Eagle Bulk Shipping, Inc. (NASDAQ:EGLE)

CAPS Rating: 1 out of 5

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.

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Member Avatar TSIF (99.95) Submitted: 5/1/2016 4:55:07 PM : Underperform Start Price: $1.07 EGLE Score: +37.06

I closed my Eagle pick from last month less than ten days ago for 25 points with an $0.82 start.
Sometimes when you get these cycles and they go higher, you're in a trending upward mode and a successful exit on the next retraction should be the last play for awhile. In this case, I again see no reason for these low spikes other than a low float, high short interest short covering speculating day trading cycle.

Last pitch still applicable...

Minimal real news that doubled the share price the last five days.
New financing March 1st appeared to demonstrate confidence in the company, and generally supported the minuscule P/B with the assets on hand.
......, but I don't see anyway, even using the new funding to pick up some new bargain basement vessels that may already have contracts that the $25M loss per quarter is going to turn anytime soon...not sure if it's BK at this point, at least not for quite awhile, so will only try to grab some points of the pop.

Target about 20 points.

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Member Avatar pchop12316 (63.28) Submitted: 4/27/2016 5:41:20 PM : Underperform Start Price: $0.72 EGLE Score: +5.52

Not so fast

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Member Avatar SmartAce (99.90) Submitted: 4/14/2016 3:57:17 PM : Underperform Start Price: $0.78 EGLE Score: +13.39

Why do Americans choose from just two people to run for president and 50 for Miss America?

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Member Avatar jed71 (99.85) Submitted: 4/13/2016 12:39:00 PM : Underperform Start Price: $0.76 EGLE Score: +11.09

This is about as easy as 80-90 points can get. IF.... you're patient...

This announcement puts the TOXIC back into toxic financing... a small sample...

"Interest on the new second-lien debt is paid-in-kind and is payable in cash only upon loan maturity. In addition to receipt of this paid-in-kind interest, new second lien noteholders will be issued shares of common stock equivalent to 90% of the outstanding common stock of the Company after the issuance."

So the new financiers get almost all the equity in the company (90%)? Then there was this...

"Eagle Bulk intends to file its annual report on Form 10-K for the year ended December 31, 2015, after close of market trading today. The Company further plans to file a proxy statement in May 2016 in connection with shareholder approval needed: (1) for the issuance of shares equal to or more than 20% of the outstanding shares of common stock of the Company at the time of the issuance; (2) to increase the amount of authorized shares; and, (3) to effect a reverse stock split."

I'd assume the reverse split is going to be a big one. After a brief review of the financials, one crazy bad thing popped out at me. This company is actually running a negative gross margin for the last 4 quarters. Think about that - their cost of revenue exceeds their revenue collected. It'd actually be cheaper for them to just park their ships until the bulk shipping rates have crept back up. Of course, they cannot do that because of the appearance $0 revenue would give to remaining shareholders. Their free cash flow is also horrendous - ($44MM) for the last 12 month period.

I am not sure I have seen a NASDAQ traded company in worse shape than this one in the recent past, both financially and as a going concern. They might pop because the toxic financing has kept the balls in the air for a bit longer, but I have no doubt they will end up in BK sometime in the near to medium term.

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Member Avatar SqwiiTrader (< 20) Submitted: 11/26/2013 5:30:13 PM : Outperform Start Price: $710.00 EGLE Score: -114.04

Shippers IHS weekly

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Member Avatar gregw135 (< 20) Submitted: 10/7/2013 11:38:52 PM : Underperform Start Price: $1,486.00 EGLE Score: +123.28

The recovery in shipping rates that Eagle Bulk needed to stay compliant with its loan hasn't materialized (at least for Supramax vessels). The company needs to obtain another bank waiver to avoid bankruptcy.

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Member Avatar SamsaricSufferer (< 20) Submitted: 7/4/2012 8:14:51 PM : Outperform Start Price: $656.00 EGLE Score: -150.69

Dry bulk sector bottom, Reverse split, low float stock now.

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Member Avatar rofgile (99.30) Submitted: 3/11/2012 2:44:19 PM : Underperform Start Price: $1,200.00 EGLE Score: +150.03

My gut says that overcapacity really has doomed this company. We are in the time period of oversupply-> cheap labor getting cheaper, too many ships and bigger superships on the horizon. This company has had problems with creditors disagreeing with management about legal terms of the debts. Debts are huge. Revenues and margins are shrinking.
Here is another good blog recently about this company:
http://caps.fool.com/Blogs/eagle-shipping-egle-headed/717995

I used to be a believer that this was a value deal, but I think I have been fairly proven wrong. It is really just a weak business in a bad neighborhood of industry.

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Member Avatar CyclingScholar (< 20) Submitted: 3/8/2012 2:31:18 PM : Underperform Start Price: $1,184.00 EGLE Score: +150.82

Eagle is going bankrupt. They owe $74m by June 30--$28m in debt, $36m in interest, and $9m to raise their cash reserves to meet their lender's requirements. They aren't going to be able to generate this kind of money. They only have three quarters to raise it--Q4 2011, Q1 & Q2 2012. They only made $26m in Q3 2011. Even if they replicated those numbers, they would only come up with $78m by their June 30 deadline. Since then, Supramax shipping rates have fallen from around $14,000/day to under $7,000/day. EGLE can't possibly come up with the $74m they owe in this new rate environment. And they know it, too, which is why they didn't come out with their annual report on March 2, like they always do. They're buying time before they announce their coming bankruptcy, hoping they can find a new investor to rescue them.

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Member Avatar xrich0 (57.83) Submitted: 10/26/2011 12:01:54 AM : Outperform Start Price: $1,216.00 EGLE Score: -165.96

Extremely low valuation in a highly volatile industry. Risky, but high upside.

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Member Avatar KimLanners (< 20) Submitted: 8/3/2011 8:30:12 AM : Outperform Start Price: $1,744.00 EGLE Score: -164.25

shipments

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Member Avatar SabreRaider (76.08) Submitted: 7/20/2011 4:44:30 PM : Outperform Start Price: $2,000.00 EGLE Score: -154.72

Downtrodden....will return....bargain

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Member Avatar kylehusky (< 20) Submitted: 7/1/2011 1:06:39 PM : Outperform Start Price: $2,056.00 EGLE Score: -154.58

Eagle bulk has relatively smaller ships than other bulk shipping company and more diverse than others. It has a stronger foundamental than the giant DRYS, and the charts looks bottom out and in a uptrend direction.

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Member Avatar frenchhustler22 (< 20) Submitted: 6/8/2011 1:48:08 PM : Outperform Start Price: $2,008.00 EGLE Score: -160.71

Low price now because of korea. That will pass and price will go up

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Member Avatar rustyrick (< 20) Submitted: 4/9/2011 12:44:37 AM : Outperform Start Price: $2,912.00 EGLE Score: -157.58

They have been beaten up by diminished coal shipments from Australia. Another one of teir customers filed bankruptcy. They have worked out an agreement with that company

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Member Avatar rickyt1986 (73.54) Submitted: 3/7/2011 3:18:28 PM : Outperform Start Price: $3,247.12 EGLE Score: -157.12

for now gas is going up in price but ships will still need to recover and we will start to see the price increase for products to make up for shipping costs

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Member Avatar BMunkers (60.68) Submitted: 2/19/2011 12:24:33 PM : Underperform Start Price: $3,384.00 EGLE Score: +155.06

A 26% dividend can't be sustainable...

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Member Avatar AlpacaKing (< 20) Submitted: 2/17/2011 5:56:21 PM : Outperform Start Price: $3,384.00 EGLE Score: -153.62

If Korea Lines pays their bills to Eagle, I see no problems.
Consensus is that shipping rates have hit bottom and are
on their way up.
Eagle has the optimum size of ship and a lot of them,
and will survive quite nicely.
That is my opinion.

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Member Avatar XMFCinco (30.23) Submitted: 1/28/2011 8:49:31 PM : Outperform Start Price: $3,360.00 EGLE Score: -161.17

just too far below book value

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Member Avatar WallytheWalrus (< 20) Submitted: 11/18/2010 2:10:02 PM : Outperform Start Price: $4,248.00 EGLE Score: -171.83

Attractive valuation and the price seems to have been battered a bit more than its peers. The fact most of its capacity is spoken for in long-term contracts means it feels well poised to ride out the poor economy and rally once things turn around.

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