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Eagle Bulk Shipping: A Complicated Story In A Volatile Industry


  • Shares of dry bulk transporter Eagle Bulk Shipping Inc. are the subject of considerable intrigue, after 28% were repurchased at a 19% premium to their prior close on June 22nd.
  • The move was to fend off a potential hostile takeover from container shipping concern Danaos Corporation after it had been revealed that it had acquired a 10% stake (now 16.7%).
  • With Eagle’s stock $17 per share lower than the price it paid to (then largest stakeholder) Oaktree Capital, the recently instituted poison pill to fend off Danaos merited further investigation.
  • A full investment analysis follows in the paragraphs below.
  • Looking for a helping hand in the market? Members of The Insiders Forum get exclusive ideas and guidance to navigate any climate. Learn More »

Oil Tanker Ship going into Corpus Christi Texas Ship Channel

Trigem777/iStock via Getty Images

I know what I have given you...I do not know what you have received.”― Antonio Porchia.

Today, we take a look at a transportation concern that is in the middle of a takeover battle and is

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This article was written by

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We are a team of analysts led by Bret Jensen, Chief Investment Strategist at Simplified Asset Management.

We run the investing group The Insiders Forum where we specialize in small and mid-cap stocks that insiders are buying. The Insiders Forum portfolio managed by Bret Jensen consists of 12-25 top stocks in different sectors of the market that are attractively valued and have had some significant and recent insider purchases. Our goal is to outperform the Russell 2000 (the benchmark) over time.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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Comments (4)

I own a small position as a swing / income trade and will keep adding on further dips.
Excellent article and update. Not sure what the outlook will be in terms of possible acquisition since two firms own in excess of 30%.
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@johnsullie Thanks for the kind words. Definitely a complicated and volatile business
Argh. I hold EGLE in a full position having built it slowly during the swoon/dip. Waiting patiently for the cycle to reverse.
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