Eagle Bulk Shipping Inc. Reports Fourth Quarter and Fiscal Year 2012 Results PR Newswire NEW YORK, April 1, 2013 NEW YORK, April 1, 2013 /PRNewswire/ --Eagle Bulk Shipping Inc. (Nasdaq: EGLE) today announced its results for the fourth quarter and fiscal year ended December 31, 2012. For the Fourth Quarter: oNet reported loss of $32.4 million or $1.92 per share (based on a weighted average of 16,849,175 diluted shares outstanding for the quarter), compared to net loss of $1.7 million, or $0.11 per share, for the comparable quarter of 2011. oNet revenues of $42.8 million, compared to $70.0 million for the comparable quarter in 2011. Gross time charter and freight revenues of $44.6 million, compared to $71.7 million for the comparable quarter of 2011. oEBITDA, as adjusted for exceptional items under the terms of the Company's credit agreement, was $9.7 million for the fourth quarter of 2012, compared to $30.0 million for the fourth quarter of 2011. oFleet utilization rate of 99.4%. For the Fiscal Year 2012: oNet reported loss of $102.8 million or $6.30 per share (based on a weighted average of 16,328,132 diluted shares outstanding for the year), compared to net loss of $14.8 million, or $0.95 per share, for the comparable year of 2011. oNet revenues of $190.8 million, compared to $313.4 million for the comparable year of 2011. Gross time charter and freight revenues of $198.8 million, compared to $327.2 million for the comparable year of 2011. oEBITDA, as adjusted for exceptional items under the terms of the Company's credit agreement, was $46.0 million for the year of 2012, compared to $108.9 million for the year of 2011. oFleet utilization rate of 99.3%. Sophocles N. Zoullas, Chairman and CEO, commented, "Amid ongoing challenges in the dry bulk market, Eagle Bulk continues to execute an opportunistic, short-term chartering strategy. This approach maximizes revenue upside while ensuring Eagle Bulk is well-positioned when the market improves. At the same time, management has successfully reduced costs while maintaining operational excellence across the board." Subsequent Event On January 3, 2013, a comprehensive termination agreement between the Company and KLC became effective, pursuant to which we agreed to accept $63.7 million on an installment note and 1,224,094 common shares of KLC stock as compensation for the early termination of the 13 charters with KLC. Under the termination agreement, a payment of approximately $10.0 million of the cash settlement was paid in the first quarter of 2013, and the balance of $53.7 million is to be paid in cash installments through 2021, with the majority of the payments to be paid in the last five years. The KLC stock certificates were issued on February 7, 2013 and are now being secured at the Korean Securities Depository until August 7, 2013, the date on which we would have been able to take possession of the share certificates. On March 28, 2013, the Korean court approved an amendment to KLC rehabilitation plan after receiving a favorable vote from the concerned parties. The amendment reduced our long term receivable from KLC to $5.5 million to be paid in cash installments through 2021; discounted our existing shares by a 1 to 15 ratio; and converted the remainder of the long term receivable to shares that bring our holding of KLC shares after the amendment to approximately 5%. Results of Operations for the three-month period ended December 31, 2012 and 2011 For the fourth quarter of 2012, the Company reported a net loss of $32,423,775 or $1.92 per share, based on a weighted average of 16,849,175 diluted shares outstanding. In the comparable fourth quarter of 2011, the Company reported net loss of $1,698,979 or $0.11 per share, based on a weighted average of 15,675,180 diluted shares outstanding. The Company's revenues were earned from time and voyage charters. Gross time and voyage charter revenues in the quarter ended December 31, 2012 were $44,572,372 compared to $71,704,158 recorded in the comparable quarter in 2011. The decrease in gross revenues is attributable primarily to lower charter rates and a decrease in voyage charter revenues in the quarter ended December 31, 2012. Gross revenues recorded in the quarter ended December 31, 2012 and 2011, include an amount of $1,196,202 and $1,254,697, respectively, relating to the non-cash amortization of fair value below contract value of time charters acquired. Brokerage commissions incurred on revenues earned in the quarter ended December 31, 2012 and 2011 were $1,769,417 and $1,693,259, respectively. Net revenues during the quarter ended December 31, 2012 and 2011, were $42,802,955 and $70,010,899, respectively. Total operating expenses for the quarter ended December 31, 2012 were $53,587,700 compared with $60,857,843 recorded in the fourth quarter of 2011. The Company operated 45 vessels in the fourth quarter of 2012 and 2011. The decrease in operating expenses was primarily due to a reduction in chartered-in days, and lower voyage expenses offset by the increase in vessels crew cost, insurances and vessel depreciation expense. The decrease in General and Administrative expenses is primarily attributable to a reduction in professional consultants' fees and a reduction in compensation expense compared to 2011. EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, was $9,727,017 for the fourth quarter of 2012, compared with $29,989,681 for the fourth quarter of 2011. (Please see below for a reconciliation of EBITDA to net loss). Results of Operations for the twelve-month period ended December 31, 2012 and 2011 For the twelve months ended December 31, 2012, the Company reported net loss of $102,800,903 or $6.30 per share, based on a weighted average of 16,328,132 diluted shares outstanding. In the comparable period of 2011, the Company reported net loss of $14,819,749 or $0.95 per share, based on a weighted average of 15,655,443 diluted shares outstanding. The Company's revenues were earned from time and voyage charters. Gross revenues for the twelve-month period ended December 31, 2012 were $198,828,140 compared to $327,210,063 recorded in the comparable period of 2011. The decrease in gross revenues is attributable to lower time charter rates and a decrease in voyage revenues in the year, offset marginally by operating a larger fleet. Gross revenues recorded in the twelve-month period ended December 31, 2012 and 2011, include an amount of $4,770,214 and $5,088,268, respectively, relating to the non-cash amortization of fair value below contract value of time charters acquired. Brokerage commissions incurred on revenues earned in the twelve-month periods ended December 31, 2012 and 2011 were $8,016,881 and $13,777,632, respectively. Net revenues during the twelve-month period ended December 31, 2012, decreased to $190,811,259 from $313,432,431 in the comparable period of 2011. Total operating expenses were $228,029,512 in the twelve-month period ended December 31, 2012 compared to $281,764,140 recorded in the same period of 2011. The decrease in operating expenses was primarily due to a reduction in chartered-in days and lower voyage expenses offset by the increase in operating a larger fleet size which includes increases in vessels crew cost, insurances and vessel depreciation expense. The decrease in General and Administrative expenses is primarily attributable to a reduction in professional consultants' fees and a reduction in compensation expense compared to 2011. EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, was $46,034,385 for the twelve months ended December 31, 2012compared with$108,853,142 for the same period of 2011. (Please see below for a reconciliation of EBITDA to net loss). Liquidity and Capital Resources Net cash provided by operating activities during the years ended December 31, 2012 and 2011 was $4,777,961 and $58,296,117, respectively. The change in 2012from 2011 was primarily due to lower charter rates on time charter renewalsand from operatingthe fleet for 16,389 days in 2012, and 17,514 days in 2011. Net cash provided by investing activities during 2012 was $294,414, compared with net cash used in of $157,786,210 in 2011. Investing activities in 2011 reflected the purchase of the last eight newly constructed vessels, the Thrush, Nighthawk, Oriole, Owl, Petrel bulker, Puffin bulker, Roadrunner bulker and Sandpiper bulker, respectively. In July 2011, the Company sold, the Heron, for proceeds of $22,511,226, after brokerage commissions payable to a third party. In November 2011, Korea Line Corporation issued stock to Eagle Bulk at a fair value of $955,093, as part of our settlement with KLC. Net cash used in financing activities in 2012 was $12,027,610, compared to net cash used of $4,556,384 in 2011. On June 20, 2012 the Company entered into a Fourth Amended and Restated Credit Agreement and incurred $11,788,295 of cash charges related to this amendment. In 2011,the Companyrepaid$21,875,735 toward our facility, and as part of our sixth amendatory and commercial framework agreement with our lenders we reduced our restricted cash by $19,000,000. As of December 31, 2012, our cash balance was $18,119,968 compared to a cash balance of $25,075,203 at December 31, 2011. In addition, our Restricted cash balance includes $276,056, for collateralizing letters of credit relating to our office leases as of December 31, 2012. As of December 31, 2011, our Restricted cash balance included $276,056, for collateralizing letters of credit relating to our office leases and $394,362 which collateralizedour derivatives positions. At December 31, 2012, the Company's debt consisted of $1,129,478,741 in term loans and $15,387,468 paid-in-kind loans. Disclosure of Non-GAAP Financial Measures EBITDA represents operating earnings before extraordinary items, depreciation and amortization, interest expense, and income taxes, if any. EBITDA is included because it is used by certain investors to measure a company's financial performance. EBITDA is not an item recognized by U.S. GAAP and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity. EBITDA is presented to provide additional information with respect to the Company's ability to satisfy its obligations including debt service, capital expenditures, and working capital requirements. While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used herein may not be comparable to that used by other companies due to differences in methods of calculation. Our term loan agreement require us to comply with financial covenants based on debt and interest ratio with extraordinary or exceptional items, interest, taxes, non-cash compensation, depreciation and amortization (Credit Agreement EBITDA). Therefore, we believe that this non-U.S. GAAP measure is important for our investors as it reflects our ability to meet our covenants. The following table is a reconciliation of net loss, as reflected in the consolidated statements of operations, to the Credit Agreement EBITDA: Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2012 2011 2012 2011 Net loss $ (32,423,775) $ (1,698,979) $ (102,800,903) $ (14,819,749) Interest 21,647,858 11,370,603 66,643,296 46,769,965 Expense Depreciation and 19,338,072 19,624,596 77,588,428 73,084,105 Amortization Amortization of fair value below contract (1,196,202) (1,254,697) (4,770,214) (5,088,268) value of time charter acquired EBITDA 7,365,953 28,041,523 36,660,607 99,946,053 Adjustments for Exceptional Items: Non-cash Compensation 2,361,064 1,948,158 9,373,778 8,907,089 Expense (1) Credit Agreement $ 9,727,017 $ 29,989,681 $ 46,034,385 $ 108,853,142 EBITDA (1) Stock based compensation related to stock options, restricted stock units. Capital Expenditures and Drydocking Our capital expenditures relate to the purchase of vessels and capital improvements to our vessels which are expected to enhance the revenue earning capabilities and safety of these vessels. In addition to acquisitions that we may undertake in future periods, the Company's other major capital expenditures include funding the Company's program of regularly scheduled drydocking necessary to comply with international shipping standards and environmental laws and regulations. Although the Company has some flexibility regarding the timing of its dry docking, the costs are relatively predictable. Management anticipates that vessels are to be drydocked every two and a half years. Funding of these requirements is anticipated to be met with cash from operations. We anticipate that this process of recertification will require us to reposition these vessels from a discharge port to shipyard facilities, which will reduce our available days and operating days during that period. Drydocking costs incurred are deferred and amortized to expense on a straight-line basis over the period through the date of the next scheduled drydocking for those vessels. In 2012 three of our vessels were drydocked and we incurred $1,094,325 in drydocking related costs. In 2011, four of our vessels were drydocked and we incurred $2,809,406 in drydocking related costs. In 2010, five of our vessels were drydocked and we incurred $2,827,534 in drydocking related costs. The following table represents certain information about the estimated costs for anticipated vessel drydockings in the next four quarters, along with the anticipated off-hire days: Quarter Ending Off-hire Days(1) Projected Costs(2) March 31, 2013 22 $0.60 million June 30, 2013 44 $1.20 million September 30, 2013 22 $0.60 million December 31, 2013 44 $1.20 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. Summary Consolidated Financial and Other Data: The following table summarizes the Company's selected consolidated financial and other data for the periods indicated below. CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended, December 31, Twelve Months Ended, December 31, (Unaudited) 2012 2011 2012 2011 Revenues, net of $42,802,955 $70,010,899 $190,811,259 $313,432,431 commissions Voyage expenses 5,739,734 8,403,814 26,110,591 44,345,774 Vessel expenses 22,995,951 22,285,822 90,551,655 85,049,671 Charter hire expenses - 3,202,586 1,713,417 41,215,875 Depreciation and 19,338,072 19,624,596 77,588,428 73,084,105 amortization General and administrative 5,513,943 7,341,025 32,065,421 37,559,639 expenses Loss from sale of - - — 509,076 vessel Total operating 53,587,700 60,857,843 228,029,512 281,764,140 expenses Operating (loss) (10,784,745) 9,153,056 (37,218,253) 31,668,291 income Interest expense 21,647,858 11,370,603 66,643,296 46,769,965 Interest income (8,828) (7,077) (32,271) (130,007) Other Income - (511,491) (1,028,375) (151,918) Total other 21,639,030 10,852,035 65,582,650 46,488,040 expense, net Net loss $(32,423,775) $(1,698,979) $(102,800,903) $(14,819,749) Weighted average shares outstanding*: Basic 16,849,175 15,675,180 16,328,132 15,655,443 Diluted 16,849,175 15,675,180 16,328,132 15,655,443 Per share amounts: Basic net loss $(1.92) $(0.11) $(6.30) $(0.95) Diluted net loss $(1.92) $(0.11) $(6.30) $(0.95) * Adjusted to give effect to the 1 for 4 reverse stock split that became effective on May 22, 2012. Fleet Operating Data Three Months Ended Twelve Months Ended December 31, December 31, December 31, December 31, 2012 2011 2012 2011 Ownership Days 4,140 4,122 16,470 15,290 Chartered-in under - 182 90 2,421 operating lease Days Total 4,140 4,304 16,560 17,711 Available Days 4,140 4,283 16,512 17,619 Operating Days 4,114 4,272 16,389 17,514 Fleet Utilization 99.4% 99.7% 99.3% 99.4% CONSOLIDATED BALANCE SHEETS December 31, 2012 December 31, 2011 ASSETS: Current assets: Cash and cash equivalents $18,119,968 $ 25,075,203 Accounts receivable, net 9,303,958 13,960,777 Prepaid expenses 3,544,810 3,969,905 Inventories 12,083,125 11,083,331 Investment 197,509 988,196 Fair value above contract value of time 549,965 567,315 charters acquired Fair value of derivative instruments — 246,110 Total current assets 43,799,335 55,890,837 Noncurrent assets: Vessels and vessel improvements, at cost, net of accumulated depreciation of $314,700,681 and 1,714,307,653 1,789,381,046 $239,568,767, respectively Other fixed assets, net of accumulated amortization of $515,896 and $324,691, 447,716 605,519 respectively Restricted cash 276,056 670,418 Deferred drydock costs 2,132,379 3,303,363 Deferred financing costs 25,095,469 11,766,779 Fair value above contract value of time 2,491,530 3,041,496 charters acquired Other assets 594,012 2,597,270 Total noncurrent assets 1,745,344,815 1,811,365,891 Total assets $1,789,144,150 $1,867,256,728 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $10,235,007 $10,642,831 Accrued interest 2,430,751 2,815,665 Other accrued liabilities 14,330,141 11,822,582 Current portion of long-term debt — 32,094,006 Deferred revenue and fair value below 3,237,694 5,966,698 contract value of time charters acquired Unearned charter hire revenue 3,755,166 5,779,928 Total current liabilities 33,988,759 69,121,710 Noncurrent liabilities: Long-term debt 1,129,478,741 1,097,384,735 Payment-in-kind loans 15,387,468 — Deferred revenue and fair value below 13,850,772 17,088,464 contract value of time charters acquired Fair value of derivative instruments 2,243,833 9,486,116 Total noncurrent liabilities 1,160,960,814 1,123,959,315 Total liabilities 1,194,949,573 1,193,081,025 Commitment and contingencies Stockholders' equity: Preferred stock, $.01 par value, 25,000,000 shares authorized, none — — issued Common stock, $.01 par value, 100,000,000 shares authorized, 16,638,092 and 15,750,796* shares issued 166,378 157,508 and outstanding, respectively Additional paid‑in capital 762,313,030 745,945,694 Retained earnings (net of dividends declared of $262,118,388 as of December (165,275,389) (62,474,486) 31, 2012 and December 31, 2011, respectively) Accumulated other comprehensive loss (3,009,442) (9,453,013) Total stockholders' equity 594,194,577 674,175,703 Total liabilities and stockholders' $1,789,144,150 $1,867,256,728 equity * Adjusted to give effect to the 1 for 4 reverse stock split that became effective on May 22, 2012. CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2012 2011 2010 Cash flows from operating activities: Net income (loss) $ (102,800,903) $ (14,819,749) $ 26,844,650 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Items included in net income not affecting cash flows: Depreciation and 75,323,119 69,887,121 59,503,895 amortization Amortization of deferred 2,265,309 3,196,984 3,441,583 drydocking costs Amortization of deferred 6,542,727 4,172,604 3,202,455 financing costs Amortization of fair value (below) above contract value (4,770,214) (5,088,268) (4,754,407) of time charter acquired Loss (gain) on sale of — 509,076 (291,011) vessel Payment-in-kind interest on 15,387,468 — — loans Unrealized (gain) loss on 246,110 (373,868) 127,758 derivatives, net Allowance for accounts 5,351,609 1,811,320 — receivable Non-cash compensation 9,373,778 8,907,089 14,741,813 expense Drydocking expenditures (1,094,325) (2,809,406) (2,827,534) Changes in operating assets and liabilities: Accounts receivable (694,790) (1,405,602) (6,923,045) Other assets 2,003,258 (2,527,269) (70,001) Prepaid expenses 425,095 (510,184) 1,529,725 Inventories (999,794) (7,893,279) (3,190,052) Accounts payable (407,824) 4,553,558 3,799,940) Accrued interest (384,914) (4,526,690) (4,211,361) Accrued expenses 1,666,181 5,972,108 2,022,756 Deferred revenue (629,167) (448,024) 159,467 Unearned charter hire (2,024,762) (311,404) 1,233,199 revenue Net cash provided by 4,777,961 58,296,117 94,339,830 operating activities Cash flows from investing activities: Vessels and vessel improvements and Advances (58,521) (179,105,635) (301,795,862) for vessel construction Purchase of other fixed (33,402) (356,631) (255,713) assets Proceeds from sale of vessel — 22,511,226 21,055,784 Investment (8,025) (955,093) — Changes in restricted cash 394,362 119,923 — Net cash provided by (used 294,414 (157,786,210) (280,995,791) in) investing activities Cash flows from financing activities: Bank borrowings — — 251,183,596 Repayment of debt — (21,875,735) — Changes in restricted cash — 19,000,000 (6,014,285) Deferred financing costs (11,788,295) — — Cash used to settle net (239,315) (1,680,649) (736,443) share equity awards Net cash provided by (used (12,027,610) (4,556,384) 244,432,868 in) financing activities Net increase/(decrease) in (6,955,235) (104,046,477) 57,776,907 Cash Cash at beginning of period 25,075,203 129,121,680 71,344,773 Cash at end of period $ 18,119,968 $ 25,075,203 $ 129,121,680 Supplemental cash flow information: Cash paid during the period for Interest (including capitalized interest and commitment fees $ 45,098,012 $ 48,498,289 $ 57,480,100 of$209,883, $3,200,486 and $13,725,858 in 2012, 2011 and 2010, respectively) The following table represents certain information about our revenue earning charters on our operating fleet as of December 31, 2012: Year Daily Vessel Built Dwt Charter Expiration(1) Charter Hire Rate Avocet 2010 53,462 Jan 2013 Voyage(2) Bittern 2009 57,809 Jan 2013 $10,000(2) Canary 2009 57,809 Jan 2013 $13,000(2) Cardinal 2004 55,362 Jan 2013 $9,750 (2) Condor 2001 50,296 Jan 2013 Voyage Crane 2010 57,809 Jan 2013 $8,000 Crested Eagle 2009 55,989 Feb 2013 to May 2013 $11,000 Crowned Eagle 2008 55,940 — Spot(2) Egret Bulker 2010 57,809 Jan 2013 $13,000(2) Falcon 2001 50,296 Jan 2013 $8,000(2) $17,650 (with 50% Gannet Bulker 2010 57,809 Jan 2013 profit share over $20,000) Golden Eagle 2010 55,989 Jan 2013 to Feb 2013 $7,250 Goldeneye 2002 52,421 Feb 2013 to May 2013 Index(3) $17,650 (with 50% Grebe Bulker 2010 57,809 Feb 2013 to Jun 2013 profit share over $20,000) Harrier 2001 50,296 Jan 2013 $7,250(2) Hawk I 2001 50,296 Jan 2013 $6,500(2) $17,650 (with 50% Ibis Bulker 2010 57,775 Mar 2013 to Jul 2013 profit share over $20,000) Imperial Eagle 2010 55,989 Jan 2013 to Feb 2013 $8,250 Jaeger 2004 52,248 — Spot Jay(2) 2010 57,802 Jan 2013 Voyage Kestrel I 2004 50,326 Mar 2013 to May 2013 $9,500 Kingfisher 2010 57,776 Jan 2013 to Mar 2013 $8,900 Kite 1997 47,195 — Spot(2) Kittiwake 2002 53,146 Jan 2013 $10,500(2) Martin 2010 57,809 Jan 2013 $8,000 Merlin 2001 50,296 Jan 2013 $8,500(2) Nighthawk 2011 57,809 Feb 2013 Voyage(2) Oriole 2011 57,809 Jan 2013 $10,250(2) Osprey I 2002 50,206 Apr 2013 to Aug 2013 $8,000(2) Owl 2011 57,809 — Spot(2) Peregrine 2001 50,913 Jun 2013 to Sep 2013 $8,250(2) $17,650(4) (with 50% Petrel Bulker 2011 57,809 Jul 2014-Nov 2014 profit share over $20,000) $17,650(4) (with 50% Puffin Bulker 2011 57,809 May 2014-Sep 2014 profit share over $20,000) Redwing 2007 53,411 Jan 2013 $7,500(2) $17,650(4) (with 50% Roadrunner Bulker 2011 57,809 Aug 2014-Dec 2014 profit share over $20,000) $17,650(4) (with 50% Sandpiper Bulker 2011 57,809 Jul 2014-Nov 2014 profit share over $20,000) Shrike 2003 53,343 Jan 2013 $11,300(2) Skua 2003 53,350 Jan 2013 $10,000(2) Sparrow 2000 48,225 Mar 2013 to May 2013 $7,500(2) Stellar Eagle 2009 55,989 Mar 2013 to Jun 2013 Index(3) Tern 2003 50,200 Jan 2013 $8,000(2) Thrasher 2010 53,360 — Spot(2) Thrush 2011 53,297 Jan 2013 $12,300(2) Woodstar 2008 53,390 Jan 2013 Voyage Wren 2008 53,349 Jan 2013 $6,250(2) (1) The date range provided represents the earliest and latest date on which the charterer may redeliver the vessel to the Company upon the termination of the charter. The time charter hire rates presented are gross daily charter rates before brokerage commissions, ranging from 0.625% to 5.00%, to third party ship brokers. (2) Upon conclusion of the previous charter the vessel will commence a short term charter for up to six months. (3) Index, an average of the trailing Baltic Supramax Index. (4) The charterer has an option to extend the charter by 2 periods of 11 to 13 months each. Glossary of Terms: Ownership days: The Company defines ownership days as the aggregate number of days in a period during which each vessel in its fleet has been owned. Ownership days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of expenses that is recorded during a period. Chartered-in under operating lease days: The Company defines chartered-in under operating lease days as the aggregate number of days in a period during which the Company chartered-in vessels. Available days: The Company defines available days as the number of ownership days less the aggregate number of days that its vessels are off-hire due to vessel familiarization upon acquisition, scheduled repairs or repairs under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning our vessels. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues. Operating days: The Company defines operating days as the number of its available days in a period less the aggregate number of days that the 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: The Company calculates 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 very high utilization rates. Conference Call Information Members of Eagle Bulk's senior management team will host a teleconference and webcast at 8:30 a.m. ET on Tuesday, April 2nd to discuss the results. To participate in the teleconference, investors and analysts are invited to call 877-703-6102 in the U.S., or 857-244-7301 outside of the U.S., and reference participant code 91106673. A simultaneous webcast of the call, including a slide presentation for interested investors and others, may be accessed by visiting http://www.eagleships.com. A replay will be available following the call until 11:59 PM ET on April 9^th, 2013. To access the replay, call 888-286-8010 in the U.S., or 617-801-6888 outside of the U.S., and reference passcode 36113886. About Eagle Bulk Shipping Inc. Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in New York. The Company is a leading global owner of Supramax dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. Forward-Looking Statements Matters discussed in this release may constitute forward-looking statements. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although Eagle Bulk Shipping Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Eagle Bulk Shipping Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including changes in charter hire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in our vessel operating expenses, including dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Risks and uncertainties are further described in reports filed by Eagle Bulk Shipping Inc. with the US Securities and Exchange Commission. Visit our website at www.eagleships.com SOURCE Eagle Bulk Shipping Inc. Website: http://www.eagleships.com Contact: Company: Adir Katzav, Chief Financial Officer, Eagle Bulk Shipping Inc., +1-212-785-2500; Investor Relations / Media: Jonathan Morgan, Perry Street Communications, New York, +1-212-741-0014
Eagle Bulk Shipping Inc. Reports Fourth Quarter and Fiscal Year 2012 Results
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