Thursday, June 03, 2021
Eagle Bulk Shipping (EGLE)
Fleet Renewal Program Remains Active
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, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Two Ultra acquisitions look attractive. Two 2015-built Ultras, built at Jiang Hontang, will be acquired for a total of $44 million in late 3Q2021, Both Ultras, which are equipped with scrubbers, completed surveys over the past year.
Pro forma fleet expands to 53 and is balanced with fleet consists of 26 Ultras and 27 Supras. Sale of older Supra also helps fleet profile. The sale of the Tern, a 2003-built Supra, for $9.7 million was also announced. This move is positive and it leaves only two other 2003-built Supras left to sell …
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.
