Movers and SHAKERS
Eagle Bulk Shipping (EGLE)
1Q2022 Looking Good
Eagle Bulk Shipping Inc. is a US-based drybulk owner-operator focused on the Supramax/Ultramax mid-size asset class, which ranges from 50,000 and 65,000 deadweight tons in size; these vessels are equipped with onboard cranes allowing for the self-loading and unloading of cargoes, a feature which distinguishes them from the larger classes of drybulk vessels and provides for greatly enhanced flexibility and versatility- both with respect to cargo diversity and port accessibility. The Company transports a broad range of major and minor bulk cargoes around the world, including coal, grain, ore, pet coke, cement, and fertilizer. Eagle operates out of three offices, Stamford (headquarters), Singapore, and Hamburg, and performs all aspects of vessel management in-house including: commercial, operational, technical, and strategic.
Poe Fratt, Senior Research Analyst, Logistics, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong end to the year and another dividend declared. Adjusted EBITDA of $91.6 million and TCE rates of $29.4k/day were very strong and in line with expectations. While opex and G&A were higher than expected due to acquisition and refinancing activity, both should moderate this year. 4Q2021 dividend of $2.05/share was declared based on EPS of $6.79/share.
1Q2022 Forward cover of 95% is high. Fine Tuning 2022 EBITDA and dividend estimate. Our EBITDA estimate of $366.1 million is based on TCE revenue of $512.1 million, TCE rates of $27.7k/day, ownership days of 19,345 (+1,087) and cash operating costs of $7.4k/day. Based on the dividend payout target of 30% of net income, our 2022 dividend estimate is $6.73/share ...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.