(Exact name of registrant as specified in its charter) | ||||||||
(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS employer identification no.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit Number | Description | |||||||
EAGLE BULK SHIPPING INC. | ||||||||
(registrant) | ||||||||
Dated: March 26, 2021 | By: | /s/ Frank De Costanzo | ||||||
Name: | Frank De Costanzo | |||||||
Title: | Chief Financial Officer |
For the Three Months Ended | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Revenues, net | $ | 30,100,728 | $ | 28,595,909 | |||||||
Voyage expenses | 8,828,264 | 8,021,517 | |||||||||
Vessel operating expenses | 9,736,170 | 11,195,973 | |||||||||
Depreciation and amortization | 5,455,066 | 5,366,016 | |||||||||
General and administrative expenses 1 | 3,732,059 | 3,949,240 | |||||||||
Loss on sale of vessels | 298,065 | 65,240 | |||||||||
Total operating expenses | 28,049,624 | 28,597,986 | |||||||||
Operating income/(loss) | 2,051,104 | (2,077) | |||||||||
Interest expense | 4,186,014 | 4,200,204 | |||||||||
Interest income | (5,710) | (128,298) | |||||||||
Other income, net | (117,220) | (667,056) | |||||||||
Total other expenses, net | 4,063,084 | 3,404,850 | |||||||||
Net loss and comprehensive loss | $ | (2,011,980) | $ | (3,406,927) |
December 31, 2020 | December 31, 2019 | ||||||||||
ASSETS: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 22,197,477 | $ | 6,444,499 | |||||||
Restricted cash - current | 18,846,177 | 5,471,470 | |||||||||
Accounts receivable | 5,466,788 | 9,272,790 | |||||||||
Accounts receivable - related party | 717,917 | — | |||||||||
Prepaid expenses | 521,973 | 1,162,068 | |||||||||
Inventories | 2,980,501 | 7,431,172 | |||||||||
Other current assets | 69,191 | 231,040 | |||||||||
Total current assets | 50,800,024 | 30,013,039 | |||||||||
Noncurrent assets: | |||||||||||
Vessels and vessel improvements, at cost, net of accumulated depreciation of $91,932,076 and $91,003,680, respectively | 316,875,562 | 343,187,687 | |||||||||
Advance for vessel purchase | 1,600,000 | — | |||||||||
Deferred drydocking costs, net | 7,797,074 | 9,975,466 | |||||||||
Deferred financing costs - Super Senior Revolver Facility | — | 166,111 | |||||||||
Advances for scrubbers and ballast water systems and other assets | 970,365 | 8,032,399 | |||||||||
Total noncurrent assets | 327,243,001 | 361,361,663 | |||||||||
Total assets | $ | 378,043,025 | $ | 391,374,702 | |||||||
LIABILITIES & STOCKHOLDER'S EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 7,898,093 | $ | 4,760,789 | |||||||
Accrued interest | 1,373,364 | 1,415,333 | |||||||||
Other accrued liabilities | 2,949,830 | 9,389,183 | |||||||||
Unearned charter hire revenue | 2,732,227 | 1,917,822 | |||||||||
Current portion of long-term debt - Norwegian Bond Debt | 8,000,000 | 8,000,000 | |||||||||
Total current liabilities | 22,953,514 | 25,483,127 | |||||||||
Noncurrent liabilities: | |||||||||||
Norwegian Bond Debt, net of debt discount and debt issuance costs | 169,290,230 | 175,867,310 | |||||||||
Super Senior Facility, net of debt issuance costs | 14,896,357 | — | |||||||||
Total noncurrent liabilities | 184,186,587 | 175,867,310 | |||||||||
Total liabilities | 207,140,101 | 201,350,437 | |||||||||
Stockholder's equity: | |||||||||||
Total stockholder's equity | 170,902,924 | 190,024,265 | |||||||||
Total liabilities and stockholder's equity | $ | 378,043,025 | $ | 391,374,702 | |||||||
For the Three Months Ended | |||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||
Interest expense | 4,186,014 | 4,200,204 | |||||||||
Interest income | (5,710) | (128,298) | |||||||||
Other income, net | (117,220) | (667,056) | |||||||||
Total other expenses, net | 4,063,084 | 3,404,850 | |||||||||
Equity in net income/(loss) of subsidiaries * | 2,051,104 | (2,077) | |||||||||
Net loss and comprehensive loss | $ | (2,011,980) | $ | (3,406,927) |
December 31, 2020 | December 31, 2019 | ||||||||||
ASSETS: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 22,120,306 | $ | 6,359,929 | |||||||
Restricted cash - current | 18,846,177 | 5,471,470 | |||||||||
Prepaid expenses | 57,193 | 60,469 | |||||||||
Total current assets | 41,023,676 | 11,891,868 | |||||||||
Noncurrent assets: | |||||||||||
Investment in subsidiaries | 323,459,433 | 363,360,635 | |||||||||
Deferred financing costs - Super Senior Revolver Facility | — | 166,111 | |||||||||
Total noncurrent assets | 323,459,433 | 363,526,746 | |||||||||
Total assets | $ | 364,483,109 | $ | 375,418,614 | |||||||
LIABILITIES & STOCKHOLDER'S EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accrued interest | 1,373,364 | 1,415,333 | |||||||||
Other accrued liabilities | 20,234 | 111,706 | |||||||||
Current portion of long-term debt - Norwegian Bond Debt | 8,000,000 | 8,000,000 | |||||||||
Total current liabilities | 9,393,598 | 9,527,039 | |||||||||
Noncurrent liabilities: | |||||||||||
Norwegian Bond Debt, net of debt discount and debt issuance costs | 169,290,230 | 175,867,310 | |||||||||
Super Senior Facility, net of debt issuance costs | 14,896,357 | — | |||||||||
Total noncurrent liabilities | 184,186,587 | 175,867,310 | |||||||||
Total liabilities | 193,580,185 | 185,394,349 | |||||||||
Stockholder's equity: | |||||||||||
Total stockholder's equity | 170,902,924 | 190,024,265 | |||||||||
Total liabilities and stockholder's equity | $ | 364,483,109 | $ | 375,418,614 |
Cover |
Mar. 26, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 26, 2021 |
Entity Registrant Name | Eagle Bulk Shipping Inc. |
Entity Incorporation, State or Country Code | 1T |
Entity File Number | 001-33831 |
Entity Tax Identification Number | 98-0453513 |
Entity Address, Address Line One | 300 First Stamford Place |
Entity Address, Address Line Two | 5th Floor |
Entity Address, City or Town | Stamford |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06902 |
City Area Code | 203 |
Local Phone Number | 276-8100 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001322439 |
Amendment Flag | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | EGLE |
Security Exchange Name | NASDAQ |
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