Eagle Bulk Shipping declines on dividend cut, lower revenue

Eagle Bulk Shipping

03/03/2023 17:38

** Shares of Eagle Bulk Shipping Inc  EGLE.N  plunge as much
as 16% to $55.03, lowest in over three months
    ** EGLE declares quarterly dividend of 60 cents/shr, lower
than $1.80/shr previously
    ** Q4 revenue drops 18% to $151.4 mln from last year
    ** Freight rates continued to weaken through the end of the
year and cost came in higher due to expenses relating to recent
vessel purchase activity, general inflationary pressures and
certain year-end non-cash impacts, says CEO Gary Vogel
    ** Posts Q4 adj. profit of $2.28/shr, missing estimate of
$2.99/shr- Refinitiv data
    ** Voyage expenses during Q4 jump nearly 84% to $42.7 mln
    ** "While uncertainty in the macro-economic environment has
brought volatility, both rates and forward curves have moved up
substantially in recent days," adds Vogel
    ** EGLE up 12% so far this year

 (Reporting by Arunima Kumar in Bengaluru)
 ((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94))