Eagle Bulk Cites 'Trough,' as Revenue, Profit Tumble
Eagle Bulk Shipping lost $29.8 million for the third quarter ended Sept. 30, compared to net loss of $5.9 million for the same quarter in 2011. Revenue fell to $46.9 million, from $80.3 million for the 2011 quarter. Chairman Sophocles…
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Zoullas said: "The dry bulk market remains in a cyclical trough characterized by supply growth and an inconsistent demand profile. While this environment continues to weigh on our financial results, Eagle Bulk's young and agile fleet of Supramax vessels and dynamic chartering strategy should enhance our competitiveness when the market improves."