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Shippers plagued by economy

Shippers plagued by economy
Eagle Bulk Shipping Inc. said Wednesday that third-quarter profit plunged as the weak global economy continued to plague shippers.

Eagle Bulk Shipping Inc. said Wednesday that third-quarter profit plunged as the weak global economy continued to plague shippers.

Eagle Bulk Shipping Inc. said Wednesday that third-quarter profit plunged as the weak global economy continued to plague shippers.

The dry bulk shipper said it earned $512,000, or a penny per share, down 98 percent from $23.2 million, or 49 cents per share, a year earlier.

The company said that excluding a charge related to changing its credit facility, it would have earned $3.9 million, or 6 cents per share.

Revenue dropped 19 percent to $41.6 million from $51.6 million a year ago.

Analysts, who usually exclude items from their forecasts, expected Eagle to earn 3 cents per share on sales of $41.6 million.

The company said it expects to add seven ships by the end of March, five of which are chartered with minimum contracted revenues of $259 million.

www.TurkishMaritime.com.tr

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