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Greg Womack  

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  • Setting The Record Straight On Eagle Bulk Shipping [View article]
    Thanks, I'll get that fixed.
    Aug 7, 2012. 07:57 AM | Likes Like |Link to Comment
  • Investors Have Good Reason To Avoid Eagle Shipping [View article]
    Here's an update on the Q4 results:

    -Dec. 31st cash position was still only $25m.
    -Debt position remains unchanged.
    -No progress was reported towards debt restructuring.
    -Eagle is no longer listing its long-term charters with Korea Lines. All of Eagle's ships are now reported to be on short-term contracts.

    There's not much to like about these results. Now that we know we can't expect much from Korea Lines we can expect the company to lose cash in the next quarter. It seems virtually certain at this point that they won't have the $36m in cash they need by April 30.

    It's also worth noting what was said on the conference call, or rather what wasn't said. In Q3 management characterized their lending discussions as a collaborative effort that was moving in a positive direction. On today's call little was said to suggest these talks were going anywhere.
    Mar 15, 2012. 05:14 PM | Likes Like |Link to Comment