Eagle Bulk Shipping Beats Earnings Estimates (EGLE)

Eagle Bulk Shipping, Inc.

reports Q2 earnings of $0.18 versus estimates of $0.10. Eagle Bulk Shipping, Inc. reports Q2 revenues of $65.6 million versus estimates of $59.17 million. Revenues increased 23.8% year over year. Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, "Eagle Bulk reported record revenues during the quarter on the strength of our expanding fleet and evolved chartering strategy. Going forward, Eagle's Bulk's fleet should continue to benefit from the seasonally strong, end of year Supramax trades in grains and coal. "We are further encouraged by our current on-the-water fleet of 38 vessels, enhanced chartering capabilities, and $120 million of cash on the balance sheet. This solid commercial platform will, in turn, facilitate growth going forward." Shares of EGLE are higher by 2.69% in the after-hours.