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Due Diligence Report: Wild Markets Send EGLE Soaring 132%
Summary:
Eagle Bulk Shipping Inc., through its subsidiaries, engages in the ocean transportation of dry bulk cargoes worldwide. The company owns, charters, and operates dry bulk vessels that transport a range of bulk cargoes, including iron ore, coal, grain, cement, and fertilizers. As of March 31, 2015, it owned and operated a fleet of 45 oceangoing vessels, which include 43 Supramax and 2 Handymax vessels with a combined carrying capacity of approximately 2,451,259 deadweight tons. The company was founded in 2005 and is headquartered in New York, New York.
Eagle Bulk Shipping Inc. has a current market capitalization of $49.32 M with 38.23 M outstanding shares. Its daily average volume traded is 55,084 shares.
Financial Highlights (TTM):
Revenue: 114.33 M
Gross Profit: 154.24 M
Net Income: -498.80
Cash and Cash Equivalents: 26.33 M
Total Debt: 228.21 M
Recent News and Analysis:
The company filed an 8-K on Monday updating on the current agreement that it had in place and was previously announced in January. Pursuant to the 8-K, the company entered into Amendment No. 5 to Forbearance and Standstill Agreement. EGLE extend the Forbearance Period to allow the Company with additional time while discussions regarding financing alternatives are continuing. EGLE is a US-based owner and operator of dry bulk vessels, providing its customers with reliable and responsible global transportation services for the carriage of bulk commodities including: coal, grain, iron ore, steel, cement, and forest products, among others. Its fleet currently totals 45 ships and is focused on the mid-size asset class, referred to as Supramax. From its opening price of $1.46 the stock has climbed by as much as 129.64% after hitting highs of 2.96 mid-day Monday. The jump is attributed to the jump in Iron Ore price, which on Monday morning jumped by 19% on hopes of China stimulus to help revive the second largest global economy.
Iron ore soared the most ever after Chinese policy makers signaled their willingness to buttress economic growth, boosting the outlook for steel consumption in the top user and igniting speculation that some investors who’d bet against the market had been caught out. Ore with 62 percent content delivered to Qingdao jumped 19 percent to $63.74 a dry metric ton, Metal Bulletin Ltd. data show. That’s the biggest gain in daily data going back to 2009 and the highest price since June. The surge was preceded in Asia by a rally in futures, with the most-active contract on Singapore Exchange Ltd. climbing 21 percent to $60 and prices on the Dalian Commodity Exchange rising by the daily limit.
Conclusions:
Analysts say that the rally in Iron is likely to be very short-lived as it was driven by speculation on the China economic stimulus. The rally in EGLE is likely related and will only last as long as the rally in iron and other commodities. All these rallies are driven by speculation, oversold markets and short covering. These are never long-lived and never sustainable. Be sure to perform your due diligence in times when markets are wild and stocks go berserk.
Sources:
- http://finance.yahoo.com/q/pr?s=EGLE
- https://www.google.ca/finance?q=NASDAQ%3AEGLE&hl=en&gl=ca&ei=0a7dVqi3BcGK2Aav66zYBQ
- http://www.baystreet.ca/viewarticle.aspx?id=437556
- http://www.bloomberg.com/news/articles/2016-03-07/iron-ore-jumps-most-on-record-as-market-goes-berserk-on-china
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