Eagle Bulk Shipping Inc. (EGLE) saw its loss widen to $142.39 million, or $2.96 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $79.74 million, or $42.37 a share.
Revenue during the quarter surged 62.53 percent to $41.84 million from $25.74 million in the previous year period.
Operating loss for the quarter was $135.77 million, compared with an operating loss of $76.67 million in the previous year period.
Gary Vogel, Eagle Bulk's chief executive officer, commented, "The dry bulk market picked up momentum during fourth quarter, and we continue to see encouraging signs through the first quarter of 2017. Amid this promising trend, Eagle Bulk successfully raised an additional $100 million of growth capital late in the fourth quarter through the private placement of common stock, which together with the $88 million in aggregate gross proceeds raised in the third quarter of 2016, facilitated our acquisition of 11 modern high-quality Ultramax vessels since October. We expect to continue to complement this fleet growth with a renewal strategy that includes selling six of our oldest vessels for total proceeds of $24.8 million to date."
Operating cash flow remains negative
Eagle Bulk Shipping Inc. has spent $45.43 million cash to meet operating activities during the year as against cash outgo of $43.79 million in the last year.
The company has spent $9.28 million cash to meet investing activities during the year as against cash inflow of $10.25 million in the last year.
Cash flow from financing activities was $106.33 million for the year, up 476.16 percent or $87.88 million, when compared with the last year.
Cash and cash equivalents stood at $76.52 million as on Dec. 31, 2016, up 207.34 percent or $51.62 million from $24.90 million on Dec. 31, 2015.
Working capital increases sharply
Eagle Bulk Shipping Inc. has recorded an increase in the working capital over the last year. It stood at $78.69 million as at Dec. 31, 2016, up 2,429.13 percent or $75.58 million from $3.11 million on Dec. 31, 2015. Current ratio was at 4.08 as on Dec. 31, 2016, up from 1.08 on Dec. 31, 2015.
Debt moves up
Eagle Bulk Shipping Inc. has witnessed an increase in total debt over the last one year. It stood at $255.94 million as on Dec. 31, 2016, up 6.11 percent or $14.74 million from $241.20 million on Dec. 31, 2015. Total debt was 37.29 percent of total assets as on Dec. 31, 2016, compared with 30.65 percent on Dec. 31, 2015. Debt to equity ratio was at 0.64 as on Dec. 31, 2016, up from 0.47 as on Dec. 31, 2015.
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