(Updates stock movements.) NEW YORK ( TheStreet) -- Eagle Bulk Shipping ( EGLE - Get Report), an operator of smaller and mid-size dry-bulk vessels, met Wall Street expectations and said it had renegotiated the terms on its credit line after receiving debt-covenant waivers earlier in the year. Like many dry-bulkers, Eagle had been struggling with payments on debt incurred when times were good and fleet expansion seemed like a great idea. When the crash hit and ship values plummeted, it turned out not to be. Eagle, appears to have obtained an agreeable deal. In return for a lower interest rate and other concessions, Eagle agreed to let its bank cut back its credit line and fast-forward its maturity by three years to 2014. As far as earnings go, the company -- based in New York, though really a Greek outfit -- posted profit of $13.3 million, or 26 cents a share, down from the year-ago period's $14.9 million, or 32 cents a share. Revenue jumped 43% to nearly $56 million from $39.2 million a year ago, but that increase came from the five ships Eagle added to its fleet during the intervening year. The cost of operating those new vessels offset enough of those top-line gains to produce the year-over-year decline in profit, Eagle said. Analysts were expecting earnings of 26 cents a share on revenue of $52.4 million. On a down-market day for all dry bulkers, Eagle shares fell nearly 9%, or 54 cents, on $5.53.
Bulker stocks were under pressure as shipping rates continued to decline, according to prices as measured by the Baltic Dry Index. DryShips ( DRYS) fell 3% to $6.49; Diana Shipping ( DSX - Get Report), which also reported in-line earnings Thursday, dropped more than 6% to $13.35; Excel Maritime lost ( EXM) 12% to $7.67; and Genco Shipping & Trading ( GNK - Get Report) slipped 5% to $23.17. -- Reported by Scott Eden in New York