||
Original Ultraco Debt Facility
|
—
|
|
|
82,600,000
|
|
||
Debt discount and debt issuance costs - Original Ultraco Debt Facility
|
—
|
|
|
(1,248,885
|
)
|
||
Less: Current portion - Original Ultraco Debt Facility
|
—
|
|
|
(10,426,230
|
)
|
||
Original Ultraco Debt Facility, net of debt discount and debt issuance costs
|
—
|
|
|
70,924,885
|
|
||
Total long-term debt
|
$
|
312,720,811
|
|
|
$
|
301,583,347
|
|
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
|
|
100.0
|
%
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
New First Lien Facility interest
|
$
|
293,545
|
|
|
$
|
816,967
|
|
New Ultraco Debt Facility interest
|
1,458,570
|
|
|
—
|
|
||
Norwegian Bond Debt interest
|
4,042,500
|
|
|
4,125,000
|
|
||
Original Ultraco Debt Facility interest
|
362,257
|
|
|
799,674
|
|
||
Amortization of debt discount and debt issuance costs
|
503,716
|
|
|
490,095
|
|
||
Commitment fees on revolving credit facilities
|
101,415
|
|
|
29,333
|
|
||
Total Interest Expense
|
$
|
6,762,003
|
|
|
$
|
6,261,069
|
|
|
Norwegian Bond Debt
|
New Ultraco Debt Facility
|
Total
|
||||||
Nine months ending December 31, 2019
|
$
|
8,000,000
|
|
$
|
15,146,013
|
|
$
|
23,146,013
|
|
2020
|
8,000,000
|
|
24,649,394
|
|
32,649,394
|
|
|||
2021
|
8,000,000
|
|
26,134,297
|
|
34,134,297
|
|
|||
2022
|
172,000,000
|
|
26,134,297
|
|
198,134,297
|
|
|||
2023
|
—
|
|
26,134,297
|
|
26,134,297
|
|
|||
Thereafter
|
—
|
|
35,241,702
|
|
35,241,702
|
|
|||
|
$
|
196,000,000
|
|
$
|
153,440,000
|
|
$
|
349,440,000
|
|
|
|
|
Three Months Ended March 31,
|
||||||
Derivatives not designated as hedging instruments
|
Location of (gain)/loss recognized
|
|
2019
|
|
2018
|
||||
FFAs
|
Other (income)/expense
|
|
$
|
(1,170,288
|
)
|
|
$
|
54,934
|
|
Bunker Swaps
|
Other (income)/expense
|
|
(1,267,967
|
)
|
|
45,445
|
|
||
Total
|
|
|
$
|
(2,438,255
|
)
|
|
$
|
100,379
|
|
|
|
|
Fair Value of Derivatives
|
||||||
Derivatives not designated as hedging instruments
|
Balance Sheet location
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
FFAs - Unrealized gain
|
Other current assets
|
|
$
|
2,400,435
|
|
|
$
|
669,240
|
|
Bunker Swaps - Unrealized gain
|
Other current assets
|
|
297,646
|
|
|
—
|
|
||
Bunker Swaps - Unrealized loss
|
Fair value of derivatives
|
|
—
|
|
|
(929,313
|
)
|
|
|
|
Fair Value
|
||||||||
|
Carrying Value
|
|
Level 1
|
|
Level 2
|
||||||
Assets
|
|
|
|
|
|
||||||
Cash and cash equivalents
(1)
|
$
|
79,998,349
|
|
|
$
|
79,998,349
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
||||||
Norwegian Bond Debt
(2)
|
190,817,726
|
|
|
—
|
|
|
196,000,000
|
|
|||
The New Ultraco Debt Facility
(3)
|
150,097,769
|
|
|
—
|
|
|
153,440,000
|
|
|
|
|
Fair Value
|
||||||||
|
Carrying Value
|
|
Level 1
|
|
Level 2
|
||||||
Assets
|
|
|
|
|
|
||||||
Cash and cash equivalents
(1)
|
$
|
78,163,638
|
|
|
$
|
78,163,638
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
||||||
Norwegian Bond Debt
(2)
|
190,469,155
|
|
|
—
|
|
|
195,040,000
|
|
|||
New First Lien Facility
(4)
|
58,939,307
|
|
|
—
|
|
|
60,000,000
|
|
|||
Original Ultraco Debt Facility
(4)
|
81,351,115
|
|
|
—
|
|
|
82,600,000
|
|
|||
|
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31, 2019
|
|
March 31, 2018
|
||||
Net income
|
|
$
|
29,483
|
|
|
$
|
52,745
|
|
Weighted Average Shares - Basic
|
|
71,283,301
|
|
|
70,452,814
|
|
||
Dilutive effect of stock options and restricted stock units
|
|
787,567
|
|
|
1,079,050
|
|
||
Weighted Average Shares - Diluted
|
|
72,070,868
|
|
|
71,531,864
|
|
||
Basic income per share
|
|
$
|
—
|
|
|
$
|
—
|
|
Diluted income per share
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Three Months Ended
March 31, |
||||||
|
2019
|
|
2018
|
||||
Stock awards /Stock Option Plans
|
$
|
1,445,469
|
|
|
$
|
3,510,911
|
|
•
|
Maintain a highly efficient and quality fleet in the drybulk segment.
|
•
|
Maintain a revenue strategy that takes advantage of a rising rate environment and at the same time mitigate risk in a declining rate environment.
|
•
|
Maintain a cost structure that allow us to be competitive in all economic cycles without sacrificing safety and maintenance.
|
•
|
Continue to grow our relationships with our charterers and vendors
|
•
|
Continue to invest in our on-shore operations and development of processes.
|
(1)
|
concentration in one vessel category: Supramax/Ultramax drybulk vessels, which we believe offer certain size, operational and geographical advantages relative to other classes of drybulk vessels, such as Handysize, 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 drybulk shipping market and, based on market conditions, will consider taking advantage of long-term time charters at higher rates when appropriate.
|
(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 |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
Bittern
|
|
2009
|
|
57,809
|
|
|
Jun 2019
|
|
$
|
9,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Canary
|
|
2009
|
|
57,809
|
|
|
Apr 2019
|
|
$
|
7,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cape Town Eagle
|
|
2015
|
|
64,000
|
|
|
Jan 2020
|
|
Index linked
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Cardinal
|
|
2004
|
|
55,362
|
|
|
May 2019
|
|
$
|
9,000
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|||
Crane
|
|
2010
|
|
57,809
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Crested Eagle
|
|
2009
|
|
55,989
|
|
|
May 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Crowned Eagle
|
|
2008
|
|
55,940
|
|
|
May 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Egret Bulker
|
|
2010
|
|
57,809
|
|
|
Apr 2019
|
|
$
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Fairfield Eagle
|
|
2013
|
|
63,301
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Gannet Bulker
|
|
2010
|
|
57,809
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Golden Eagle
|
|
2010
|
|
55,989
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Goldeneye
|
|
2002
|
|
52,421
|
|
|
Apr 2019
|
|
$
|
12,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Grebe Bulker
|
|
2010
|
|
57,809
|
|
|
Jun 2019
|
|
$
|
11,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Greenwich Eagle
|
|
2013
|
|
63,301
|
|
|
Jun 2019
|
|
$
|
11,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Groton Eagle
|
|
2013
|
|
63,301
|
|
|
Jun 2019
|
|
$
|
14,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Hamburg Eagle
|
|
2014
|
|
63,334
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Hawk I
|
|
2001
|
|
50,296
|
|
|
Nov 2019
|
|
$
|
10,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Ibis Bulker
|
|
2010
|
|
57,809
|
|
|
Apr 2019
|
|
Drydock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Imperial Eagle
|
|
2010
|
|
55,989
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Jaeger
|
|
2004
|
|
52,483
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Jay
|
|
2010
|
|
57,809
|
|
|
Apr 2019
|
|
$
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Kestrel I
|
|
2004
|
|
50,351
|
|
|
May 2019
|
|
$
|
11,150
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Kingfisher
|
|
2010
|
|
57,809
|
|
|
May 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Madison Eagle
|
|
2013
|
|
63,301
|
|
|
Apr 2019
|
|
$
|
2,962
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|||
Martin
|
|
2010
|
|
57,809
|
|
|
Apr 2019
|
|
$
|
7,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Mystic Eagle
|
|
2013
|
|
63,301
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
New London Eagle
|
|
2015
|
|
63,140
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Nighthawk
|
|
2011
|
|
57,809
|
|
|
Apr 2019
|
|
$
|
6,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Oriole
|
|
2011
|
|
57,809
|
|
|
Apr 2019
|
|
$
|
5,625
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|||
Osprey I
|
|
2002
|
|
50,206
|
|
|
May 2019
|
|
$
|
15,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Owl
|
|
2011
|
|
57,809
|
|
|
Apr 2019
|
|
$
|
9,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Petrel Bulker
|
|
2011
|
|
57,809
|
|
|
May 2019
|
|
$
|
19,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Puffin Bulker
|
|
2011
|
|
57,809
|
|
|
Apr 2019
|
|
$
|
15,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Roadrunner Bulker
|
|
2011
|
|
57,809
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Rowayton Eagle
|
|
2013
|
|
63,301
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Sandpiper Bulker
|
|
2011
|
|
57,809
|
|
|
May 2019
|
|
$
|
10,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Shrike
|
|
2003
|
|
53,343
|
|
|
May 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Singapore Eagle
|
|
2017
|
|
63,386
|
|
|
May 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Skua
|
|
2003
|
|
53,350
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Southport Eagle
|
|
2013
|
|
63,301
|
|
|
Apr 2019
|
|
Voyage
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Stamford Eagle
|
|
2016
|
|
61,530
|
|
|
May 2019
|
|
$
|
16,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Stellar Eagle
|
|
2009
|
|
55,989
|
|
|
Apr 2019
|
|
Drydock
|
|
(4)
|
|
|
|
|
|
|
|
|
|
|
|
|||
Stonington Eagle
|
|
2012
|
|
63,301
|
|
|
Oct 2019
|
|
$
|
11,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Tern
|
|
2003
|
|
50,209
|
|
|
Nov 2019
|
|
$
|
12,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Thrasher
|
|
2010
|
|
53,360
|
|
|
Apr 2019
|
|
$
|
5,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Westport Eagle
|
|
2015
|
|
63,344
|
|
|
May 2019
|
|
$
|
10,950
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The vessel is contracted to continue the existing time charter at an increased charter rate of $10,000 after March 31, 2019.
|
(2)
|
The vessel is contracted to continue the existing time charter at an increased charter rate of $11,000 after May 4, 2019.
|
(3)
|
The vessel is contracted to continue the existing time charter at an increased charter rate of $8,000 after April 8, 2019.
|
(4)
|
The vessel is contracted to perform a time charter at a charter rate of $6,500 after the completion of drydock.
|
•
|
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, 2019
|
|
March 31, 2018
|
||
Ownership Days
|
4,160
|
|
|
4,312
|
|
Chartered in Days
|
1,036
|
|
|
944
|
|
Available Days
|
5,106
|
|
|
5,162
|
|
Operating Days
|
5,070
|
|
|
5,113
|
|
Fleet Utilization (%)
|
99.3
|
%
|
|
99.1
|
%
|
•
|
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 days:
We define chartered-in days as the aggregate number of days in a period during which the Company chartered-in vessels.
|
•
|
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 be capable of generating revenues. During the three months ended
March 31, 2019
, the Company completed drydock for three vessels and one vessel is in drydock as of March 31, 2019.
|
•
|
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.
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Revenues, net
|
$
|
77,389,597
|
|
|
$
|
79,370,609
|
|
Less: Voyage expenses
|
25,906,140
|
|
|
22,514,592
|
|
||
Less: Charter hire expenses
|
11,491,906
|
|
|
10,268,064
|
|
||
Net charter hire income
|
$
|
39,991,551
|
|
|
$
|
46,587,953
|
|
|
|
|
|
||||
% Net charter hire income from
|
|
|
|
||||
Time charters
|
51
|
%
|
|
51
|
%
|
||
Voyage charters
|
49
|
%
|
|
49
|
%
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Net cash provided by operating activities
|
$
|
11,941,876
|
|
|
$
|
14,873,240
|
|
Net cash used in investing activities
|
(16,913,754
|
)
|
|
(15,340,569
|
)
|
||
Net cash provided by financing activities
|
6,806,589
|
|
|
2,113,919
|
|
||
Net increase in cash, cash equivalents and restricted cash
|
1,834,711
|
|
|
1,646,590
|
|
||
Cash, cash equivalents and restricted cash at beginning of period
|
78,163,638
|
|
|
56,325,961
|
|
||
Cash, cash equivalents and restricted cash at end of period
|
$
|
79,998,349
|
|
|
$
|
57,972,551
|
|
|
|
Projected Costs
(2)
(in millions)
|
|||||||||
Quarter Ending
|
Off-hire Days
(1)
|
BWTS
|
Scrubbers
|
Drydocks
|
|||||||
June 30, 2019
|
177
|
|
$
|
2.5
|
|
$
|
24.1
|
|
$
|
1.8
|
|
September 30, 2019
|
162
|
|
$
|
3.4
|
|
$
|
16.6
|
|
$
|
2.3
|
|
December 31, 2019
|
246
|
|
$
|
2.6
|
|
$
|
12.9
|
|
$
|
5.1
|
|
March 31, 2020
|
31
|
|
$
|
1.5
|
|
$
|
3.8
|
|
$
|
0.8
|
|
(1) Actual duration of off-hire days 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.
|
10.1
|
|
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, 2019, formatted in eXtensible Business Reporting Language (XBRL): (i)Condensed Consolidated Balance Sheets (unaudited) as of March 31, 2019 and December 31, 2018, (ii) Condensed Consolidated Statements of Operations (unaudited) for the three months ended March 31, 2019 and 2018, (iii) Condensed Consolidated Statements of Comprehensive Income (unaudited) for the three months ended March 31, 2019 and 2018, (iv) Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for the three months ended March 31, 2019 and 2018, (v) Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2019 and 2018, and (vi) Notes to Condensed Consolidated Financial Statements (unaudited).
|
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