+ Watch EGLE
on My Watchlist
The Company is engaged in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.
If Korea Lines pays their bills to Eagle, I see no problems.Consensus is that shipping rates have hit bottom and areon their way up.Eagle has the optimum size of ship and a lot of them,and will survive quite nicely.That is my opinion.
i agree !! if korea evens up its debt..(and that i hear is worked out..)..then egle should be fine...and NOW..the aftermath of what happend in japan.... supplies of all kinds will needed to rebuild!!AND EGLE..has the ships of all sizes to do it!! the shipping sector is ripe to be BOUGHT right now..!! and the time to ship to japan to rebuild is going to be SOON!!..so... LET ROLL! EGLE is now at a new low..3.88...time to buy for a long term hold!
Here's the problem: EGLE is mired in debt - 1.13 billion drawn against a 1.2 billion revolving credit line (700k buys bunkers for one ship for one trip). The total asset value of their fleet is way below their debt load and current market conditions are making it very difficult for them to cover operating expenses. The freight market will have to turn around considerably and fast to overcome this problem. With some 1600 new buildings slated for delivery worldwide in 2012 into an already vastly overtonnaged market, I just don't see this market improving at the rate necessary to improve EGLE's prospects much, if at all.
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