Eagle Bulk Shipping Inc. Reports Fourth Quarter And Fiscal Year 2010 Results

NEW YORK, March 2, 2011 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced its results for the fourth quarter and fiscal year ended December 31, 2010.

For the Fourth Quarter:

• Net Income of $3.03 million or $0.05 per share (based on a weighted average of 62,629,178 diluted shares outstanding for the quarter), compared to $2.19 million, or $0.04 per share, for the comparable quarter in 2009.
• Net revenues of $72.4 million, an increase of 72% compared to $42.0 million for the comparable quarter in 2009. Gross time charter and freight revenues also increased 73%, to $75.6 million, compared to only time charter revenues of $43.6 million for the comparable quarter in 2009.
• EBITDA, as adjusted for exceptional items under the terms of the Company's credit agreement, was $32.9 million for the fourth quarter of 2010, a 31% increase compared to $25.2 million for the comparable quarter in 2009.
• Fleet utilization rate of 99.8%.

For Fiscal Year 2010:

• Net Income of $26.8 million or $0.43 per share (based on a weighted average of 62,417,247 diluted shares outstanding for the year), compared to $33.3 million, or $0.60 per share, for the 2009 fiscal year.
• Net revenues of $265.0 million, an increase of 38% compared to $192.6 million for the same period a year ago. Gross time charter and freight revenues increased 38%, to $278.5 million, compared to only time charter revenues of $199.9 million for the 2009 fiscal year.
• EBITDA, as adjusted for exceptional items under the terms of the Company's credit agreement, was $148.7 million for the 2010, a 23% increase compared to $121.2 million for 2009.
• Took delivery of twelve newbuilding vessels, Crane, Golden Eagle, Egret, Thrasher, Avocet, Imperial Eagle, Gannett, Grebe, Ibis, Jay, Kingfisher and Martin, which immediately entered their respective time charters. Sold our oldest and smallest vessel, Griffon, at profit.
• Fleet utilization rate of 99.6%.

Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, "2010 was significant for Eagle Bulk, as we grew the fleet by 46% while maintaining close to 100% utilization. We further evolved the Eagle Bulk brand with the launch of Eagle Bulk PTE Ltd., a new business group focusing on commercial and freight trading. We are confident that this initiative, together with our expanding global footprint, will allow us to complement our charter revenue over time."