Eagle Bulk Shipping Inc. Reports Third Quarter 2013 Results PR Newswire NEW YORK, Nov. 13, 2013 NEW YORK, Nov. 13, 2013 /PRNewswire/ --Eagle Bulk Shipping Inc. (Nasdaq: EGLE) today announced its results for the third quarter ended September 30, 2013. For the Third Quarter: oNet reported loss of $37.6 million or $2.22 per share (based on a weighted average of 16,986,395 diluted shares outstanding for the quarter), compared with net loss of $29.8 million, or $1.77 per share, for the comparable quarter of 2012. oNet revenues of $39.0 million, compared to $46.9 million for the comparable quarter in 2012. Gross time charter and freight revenues of $40.7 million, compared with $48.9 million for the comparable quarter of 2012. oEBITDA, as adjusted for exceptional items under the terms of the Company's credit agreement, was $3.0 million for the third quarter of 2013, compared with $12.5 million for the third quarter of 2012. oFleet utilization rate of 99.7%. Sophocles N. Zoullas, Chairman and CEO, commented, "During the third quarter the dry bulk market remained in a cyclical trough characterized by steady demand offset by excess tonnage capacity. While we see signs that this imbalance is improving over time, Eagle Bulk's focus remains unchanged: operational excellence, a flexible and revenue-maximizing chartering strategy and a diversified cargo mix that promotes stability through a range of market conditions." Results of Operations for the three-month period ended September 30, 2013 and 2012 For the third quarter of 2013, the Company reported net loss of $37,630,051 or $2.22 per share, based on a weighted average of 16,986,395 diluted shares outstanding. In the comparable third quarter of 2012, the Company reported net loss of $29,837,360 or $1.77 per share, based on a weighted average of 16,821,024 diluted shares outstanding. Gross time and voyage charter revenues in the quarter ended September 30, 2013 were $40,694,731 compared with $48,895,357 recorded in the comparable quarter in 2012. The decrease in revenue is attributable to lower time charter rates earned by the fleet. Gross revenues recorded in the quarter ended September 30, 2013 and 2012 include an amount of $0 and $1,139,972, respectively, relating to the non-cash amortization of fair value below contract value time charters acquired. Brokerage commissions incurred on revenues earned in the quarter ended September 30, 2013 and 2012 were $1,716,313 and $2,040,686, respectively. Net revenues during the quarter ended September 30, 2013 and 2012 were $38,978,418 and $46,854,671, respectively. Total operating expenses for the quarter ended September 30, 2013 were $48,235,359 compared with $54,718,097 recorded in the third quarter of 2012. The Company operated 45 vessels in both third quarters of 2013 and 2012. The decrease in operating expenses resulted partly from the gain realized on time charter termination of $3,564,771 and partly from lower professional fee costs and compensation costs resulting in lower general and administrative expenses. In addition, there was a reduction in charter hire expenses as none were incurred during the three-month period ended September 30, 2013. EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, was $3,028,674 for the third quarter of 2013, compared with $12,523,686 for the third quarter of 2012. (Please see below for a reconciliation of EBITDA to loss). Other The KLC stock held by the Company is designated as Available for sale and is reported at fair value, with unrealized gains and losses recorded in shareholders' equity as a component of accumulated other comprehensive income. On September 30, 2013, the fair value of the KLC stock held by the Company was $22.1 million. The change in the fair value of our KLC investment was considered as other than temporary, and therefore the Company recorded a non-cash loss of $7.3 million in Other expense in the third quarter of 2013. Results of Operations for the nine-month period ended September 30, 2013 and 2012 For the nine months ended September 30, 2013, the Company reported net loss of $39,294,848 or $2.32 per share, based on a weighted average of 16,973,813 diluted shares outstanding. In the comparable period of 2012, the Company reported net loss of $70,377,128 or $4.36 per share, based on a weighted average of 16,153,184 diluted shares outstanding. Gross time and voyage charter revenues in the nine-month period ended September 30, 2013 were $160,156,275 compared with $154,255,768 recorded in the comparable period in 2012. The increase in revenue is attributable to the settlement agreement with KLC, pursuant to which the Company recognized revenue of approximately $32.8 million, offset by lower time charter rates earned by the fleet. Gross revenues recorded in the period ended September 30, 2013 and 2012, include an amount of $10,280,559 and $3,574,012, respectively, relating to the non-cash amortization of fair value below contract value of time charters acquired of which $10,106,247 relates to the KLC settlement agreement in the quarter ended March 31, 2013. Brokerage commissions incurred on revenues earned in the period ended September 30, 2013 and 2012 were $4,715,359 and $6,247,464, respectively. Net revenues during the period ended September 30, 2013 and 2012, were $155,440,916 and $148,008,304, respectively. Total operating expenses were $122,236,686 in the nine-month period ended September 30, 2013 compared to $174,441,812 recorded in the same period of 2012. The Company operated 45 vessels in both nine-month periods of 2013 and 2012. The decrease in operating expenses resulted primarily from a gain realized from the settlement agreement with KLC of $32,526,047. The decrease in general and administrative expenses resulted primarily from a reduction in allowance for accounts receivable, professional fee costs and compensation expenses. The decrease in vessel expenses in the nine-month period is attributable to efficiencies achieved through performing in-house technical management by transferring nine additional vessels from one of our unaffiliated third party managers. In addition, there was a reduction in charter hire expenses as none were incurred during the nine-month period ended September 30, 2013. EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, increased to $74,173,569 for the nine months ended September 30, 2013 from $36,307,368 for the same period in 2012. (Please see below for a reconciliation of EBITDA to net loss). Liquidity and Capital Resources Net cash used in operating activities during the nine-month period ended September 30, 2013 was $342,990, compared with net cash provided by operating activities of $2,644,520 during the corresponding nine-month period ended September 30, 2012. The decrease was primarily due to lower rates on charter renewals offset by reductions in general and administrative expenses. Net cash provided by investing activities during the nine-month period endedSeptember 30, 2013, was $2,275,326, compared with $287,344 during the corresponding nine-month period ended September 30, 2012. The increase was primarily due to proceeds from sale of investment. Net cash used in financing activities during the nine-month period ended September 30, 2013 and 2012 was $126,535 and $9,447,930, respectively. The financing activity during the nine-month period ended September 30, 2012, related primarily to the additional expenses incurred related to the amendment and restatement of the Company's credit agreement. As of September 30, 2013, our cash balance was $19,925,769, compared to a cash balance of $18,119,968 at December 31, 2012. As of September 30, 2013, our Restricted Cash balance relating to our office lease was $66,243. At September 30, 2013, the Company's debt consisted of $1,129,478,741 in term loans and $37,112,217 paid-in-kind loans compared with the Company's debt at December 31, 2012, which consisted of $1,129,478,741 in term loans and $15,387,468 paid-in-kind loans. We anticipate that our current financial resources, together with cash generated from operations will be sufficient to fund the operations of our fleet, including our working capital, throughout 2013. The general decline in the dry bulk carrier charter market has resulted in lower charter rates for vessels in the dry bulk market. However, if the current charter hire rates do not improve significantly for the remainder of 2013 and in the first quarter of 2014, the Company will not be in compliance with the maximum leverage ratio and the minimum interest coverage ratio covenants under the Fourth Amended and Restated Credit Facility at or after March 31, 2014; and, if charter hire rates deteriorate from current levels or if we are unable to achieve our cost cutting measures or if we realize additional losses on our Korea Lines Corporation available for sale investment, the Company will not be in compliance with the maximum leverage ratio covenant in the fourth quarter of 2013. Although there is no assurance that we will be successful in doing so, we are evaluating asset sales, equity and debt financing alternatives that could raise incremental cash. 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 requires 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 Nine Months Ended September 30, September 30, September 30, September 30, 2013 2012 2013 2012 Net Loss $ (29,837,360) (70,377,128) $ (37,630,051) $ (39,294,848) $ Interest Expense 20,729,626 21,981,186 61,957,771 44,995,438 Depreciation and 19,366,495 19,389,042 57,463,027 58,250,356 Amortization Amortization of fair value (below) (1,139,972) (3,574,012) above market of time charter - (10,280,559) acquired EBITDA 2,466,070 10,392,896 69,845,391 29,294,654 Adjustments for Exceptional Items Non-cash Compensation 2,130,790 7,012,714 Expense (1) 562,604 4,328,178 Credit Agreement $ 3,028,674 $ $12,523,686 $ 74,173,569 $ 36,307,368 EBITDA (1) Stock based compensation related to stock options and 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 maintenance program of regularly scheduled drydocking necessary to preserve the quality of our vessels as well as to comply with international shipping standards and environmental laws and regulations. Although the Company has some flexibility regarding the timing of its drydocking, 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 amortized to expense on a straight-line basis over the period through the date of the next scheduled drydock. Two vessels drydocked in the three months ended September 30, 2013. 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) December 31, 2013 22 $0.60 million March 31, 2014 66 $1.80 million June 30, 2014 66 $1.80 million September 30, 2014 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 (UNAUDITED) Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2013 2012 2013 2012 Revenues, net of $38,978,418 $46,854,671 $155,440,916 $148,008,304 commissions Voyage expenses 7,683,180 6,480,233 23,288,739 20,370,857 Vessel expenses 21,804,188 21,246,653 63,132,366 67,557,977 Charter hire expenses - 1,104,571 - 1,711,144 Depreciation and 19,366,495 19,389,042 57,463,027 58,250,356 amortization General and administrative 2,946,267 6,497,598 10,878,601 26,551,478 expenses Gain on time charter agreement (3,564,771) — (32,526,047) — termination Total operating 48,235,359 54,718,097 122,236,686 174,441,812 expenses Operating income (9,256,941) (7,863,426) 33,204,230 (26,433,508) (loss) Interest expense 20,729,626 21,981,186 61,957,771 44,995,438 Interest income (3,321) (7,252) (71,775) (23,443) Other (Income) expense 7,646,805 - 10,613,082 (1,028,375) Total other 28,373,110 21,973,934 72,499,078 43,943,620 expense, net Net loss $(37,630,051) $(29,837,360) $(39,294,848) $(70,377,128) Weighted average shares outstanding: Basic 16,986,395 16,821,024 16,973,813 16,153,184 Diluted 16,986,395 16,821,024 16,973,813 16,153,184 Per share amounts: Basic net loss $(2.22) $(1.77) $(2.32) $(4.36) Diluted net loss $(2.22) $(1.77) $(2.32) $(4.36) Fleet Data Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2013 2012 2013 2012 Ownership Days 4,140 4,140 12,285 12,330 Chartered-in under - 58 - 90 operating lease Days Available Days 4,109 4,198 12,193 12,372 Operating Days 4,096 4,172 12,133 12,275 Fleet Utilization 99.7% 99.4% 99.5% 99.2% CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30, December 31, 2013 2012 ASSETS: Current assets: Cash and cash equivalents $19,925,769 $18,119,968 Accounts receivable, net 11,144,155 9,303,958 Prepaid expenses 3,328,383 3,544,810 Inventories 12,111,008 12,083,125 Investment 22,110,249 197,509 Other assets and Fair value above contract 3,864,251 549,965 value of time charters acquired Total current assets 72,483,815 43,799,335 Noncurrent assets: Vessels and vessel improvements, at cost, net of accumulated 1,658,395,104 depreciation of $370,705,330 and 1,714,307,653 $314,700,681, respectively Other fixed assets, net of accumulated amortization of $640,374 and $515,896, 364,868 447,716 respectively Restricted cash 66,243 276,056 Deferred drydock costs 3,177,196 2,132,379 Deferred financing costs 18,840,341 25,095,469 Fair value above contract value of time - 2,491,530 charters acquired Other assets 861,988 594,012 Total noncurrent assets 1,681,705,740 1,745,344,815 Total assets $1,754,189,555 $1,789,144,150 LIABILITIES & STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $10,937,962 $10,235,007 Accrued interest 268,430 2,430,751 Other accrued liabilities 9,849,461 14,330,141 Deferred revenue and fair value below contract - 3,237,694 value of time charters acquired Unearned charter hire revenue 4,383,930 3,755,166 Fair value of derivative instruments - 2,243,833 Total current liabilities 25,439,783 36,232,592 Noncurrent liabilities: Long-term debt 1,129,478,741 1,129,478,741 Payment-in-kind loans 37,112,217 15,387,468 Deferred revenue and fair value below contract - 13,850,772 value of time charters acquired Total noncurrent liabilities 1,166,590,958 1,158,716,981 Total liabilities 1,192,030,741 1,194,949,573 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, 16,658,417 and 16,638,092 shares 166,581 issued 166,378 and outstanding, respectively Additional paid‑in capital 766,562,470 762,313,030 Retained earnings (net of historical dividends (204,570,237) (165,275,389) declared of $262,118,388) Accumulated other comprehensive loss - (3,009,442) Total stockholders' equity 562,158,814 594,194,577 Total liabilities and stockholders' equity $1,754,189,555 $1,789,144,150 CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended September 30, September 30, 2013 2012 Cash flows from operating activities: Net loss $(39,294,848) $(70,377,128) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Items included in net loss not affecting cash flows: Depreciation 56,129,127 56,388,161 Amortization of deferred drydocking costs 1,333,900 1,862,195 Amortization of deferred financing costs 6,271,128 4,428,572 Amortization of fair value below contract value (10,280,559) (3,574,012) of time charter acquired Payment-in-kind interest on debt 21,724,749 8,101,953 Unrealized gain from forward freight agreements, - 246,110 net Investment (4,925,952) - Realized loss from investment 10,613,082 - Gain on time charter agreement termination (29,033,503) - Allowance for accounts receivable - 5,351,609 Non‑cash compensation expense 4,328,178 7,012,714 Drydocking expenditures (2,378,717) (1,085,541) Changes in operating assets and liabilities: Accounts receivable (1,840,197) (5,185,340) Other assets (4,132,227) 2,089,633 Prepaid expenses 216,427 708,671 Inventories (27,883) 269,672 Accounts payable 702,955 (1,169,678) Accrued interest (2,162,321) (861,935) Accrued expenses (4,448,680) 505,953 Deferred revenue (3,766,413) (471,017) Unearned revenue 628,764 (1,596,072) Net cash provided by (used in) operating (342,990) 2,644,520 activities Cash flows from investing activities: Proceeds from sale of investment 2,199,243 - Vessels improvements (92,100) (58,521) Purchase of other fixed assets (41,630) (48,497) Changes in restricted cash 209,813 394,362 Net cash provided by investing activities 2,275,326 287,344 Cash flows from financing activities: Deferred financing costs (48,000) (9,382,792) Cash used to settle net share equity awards (78,535) (65,138) Net cash used in financing activities (126,535) (9,447,930) Net increase / (decrease) in cash 1,805,801 (6,516,066) Cash at beginning of period 18,119,968 25,075,203 Cash at end of period $19,925,769 $18,559,137 We have employed all of our vessels in our operating fleet on time and voyage charters. The following table represents certain information about our revenue earning charters with respect to our operating fleet as of September 30, 2013: Year Charter Expiration Daily Charter Hire Vessel Dwt (1) Rate Built Avocet 2010 53,462 Oct 2013 $ 8,000(2) Bittern 2009 57,809 Nov 2013 to Jan 2014 $ 8,250 Canary 2009 57,809 Nov 2013 to Dec 2013 $ 10,250 Cardinal 2004 55,362 Nov 2013 Voyage(2) Condor 2001 50,296 Oct 2013 $ 9,000(2) Crane 2010 57,809 Nov 2013 Voyage (2) Crested Eagle 2009 55,989 Nov 2013 $ 7,000 Crowned Eagle 2008 55,940 Nov 2013 to Dec 2013 $ 9,450 Egret Bulker 2010 57,809 Nov 2013 $ 8,750 Falcon 2001 50,296 Oct 2013 $ 8,500(2) Gannet Bulker 2010 57,809 Dec 2013 to Feb 2014 $ 8,500 Golden Eagle 2010 55,989 Nov 2013 to Dec 2013 $ 9,250 Goldeneye 2002 52,421 Oct 2013 Voyage (2) Grebe Bulker 2010 57,809 Oct 2013 $ 6,000(2) Harrier 2001 50,296 Nov 2013 $ 10,750(2) Hawk I 2001 50,296 Oct 2013 $ 10,000(2) Ibis Bulker 2010 57,775 Oct 2013 $ 7,750(2) Imperial Eagle 2010 55,989 Jul 2014 to Nov 2014 Index Jaeger 2004 52,248 Nov 2013 $ 13,750(2) Jay 2010 57,802 Nov 2013 $ 8,000 Kestrel I 2004 50,326 Oct 2013 $ 9,850(2) Kingfisher 2010 57,776 Nov 2013 to Dec 2013 $ 8,800 Kite 1997 47,195 Nov 2013 $ 7,500 Kittiwake 2002 53,146 Oct 2013 $ 6,500(2) Martin 2010 57,809 Oct 2013 Voyage (5) Merlin 2001 50,296 Oct 2013 $ 9,600(2) Nighthawk 2011 57,809 Oct 2013 $ 9,000(2) Oriole 2011 57,809 Dec 2013 to Feb 2014 $ 10,000 Osprey I 2002 50,206 Dec 2013 $ 10,000 Owl 2011 57,809 Oct 2013 $ 10,500(2) Peregrine 2001 50,913 Nov 2013 Voyage (2) Petrel Bulker 2011 57,809 May 2014 to Sep 2014 $17,650(4) (with 50% profit share over $20,000) Puffin Bulker 2011 57,809 May 2014 to Sep 2014 $17,650(4) (with 50% profit share over $20,000) Redwing 2007 53,411 Nov 2013 $ 6,000 Roadrunner 2011 57,809 Aug 2014 to Dec 2014 $17,650(4) (with 50% Bulker profit share over $20,000) Sandpiper 2011 57,809 Aug 2014 to Dec 2014 $17,650(4) (with 50% Bulker profit share over $20,000) Shrike 2003 53,343 Oct 2013 $ 7,850(2) Skua 2003 53,350 Dec 2013 $ 8,500 Sparrow 2000 48,225 Oct 2013 $ 12,000(2) Stellar Eagle 2009 55,989 Jan 2014 to Feb 2014 Index(3) Tern 2003 50,200 Drydocking — (6) Thrasher 2010 53,360 Oct 2013 $ 8,300(2) Thrush 2011 53,297 Oct 2013 $ 7,000(2) Woodstar 2008 53,390 Oct 2013 $ 5,000(2) Wren 2008 53,349 Nov 2013 $ 6,000 The date range provided represents the earliest and latest date on which the charterer may redeliver the vessel to the Company upon the (1) 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 or a spot voyage. (3) Index, an average of the trailing Baltic Supramax Index. (4) The charterer has an option to extend the charter by two periods of 11 to 13 months each. (5) Upon conclusion of previous charter, the vessel will be entered into Navig8 Bulk Pool for 10 to 14 months. (6) Upon conclusion of the drydocking the vessel will commence a short term charter for up to six months. 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 Thursday, November 14^th 2013, to discuss the results. To participate in the teleconference, investors and analysts are invited to call 866-515-2913 in the U.S., or 617-399-5127 outside of the U.S., and reference participant code 34484228. 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 November 21^st, 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 43092392. 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 Contact: Adir Katzav, Chief Financial Officer, Eagle Bulk Shipping Inc., Tel. +1 212-785-2500; Investor Relations / Media: Jonathan Morgan, Perry Street Communications, New York, Tel. +1 212-741-0014
Eagle Bulk Shipping Inc. Reports Third Quarter 2013 Results
Press spacebar to pause and continue. Press esc to stop.