From GlobeNewswire:

Eagle Bulk Shipping Inc. reported its financial results for the quarter and year ended December 31, 2023. In Q4, the company achieved revenues of $104.6 million, net income of $6.7 million, and EBITDA of $28.2 million. Annual highlights include revenues of $393.8 million and TCE of $13,738 per day. Eagle also announced a merger with Star Bulk.

The proposed merger with Star Bulk will see Eagle shareholders receiving 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. The merger agreement values each Eagle share at approximately $62.57, representing a 40% premium. A special meeting for shareholders to vote on the merger is scheduled for April 5, 2024.

Eagle recently converted $34.75 million of Convertible Bond Debt into common stock and has agreements to sell two bulk carriers in the second quarter. CEO Gary Vogel commented on the positive performance in Q4 of 2023, reflecting market recovery and strategic initiatives. Eagle sees further value in the merger with Star Bulk and expects revenue and cost synergies of over $50 million per annum.

For the three months ended December 31, 2023, Eagle reported net income of $6.7 million, while adjusted net income was $13.0 million. Revenues, net for the quarter were $104.6 million. The full year ended December 31, 2023, saw net income of $22.7 million, and adjusted net income of $30.2 million. Annual revenues, net were $393.8 million. Operating results were impacted by lower rates driven by market conditions.



Read more at GlobeNewswire:: Eagle Bulk Shipping Inc. Reports Results for the Fourth