Eagle Bulk Shipping Inc.

Delisted

CIK 0001322439AcceleratedDeep Sea Foreign Transportation Of FreightFY ends Dec 31

Period

FY 2023

Revenue

$393.80M

Net Income

$22.73M

Total Assets

$1.15B

Equity

$600.22M

Shares Out

11.07M

Op. Cash Flow

$55.94M

Business

Eagle Bulk Shipping Inc. is a U.S.-based, fully integrated shipowner-operator providing global drybulk transportation services focused on the versatile midsize Supramax/Ultramax vessel segment. It transports major bulk cargoes such as iron ore, coal and grain, as well as minor bulks including fertilizer, steel products, petcoke and cement, and offers in‑house commercial, technical and administrative vessel management. The company operates in a single reportable business segment—ocean transportation of drybulk cargoes—employing active fleet trading, time and voyage chartering, vessel acquisitions/sales and charter‑in/out strategies. Eagle Bulk serves global customers through direct chartering relationships and its offices in the U.S., Europe and Asia, providing 24‑hour market coverage.

Summary from filing dated 2024-03-04

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31
Revenues, net	394	720	595	—	—
Voyage expenses	107	163	105	90	88
Vessel operating expenses	120	124	104	87	82
Charter hire expenses	37	81	37	21	42
Depreciation and amortization	61	61	54	50	41
General and administrative expenses	44	41	35	32	35
Impairment of operating lease right-of-use assets	700,000	2	0	400,000	0
Other operating expense	7	4	3	0	1
Gain on sale of vessels	−20	−9	−4	490,000	−6
Total operating expenses	356	467	333	280	283
Operating income	38	252	261	−5	9
Interest expense	24	17	32	35	31
Interest income	−7	−3	−92,000	−257,000	−2
Realized and unrealized (gain)/loss on derivative instruments, net	−2	−14	38	−5	149,632
Loss on debt extinguishment	0	4	6	0	2
Total other expense, net	15	4	76	30	31
Net income	23	248	185	−35	−22
Basic (in shares)	11	13	12	10	10
Diluted (in shares)	14	16	16	10	10
Basic net income (in dollars per share)	2.05	19.09	14.91	−3.4	−2.13
Diluted net income (in dollars per share)	1.96	15.57	11.79	−3.4	−2.13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31
Cash and cash equivalents	119	187	86	70	54
Accounts receivable, net of a reserve of $2,916 and $3,169, respectively	31	32	28	14	20
Prepaid expenses	6	5	3	3	5
Inventories	25	28	18	12	16
Collateral on derivatives	2	900,000	15	0	—
Fair value of derivative assets current	7	8	5	0	—
Other current assets	458,000	558,000	668,000	839,881	1
Total current assets	190	262	156	118	101
Vessels and vessel improvements, at cost, net of accumulated depreciation of $301,694 and $261,725, respectively	904	892	908	811	836
Advances for vessel purchases	0	4	0	3	0
Operating lease right-of-use assets	7	23	17	8	20
Other fixed assets, net of accumulated depreciation of $1,393 and $1,623, respectively	1	310,000	257,000	489,179	740,654
Restricted cash noncurrent	3	3	75,000	75,000	74,917
Deferred drydock costs, net	39	43	37	24	17
Fair value of derivative assets noncurrent	3	8	3	0	—
Advances for BWTS and other assets	1	3	5	3	27
Total noncurrent assets	958	975	971	849	902
Total assets	1,148	1,237	1,127	967	1,002
Accounts payable	21	20	21	11	13
Accrued interest	3	3	3	5	5
Other accrued liabilities	23	24	18	12	29
Fair value of derivative liabilities current	479,000	163,000	4	481,791	756,229
Current portion of operating lease liabilities	6	22	16	8	13
Unearned charter hire revenue	4	10	12	8	5
Current portion of long-term debt Global Ultraco Debt Facility	50	50	—	—	—
Current portion of long-term debt Convertible Bond Debt, net of debt discount and debt issuance costs	104	0	—	—	—
Total current liabilities	213	129	124	82	102
Long-term debt Global Ultraco Debt Facility, net of debt discount and debt issuance costs	330	181	—	—	—
Convertible Bond Debt, net of debt discount and debt issuance costs	0	103	—	—	—
Fair value of derivative liabilities noncurrent	2	0	0	650,607	—
Noncurrent portion of operating lease liabilities	3	3	1	686,422	8
Other noncurrent accrued liabilities	695,000	1	265,000	0	—
Total noncurrent liabilities	335	289	332	414	418
Total liabilities	548	418	455	497	521
Commitments and contingencies (Note 11)	—	—	—	—	—
Preferred stock, $0.01 par value, 25,000,000 shares authorized, none issued as of December 31, 2023 and 2022	0	0	0	0	0
Common stock, $0.01 par value, 700,000,000 shares authorized, 9,326,231 and 13,003,702 shares issued and outstanding as of December 31, 2023 and 2022, respectively	93,000	130,000	129,000	116,618	102,146
Additional paid-in capital	748	966	983	944	918
Accumulated deficit	−157	−164	−313	−472	−437
Accumulated other comprehensive income	8	17	2	−1	0
Total stockholders equity	600	819	671	470	482
Total liabilities and stockholders equity	1,148	1,237	1,127	967	1,002

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31
Depreciation	47	48	45	43	34
Noncash operating lease expense	23	30	16	13	—
Amortization of deferred drydocking costs	14	13	9	7	6
Amortization of debt discount and debt issuance costs	3	2	7	6	4
Unrealized loss on derivative instruments, net	496,000	2	68,000	−537,000	−75,537
Stock-based compensation expense	7	6	3	3	5
Drydocking expenditures	−14	−18	−22	−14	−12
Accounts payable	1	−257,000	10	−4	3
Accounts receivable	1	−4	−15	2	−6,902
Accrued interest	411,000	185,000	−2	−631,000	4
Inventories	3	−10	−6	4	313,507
Operating lease liabilities current and noncurrent	−25	−30	−17	−13	−13
Collateral on derivatives	−1	14	−15	0	0
Fair value of derivatives, other current and noncurrent assets	36,000	−105,000	−2	−229,000	2
Other accrued liabilities	−1	4	6	−3	4
Prepaid expenses	−994,000	−1	−179,000	1	4,463
Unearned charter hire revenue	−5	−2	4	3	−2
Net cash provided by operating activities	56	298	209	13	22
Purchase of vessels and vessel improvements	−82	−28	−128	−980,000	−143
Advances for vessel purchases	0	−4	0	−3	0
Purchase of scrubbers and ballast water treatment systems	−3	−7	−7	—	—
Proceeds from hull and machinery insurance claims	174,000	286,000	354,000	4	4
Net proceeds from sale of vessels	57	15	9	23	30
Purchase of other fixed assets	−900,000	−274,000	−33,000	−54,000	−351,434
Net cash used in investing activities	−29	−24	−125	−5	−169
Repurchase of Convertible Bond Debt	0	−14	0	—	—
Debt issuance costs paid to lenders	0	−18,000	−6	−381,000	−4
Other financing costs	−103,000	0	−731,000	−142,000	−2
Repurchase of Common Stock and associated fees related party (Note 9)	−223	0	0	—	—
Proceeds from issuance of shares under ATM Offering, net of commissions	0	0	27	0	0
Proceeds from equity offerings, net of issuance costs	0	201,000	—	23	0
Payments on equity offerings, net of issuance costs	—	—	−493,000	—	—
Cash paid for taxes related to net share settlement of equity awards	−2	−2	−2	−1	−1
Cash used to settle fractional shares	0	0	0	−13,000	0
Cash received from exercise of stock options	0	85,000	56,000	0	0
Dividends paid	−17	−105	−26	0	0
Net cash used in financing activities	−95	−171	−86	23	128
Net (decrease)/increase in cash, cash equivalents and restricted cash	−69	104	−3	30	−19

Filings

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Frequently asked questions

What is Eagle Bulk Shipping Inc.'s CIK number?

Eagle Bulk Shipping Inc.'s SEC CIK number is 0001322439 (1322439). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Eagle Bulk Shipping Inc.'s SEC filings?

All of Eagle Bulk Shipping Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

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