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BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
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Higher bunker prices drive up voyage costs as Eagle Bulk posts another loss

03 Nov 2017 09:43 GMT

Owner-operator reports loss despite bigger jump in revenue compared to costs.



Eagle Bulk Shipping Inc. (Eagle Bulk) reports that higher marine fuel prices were a key reason for the rise in voyage expenses during the third quarter (Q3) and first nine months of 2017.

The U.S.-based owner and operator of dry bulk vessels saw voyage costs increase by $6.2 million, or 55.8 percent, to $17.4 million in Q3 2017, compared to $11.2 million during the corresponding period last year.

Between January and September, voyage expenses jumped $16.3 million, or 58.4 percent, to $44.2 million in a year-on-year (YoY) comparison.

In addition to the higher price of bunker fuel, Eagle Bulk explained that the rise in voyage expenses was also due to the company's ships performing an increased number of freight voyages.

Net loss, bigger increase in revenue than expenses

For Q3, Eagle Bulk posted a net loss of $10.2 million, which was an improvement on the $19.3 million loss recorded a year ago.

For the January-September period, meanwhile, the net loss was $27.2 million - better than last year's loss of $81.1 million.

Total expenses in Q3 increased by $17.2 million, or 36.0 percent, to $64.6 million, whilst for the first nine months, the rise was $20.8 million, or 14.0 percent, to $168.9 million.

Third-quarter revenue was up $26.9 million, or 75.2 percent, to $62.7 million. For the first three quarters, revenue was $162.2 million, with a YoY rise of $79.5 million, or 96.2 percent.


Image: Eagle Bulk Shipping's dry bulk vessel, the Osprey I. Image credit: Eagle Bulk Shipping




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Higher bunker prices cause voyage costs to rise: Eagle Bulk

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