Eagle Bulk Cuts Loss

first_imgzoom  Nasdaq-listed bulker owner and operator Eagle Bulk Shipping Inc. reported a net loss of USD 27.5 million in the second quarter of 2015, cutting the net loss of USD 44.7 million for the comparable quarter of 2014.The company posted net revenues of USD 22.7 million for the quarter, compared to USD 42.4 million for the corresponding period in 2014.Eagle said that its fleet utilization rate for the quarter amounted to 97.5%.Gross time and voyage charter revenues in the quarter ended June 30, 2015 were USD 23.8 million compared with USD 44.1 million recorded in the same period in 2014.The decrease in revenue is attributable to lower charter rates earned by the fleet, reduced available days due to drydocking of an increased number of vessels and the sale of the M/V Kite.For the six months ended June 30, 2015, the company reported a net loss of USD 48.1 million, based on a weighted average of 37.5 million basic and diluted shares outstanding. In the comparable period of 2014, the company reported a net loss of USD 67.2 million, based on a weighted average of 17 million basic and diluted shares outstanding.Gross time and voyage charter revenues in the six-month period were USD 51.5 million, compared with USD 92 million recorded last year.last_img

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