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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 11/08/21 Eagle Bulk Shipping Inc. 10-Q 9/30/21 77:9.4M Workiva Inc Wde… FA01/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 999K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 25K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 25K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 22K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 22K 12: R1 Cover Page HTML 76K 13: R2 Condensed Consolidated Balance Sheets HTML 178K 14: R3 Condensed Consolidated Balance Sheets HTML 44K (Parentheticals) 15: R4 Condensed Consolidated Statements of Operations HTML 95K 16: R5 Condensed Consolidated Statements of Operations HTML 23K (Parenthetical) 17: R6 Condensed Consolidated Statements of Comprehensive HTML 42K income/(Loss) 18: R7 Condensed Consolidated Statements of Stockholders' HTML 141K Equity 19: R8 Condensed Consolidated Statements of Stockholders' HTML 23K Equity (Parenthetical) 20: R9 Condensed Consolidated Statements of Cash Flows HTML 161K 21: R10 Basis of Presentation and General Information HTML 29K 22: R11 Recent Accounting Pronouncements HTML 134K 23: R12 Vessels HTML 35K 24: R13 Debt HTML 117K 25: R14 Derivative Instruments HTML 86K 26: R15 Fair Value Measurements HTML 63K 27: R16 Commitments and Contingencies HTML 26K 28: R17 Net income/(loss) per Common Share HTML 41K 29: R18 Stock Incentive Plans HTML 38K 30: R19 Cash, cash equivalents, and Restricted cash HTML 37K 31: R20 Subsequent Events HTML 27K 32: R21 Basis of Presentation and General Information HTML 33K (Policies) 33: R22 Recent Accounting Pronouncements (Tables) HTML 101K 34: R23 Vessels (Tables) HTML 29K 35: R24 Debt (Tables) HTML 84K 36: R25 Derivative Instruments (Tables) HTML 83K 37: R26 Fair Value Measurements (Tables) HTML 58K 38: R27 Net income/(loss) per Common Share (Tables) HTML 39K 39: R28 Stock Incentive Plans (Tables) HTML 29K 40: R29 Cash, cash equivalents, and Restricted cash HTML 36K (Tables) 41: R30 Basis of Presentation and General Information HTML 56K (Details) 42: R31 Recent Accounting Pronouncements - Time In Charter HTML 143K Contracts (Details) 43: R32 Recent Accounting Pronouncements - Office Leases HTML 54K (Details) 44: R33 Recent Accounting Pronouncements - Operating Lease HTML 43K Assets and Liabilities (Details) 45: R34 Recent Accounting Pronouncements - Lease Expense HTML 35K (Details) 46: R35 Recent Accounting Pronouncements - Additional HTML 60K Information (Details) 47: R36 Recent Accounting Pronouncements - Future Minimum HTML 62K Lease Payments (Details) 48: R37 Recent Accounting Pronouncements - Revenue Earned HTML 31K (Details) 49: R38 Vessels - Additional Information (Details) HTML 73K 50: R39 Vessels - Vessel and Vessel Improvements (Details) HTML 37K 51: R40 Debt - Schedule of Debt (Details) HTML 61K 52: R41 Debt - Convertible Bond Debt (Details) HTML 70K 53: R42 Debt - Share Lending Agreement (Details) HTML 35K 54: R43 Debt - New Ultraco Debt Facility (Details) HTML 93K 55: R44 Debt - Norwegian Bond Debt (Details) HTML 86K 56: R45 Debt - Super Senior Facility (Details) HTML 37K 57: R46 Debt - Holdco RCF Credit Agreement (Details) HTML 46K 58: R47 Debt - Interest Rates (Details) HTML 58K 59: R48 Debt - Schedule of Interest Expense (Details) HTML 46K 60: R49 Debt - Schedule of Maturities of Principal Amounts HTML 48K of Debt Obligations (Details) 61: R50 Derivative Instruments - Summary of Interest Rate HTML 40K Swaps (Details) 62: R51 Derivative Instruments - Additional Information HTML 42K (Details) 63: R52 Derivative Instruments - Effect of Derivative HTML 27K Instruments on the Statement of Operations (Details) 64: R53 Derivative Instruments - Interest Rate Swap Asset HTML 32K and Liabilities (Details) 65: R54 Derivative Instruments - Open Positions on Forward HTML 28K Freight Agreements (Details) 66: R55 Derivative Instruments - Effect of Non-Designated HTML 51K Derivative Instruments on the Condensed Consolidated Statements of Operations and Balance Sheets (Details) 67: R56 Fair Value Measurements (Details) HTML 93K 68: R57 Commitments and Contingencies (Details) HTML 23K 69: R58 Net income/(loss) per Common Share - Additional HTML 34K Information (Details) 70: R59 Net income/(loss) per Common Share - Loss Per HTML 55K Share, Basic and Diluted (Details) 71: R60 Stock Incentive Plans - Additional Information HTML 141K (Details) 72: R61 Cash, cash equivalents, and Restricted cash HTML 35K (Details) 73: R62 Subsequent Events (Details) HTML 84K 75: XML IDEA XML File -- Filing Summary XML 137K 11: XML XBRL Instance -- egle-20210930_htm XML 2.52M 74: EXCEL IDEA Workbook of Financial Reports XLSX 109K 7: EX-101.CAL XBRL Calculations -- egle-20210930_cal XML 195K 8: EX-101.DEF XBRL Definitions -- egle-20210930_def XML 1.12M 9: EX-101.LAB XBRL Labels -- egle-20210930_lab XML 1.81M 10: EX-101.PRE XBRL Presentations -- egle-20210930_pre XML 1.29M 6: EX-101.SCH XBRL Schema -- egle-20210930 XSD 220K 76: JSON XBRL Instance as JSON Data -- MetaLinks 399± 575K 77: ZIP XBRL Zipped Folder -- 0001628280-21-022285-xbrl Zip 360K
egle-20210930 |
i ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
i Republic of the Marshall Islands | i 98-0453513 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Common Stock, par value $0.01 per share | i EGLE | i The Nasdaq Stock Market LLC |
i Yes | ☒ | No | ☐ |
i Yes | ☒ | No | ☐ |
Large accelerated filer | ☐ | i Accelerated filer | ☒ | Non-Accelerated filer | ☐ | |||||||||||||||
Smaller reporting company | i ☒ | Emerging growth company | i ☐ |
Yes | i ☐ | No
| ☒ |
Page | ||||||||
PART I | FINANCIAL INFORMATION | |||||||
ITEM 1. | FINANCIAL STATEMENTS (Unaudited) | |||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
PART II | OTHER INFORMATION | |||||||
ITEM 1. | ||||||||
ITEM 1A. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
ITEM 5. | ||||||||
ITEM 6. | ||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
(Unaudited) | |||||||||||
ASSETS: | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | i 100,011,694 | $ | i 69,927,594 | |||||||
Restricted cash - current | i 25,557,674 | i 18,846,177 | |||||||||
Accounts
receivable, net of a reserve of $ i 2,169,958 and $ i 2,357,191, respectively | i 24,243,815 | i 13,843,480 | |||||||||
Prepaid expenses | i 4,638,401 | i 3,182,815 | |||||||||
Inventories | i 17,091,901 | i 11,624,833 | |||||||||
Collateral on derivatives | i 31,369,664 | i — | |||||||||
Other current assets | i 1,689,972 | i 839,881 | |||||||||
Total current assets | i 204,603,121 | i 118,264,780 | |||||||||
Noncurrent assets: | |||||||||||
Vessels and vessel improvements, at cost, net of accumulated depreciation of $ i 206,815,553 and $ i 177,771,755,
respectively | i 898,405,068 | i 810,713,959 | |||||||||
Advance for vessel purchase | i 2,200,000 | i 3,250,000 | |||||||||
Operating lease right-of-use assets | i 22,845,697 | i 7,540,871 | |||||||||
Other
fixed assets, net of accumulated depreciation of $ i 1,346,243 and $ i 1,137,562,
respectively | i 309,625 | i 489,179 | |||||||||
Restricted cash - noncurrent | i 75,000 | i 75,000 | |||||||||
Deferred drydock costs, net | i 28,343,436 | i 24,153,776 | |||||||||
Advances for ballast water systems and other assets | i 5,875,314 | i 2,639,491 | |||||||||
Total noncurrent assets | i 958,054,140 | i 848,862,276 | |||||||||
Total assets | $ | i 1,162,657,261 | $ | i 967,127,056 | |||||||
LIABILITIES & STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | i 15,169,624 | $ | i 10,589,970 | |||||||
Accrued interest | i 7,075,532 | i 4,690,135 | |||||||||
Other accrued liabilities | i 14,660,495 | i 11,747,064 | |||||||||
Fair value of derivatives - current | i 24,381,090 | i 481,791 | |||||||||
Current portion of operating lease liabilities | i 21,094,309 | i 7,615,371 | |||||||||
Unearned charter hire revenue | i 17,045,647 | i 8,072,295 | |||||||||
Holdco Revolving Credit Facility, net of debt issuance costs | i 23,821,677 | i — | |||||||||
Current portion of long-term debt | i 42,666,521 | i 39,244,297 | |||||||||
Total current liabilities | i 165,914,895 | i 82,440,923 | |||||||||
Noncurrent liabilities: | |||||||||||
Norwegian Bond Debt, net of debt discount and debt issuance costs | i 166,351,589 | i 169,290,230 | |||||||||
Super Senior Facility, net of debt issuance costs | i — | i 14,896,357 | |||||||||
New Ultraco Debt Facility, net of debt issuance costs | i 121,182,097 | i 132,083,949 | |||||||||
Convertible Bond Debt, net of debt discount and debt issuance costs | i 99,813,315 | i 96,660,485 | |||||||||
Fair value of derivatives - noncurrent | i — | i 650,607 | |||||||||
Noncurrent portion of operating lease liabilities | i 1,744,619 | i 686,422 | |||||||||
Total noncurrent liabilities | i 389,091,620 | i 414,268,050 | |||||||||
Total liabilities | i 555,006,515 | i 496,708,973 | |||||||||
Commitments and contingencies | i | i | |||||||||
Stockholders' equity: | |||||||||||
Preferred
stock, $ i i .01 / par value, i i 25,000,000 /
shares authorized, i i none / issued as of September
30, 2021 and December 31, 2020 | i — | i — | |||||||||
Common
stock, $ i i 0.01 / par value, i i 700,000,000 /
shares authorized, i i 12,863,998 / and i i 11,661,797 /
shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | i 128,640 | i 116,618 | |||||||||
Additional paid-in capital | i 982,652,311 | i 943,571,685 | |||||||||
Accumulated deficit | ( i 374,722,217) | ( i 472,137,822) | |||||||||
Accumulated other comprehensive loss | ( i 407,988) | ( i 1,132,398) | |||||||||
Total stockholders' equity | i 607,650,746 | i 470,418,083 | |||||||||
Total liabilities and stockholders' equity | $ | i 1,162,657,261 | $ | i 967,127,056 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Revenues, net | $ | i 183,392,700 | $ | i 68,182,301 | $ | i 409,815,454 | $ | i 199,952,404 | |||||||||||||||
Voyage expenses | i 30,272,949 | i 19,627,919 | i 81,410,602 | i 69,960,025 | |||||||||||||||||||
Vessel operating expenses | i 28,125,682 | i 21,748,531 | i 73,323,785 | i 65,680,913 | |||||||||||||||||||
Charter hire expenses | i 10,723,737 | i 5,060,503 | i 25,373,501 | i 15,820,809 | |||||||||||||||||||
Depreciation and amortization | i 13,570,361 | i 12,617,803 | i 39,187,344 | i 37,587,477 | |||||||||||||||||||
General and administrative expenses | i 7,948,037 | i 7,995,715 | i 23,559,217 | i 22,724,190 | |||||||||||||||||||
Other operating expense | i 791,572 | i — | i 2,311,816 | i — | |||||||||||||||||||
Operating lease impairment | i — | i — | i — | i 352,368 | |||||||||||||||||||
(Gain)/loss on sale of vessel | ( i 3,962,093) | i 389,207 | ( i 3,962,093) | i 389,207 | |||||||||||||||||||
Total operating expenses | i 87,470,245 | i 67,439,678 | i 241,204,172 | i 212,514,989 | |||||||||||||||||||
Operating income/(loss) | i 95,922,455 | i 742,623 | i 168,611,282 | ( i 12,562,585) | |||||||||||||||||||
Interest expense | i 8,511,117 | i 8,954,200 | i 25,561,676 | i 26,883,094 | |||||||||||||||||||
Interest income | ( i 19,533) | ( i 23,644) | ( i 52,831) | ( i 236,633) | |||||||||||||||||||
Loss on debt extinguishment | i 99,033 | i — | i 99,033 | i — | |||||||||||||||||||
Realized and unrealized loss/(gain) on derivative instruments, net | i 8,990,568 | i 2,971,353 | i 45,587,799 | ( i 4,030,674) | |||||||||||||||||||
Total other expense, net | i 17,581,185 | i 11,901,909 | i 71,195,677 | i 22,615,787 | |||||||||||||||||||
Net income/(loss) | $ | i 78,341,270 | $ | ( i 11,159,286) | $ | i 97,415,605 | $ | ( i 35,178,372) | |||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | i 12,802,401 | i 10,279,698 | i 12,237,288 | i 10,274,906 | |||||||||||||||||||
Diluted | i 15,936,374 | i 10,279,698 | i 15,354,481 | i 10,274,906 | |||||||||||||||||||
Per share amounts | |||||||||||||||||||||||
Basic income/(loss) | $ | i 6.12 | $ | ( i 1.09) | $ | i 7.96 | $ | ( i 3.42) | |||||||||||||||
Diluted income/(loss) | $ | i 4.92 | $ | ( i 1.09) | $ | i 6.34 | $ | ( i 3.42) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Net income/(loss) | $ | i 78,341,270 | $ | ( i 11,159,286) | $ | i 97,415,605 | $ | ( i 35,178,372) | |||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||||
Net unrealized gain/(loss) on cash flow hedges | i 80,206 | ( i 203,590) | i 724,410 | ( i 1,124,745) | |||||||||||||||||||
Comprehensive income/(loss) | $ | i 78,421,476 | $ | ( i 11,362,876) | $ | i 98,140,015 | $ | ( i 36,303,117) | |||||||||||||||
Common Stock | Common Stock Amount | Additional Paid-in Capital | Accumulated Deficit | Accumulated other comprehensive loss | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
Balance at December 31, 2020 | i 11,661,797 | $ | i 116,618 | $ | i 943,571,685 | $ | ( i 472,137,822) | $ | ( i 1,132,398) | $ | i 470,418,083 | ||||||||||||||||||||||||
Net income | — | — | i 9,849,310 | — | i 9,849,310 | ||||||||||||||||||||||||||||||
Issuance of shares due to vesting of restricted shares | i 71,146 | i 711 | ( i 711) | — | — | — | |||||||||||||||||||||||||||||
Unrealized gain on cash flow hedges | — | — | — | — | i 599,884 | i 599,884 | |||||||||||||||||||||||||||||
Fees for equity offerings | — | — | ( i 31,830) | — | — | ( i 31,830) | |||||||||||||||||||||||||||||
Cash used to settle net share equity awards | — | — | ( i 811,456) | — | — | ( i 811,456) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 871,943 | — | — | i 871,943 | |||||||||||||||||||||||||||||
Balance at March 31, 2021 | i 11,732,943 | $ | i 117,329 | $ | i 943,599,631 | $ | ( i 462,288,512) | $ | ( i 532,514) | $ | i 480,895,934 | ||||||||||||||||||||||||
Net income | — | — | — | i 9,225,025 | — | i 9,225,025 | |||||||||||||||||||||||||||||
Issuance of shares due to vesting of restricted shares | i 2,773 | i 27 | ( i 27) | — | — | — | |||||||||||||||||||||||||||||
Issuance
of shares upon conversion of warrants (1) | i 432,037 | i 4,322 | i 8,370,976 | — | — | i 8,375,298 | |||||||||||||||||||||||||||||
Issuance of shares from ATM Offering, net of commissions and issuance costs | i 581,385 | i 5,814 | i 27,278,103 | — | — | i 27,283,917 | |||||||||||||||||||||||||||||
Issuance of shares upon exercise of stock options | i 4,117 | i 41 | i 22,183 | — | — | i 22,224 | |||||||||||||||||||||||||||||
Unrealized gain on cash flow hedges | — | — | — | — | i 44,320 | i 44,320 | |||||||||||||||||||||||||||||
Cash used to settle net share equity awards | — | — | ( i 174,230) | — | — | ( i 174,230) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 585,868 | — | — | i 585,868 | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | i 12,753,255 | $ | i 127,533 | $ | i 979,682,504 | $ | ( i 453,063,487) | $ | ( i 488,194) | $ | i 526,258,356 | ||||||||||||||||||||||||
Net income | — | — | — | i 78,341,270 | — | i 78,341,270 | |||||||||||||||||||||||||||||
Issuance of shares upon conversion of Convertible Bond Debt | i 25 | — | i 982 | — | — | i 982 | |||||||||||||||||||||||||||||
Issuance
of shares upon conversion of warrants (1) | i 109,861 | i 1,099 | i 2,303,591 | — | — | i 2,304,690 | |||||||||||||||||||||||||||||
Issuance of shares upon exercise of stock options | i 857 | i 8 | i 33,346 | — | — | i 33,354 | |||||||||||||||||||||||||||||
Unrealized gain on cash flow hedges | — | — | — | — | i 80,206 | i 80,206 | |||||||||||||||||||||||||||||
Issuance costs for ATM Offering | — | — | ( i 145,580) | ( i 145,580) | |||||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 777,468 | — | — | i 777,468 | |||||||||||||||||||||||||||||
Balance at September 30, 2021 | i 12,863,998 | $ | i 128,640 | $ | i 982,652,311 | $ | ( i 374,722,217) | $ | ( i 407,988) | $ | i 607,650,746 |
Common Stock* | Common Stock Amount* | Additional Paid-in Capital* | Accumulated Deficit | Accumulated other comprehensive loss | Total Stockholders’ Equity | ||||||||||||||||||||||||||||||
Balance at December 31, 2019 | i 10,214,600 | $ | i 102,146 | $ | i 918,475,145 | $ | ( i 437,074,354) | $ | i — | $ | i 481,502,937 | ||||||||||||||||||||||||
Net loss | — | — | — | ( i 3,527,759) | — | ( i 3,527,759) | |||||||||||||||||||||||||||||
Issuance of shares due to vesting of restricted shares | i 62,526 | i 626 | ( i 626) | — | — | — | |||||||||||||||||||||||||||||
Unrealized loss on cash flow hedges | — | — | — | — | ( i 271,868) | ( i 271,868) | |||||||||||||||||||||||||||||
Cash used to settle net share equity awards | — | — | ( i 1,161,301) | — | — | ( i 1,161,301) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 836,200 | — | — | i 836,200 | |||||||||||||||||||||||||||||
Balance at March 31, 2020 | i 10,277,126 | $ | i 102,772 | $ | i 918,149,418 | $ | ( i 440,602,113) | $ | ( i 271,868) | $ | i 477,378,209 | ||||||||||||||||||||||||
Net loss | — | — | — | ( i 20,491,327) | — | ( i 20,491,327) | |||||||||||||||||||||||||||||
Issuance of shares due to vesting of restricted shares | i 2,572 | i 26 | ( i 26) | — | — | — | |||||||||||||||||||||||||||||
Unrealized loss on cash flow hedges | — | — | — | — | ( i 649,287) | ( i 649,287) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 723,223 | — | — | i 723,223 | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | i 10,279,698 | $ | i 102,798 | $ | i 918,872,615 | $ | ( i 461,093,440) | $ | ( i 921,155) | $ | i 456,960,818 | ||||||||||||||||||||||||
Net loss | — | — | — | ( i 11,159,286) | — | ( i 11,159,286) | |||||||||||||||||||||||||||||
Cash used to settle fractional shares in the Reverse Stock Split | — | — | ( i 12,513) | — | — | ( i 12,513) | |||||||||||||||||||||||||||||
Unrealized loss on cash flow hedges | — | — | — | — | ( i 203,590) | ( i 203,590) | |||||||||||||||||||||||||||||
Stock-based compensation | — | — | i 741,021 | — | — | i 741,021 | |||||||||||||||||||||||||||||
Balance at September 30, 2020 | i 10,279,698 | $ | i 102,798 | $ | i 919,601,123 | $ | ( i 472,252,726) | $ | ( i 1,124,745) | $ | i 446,326,450 |
Nine Months Ended | |||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income/(loss) | $ | i 97,415,605 | $ | ( i 35,178,372) | |||||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | |||||||||||
Depreciation | i 32,951,082 | i 32,085,266 | |||||||||
Amortization of operating lease right-of-use assets | i 10,535,980 | i 9,388,238 | |||||||||
Amortization of deferred drydocking costs | i 6,236,262 | i 5,502,211 | |||||||||
Amortization of debt discount and debt issuance costs | i 5,442,978 | i 4,654,871 | |||||||||
Loss on debt extinguishment | i 99,033 | i — | |||||||||
(Gain)/loss on sale of vessel | ( i 3,962,093) | i 389,207 | |||||||||
Operating lease impairment | i — | i 352,368 | |||||||||
Net unrealized loss on fair value of derivatives | i 24,193,472 | i 2,677,003 | |||||||||
Stock-based compensation expense | i 2,235,279 | i 2,300,444 | |||||||||
Drydocking expenditures | ( i 10,736,908) | ( i 10,830,172) | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts payable | i 4,638,944 | ( i 4,135,537) | |||||||||
Accounts receivable | ( i 10,645,335) | i 2,956,653 | |||||||||
Accrued interest | i 2,385,397 | i 1,850,383 | |||||||||
Inventories | ( i 5,467,068) | i 4,130,347 | |||||||||
Operating lease liabilities current and noncurrent | ( i 11,303,671) | ( i 9,915,541) | |||||||||
Collateral on derivatives | ( i 31,369,664) | i — | |||||||||
Fair value of derivatives, other current and noncurrent assets | ( i 1,149,973) | ( i 5,905,400) | |||||||||
Other accrued liabilities | i 1,897,863 | ( i 5,872,683) | |||||||||
Prepaid expenses | ( i 1,455,586) | i 1,906,748 | |||||||||
Unearned charter hire revenue | i 8,973,352 | i 1,296,976 | |||||||||
Net cash provided by/(used in) operating activities | i 120,914,949 | ( i 2,346,990) | |||||||||
Cash flows from investing activities: | |||||||||||
Purchase of vessels and vessel improvements | ( i 109,384,938) | ( i 605,660) | |||||||||
Advance for vessel purchase | ( i 2,200,000) | i — | |||||||||
Purchase of scrubbers and ballast water systems | ( i 4,557,463) | ( i 25,224,068) | |||||||||
Proceeds from hull and machinery insurance claims | i 245,000 | i 3,749,779 | |||||||||
Proceeds from sale of vessel | i 9,159,077 | i 4,594,081 | |||||||||
Purchase of other fixed assets | ( i 29,127) | ( i 43,659) | |||||||||
Net cash used in investing activities | ( i 106,767,451) | ( i 17,529,527) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from New Ultraco Debt Facility | i 16,500,000 | i 22,550,000 | |||||||||
Repayment of Norwegian Bond Debt | ( i 4,000,000) | ( i 4,000,000) | |||||||||
Repayment of term loan under New Ultraco Debt Facility | ( i 24,258,223) | ( i 20,923,319) | |||||||||
Repayment of revolver loan under New Ultraco Debt Facility | ( i 55,000,000) | ( i 20,000,000) | |||||||||
Repayment of revolver loan under Super Senior Facility | ( i 15,000,000) | i — | |||||||||
Proceeds from revolver loan under New Ultraco Debt Facility | i 55,000,000 | i 55,000,000 | |||||||||
Proceeds from revolver loan under Super Senior Facility | i — | i 15,000,000 | |||||||||
Proceeds from Holdco Revolving Credit Facility | i 24,000,000 | i — | |||||||||
Proceeds from issuance of shares under ATM Offering, net of commissions | i 27,242,417 | i — | |||||||||
Cash received from exercise of stock options | i 55,578 | i — | |||||||||
Cash used to settle net share equity awards | ( i 985,686) | ( i 1,161,301) | |||||||||
Equity offerings issuance costs | ( i 291,830) | i — | |||||||||
Debt issuance costs paid to lenders on New Ultraco Debt Facility | ( i 328,241) | ( i 381,471) | |||||||||
Debt issuance costs paid to lenders of Holdco Revolving Credit Facility | ( i 285,893) | i — | |||||||||
Cash used to settle fractional shares | i — | ( i 12,513) | |||||||||
Cash paid to bondholder upon conversion of Convertible Bond Debt | ( i 23) | i — | |||||||||
Other financing costs | i — | ( i 44,104) | |||||||||
Net cash provided by financing activities | i 22,648,099 | i 46,027,292 | |||||||||
Net increase in cash, cash equivalents and restricted cash | i 36,795,597 | i 26,150,775 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | i 88,848,771 | i 59,130,285 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | i 125,644,368 | $ | i 85,281,060 | |||||||
SUPPLEMENTAL CASH FLOW INFORMATION | |||||||||||
Cash paid during the period for interest | $ | i 17,462,440 | $ | i 20,377,697 | |||||||
Accruals for vessel purchases and vessel improvements included in Other accrued liabilities | $ | i 499,578 | $ | i — | |||||||
Accruals for scrubbers and ballast water treatment systems included in Accounts payable and Other accrued liabilities | $ | i 3,258,545 | $ | i 5,915,948 | |||||||
Accrual for issuance costs for ATM Offering included in Other accrued liabilities | $ | i 104,080 | $ | i — | |||||||
Accruals for debt issuance costs included in Accounts payable and Other accrued liabilities | $ | i 508,768 | $ | i 200,000 |
Description | Location in Balance Sheet | |||||||||||||
Noncurrent assets: | ||||||||||||||
Chartered-in contracts greater than 12 months | Operating lease right-of-use assets | $ | i 20,712,287 | $ | i 6,207,253 | |||||||||
Office leases | Operating lease right-of-use assets | i 2,133,410 | i 1,333,618 | |||||||||||
Operating lease right-of-use assets | $ | i 22,845,697 | $ | i 7,540,871 | ||||||||||
Liabilities: | ||||||||||||||
Chartered-in contracts greater than 12 months | Current portion of operating lease liabilities | $ | i 20,451,549 | $ | i 6,974,943 | |||||||||
Office leases | Current portion of operating lease liabilities | i 642,760 | i 640,428 | |||||||||||
Lease liabilities - current portion | $ | i 21,094,309 | $ | i 7,615,371 | ||||||||||
Chartered-in contracts greater than 12 months | Noncurrent portion of operating lease liabilities | $ | i 253,970 | $ | i — | |||||||||
Office leases | Noncurrent portion of operating lease liabilities | $ | i 1,490,649 | $ | i 686,422 | |||||||||
Lease liabilities - noncurrent portion | $ | i 1,744,619 | $ | i 686,422 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Description | Location in Statement of Operations | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||
Lease expense for chartered-in contracts less than 12 months | Charter hire expenses | $ | i 5,856,694 | $ | i 2,560,224 | $ | i 13,511,509 | $ | i 6,348,081 | ||||||||||||||||||||
Lease expense for chartered-in contracts greater than 12 months | Charter hire expenses | i 4,867,043 | i 2,500,279 | i 11,861,992 | i 9,472,728 | ||||||||||||||||||||||||
Total charter hire expenses | $ | i 10,723,737 | $ | i 5,060,503 | $ | i 25,373,501 | $ | i 15,820,809 | |||||||||||||||||||||
Lease expense for office leases | General and administrative expenses | i 188,880 | i 185,525 | i 465,269 | i 548,349 | ||||||||||||||||||||||||
Sublease income from chartered-in contracts greater than 12 months * | Revenues, net | $ | i 7,550,105 | $ | i 1,308,833 | $ | i 14,303,242 | $ | i 6,598,871 |
Year | Chartered-in contracts greater than 12 months | Office leases | Total Operating leases | ||||||||
Discount rate upon adoption | i 5.37 | % | i 5.80 | % | i 5.48 | % | |||||
Three months ending December 31, 2021 | $ | i 5,675,982 | $ | i 176,751 | $ | i 5,852,733 | |||||
2022 | i 15,096,117 | i 748,243 | i 15,844,360 | ||||||||
2023 | i — | i 510,074 | i 510,074 | ||||||||
2024 | i — | i 265,922 | i 265,922 | ||||||||
2025 | i — | i 265,195 | i 265,195 | ||||||||
2026 | i — | i 265,195 | i 265,195 | ||||||||
2027 | i — | i 53,766 | i 53,766 | ||||||||
$ | i 20,772,099 | $ | i 2,285,146 | $ | i 23,057,245 | ||||||
Present value of lease liability | |||||||||||
Lease liabilities - short term | $ | i 20,451,549 | $ | i 642,760 | $ | i 21,094,309 | |||||
Lease liabilities - long term | i 253,970 | i 1,490,649 | i 1,744,619 | ||||||||
Total lease liabilities | $ | i 20,705,519 | $ | i 2,133,409 | $ | i 22,838,928 | |||||
Discount based on incremental borrowing rate | $ | i 66,580 | $ | i 151,737 | $ | i 218,317 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Time charters | $ | i 91,652,577 | $ | i 25,279,434 | $ | i 180,385,272 | $ | i 73,798,878 | |||||||||||||||
Voyage charters | i 91,740,123 | i 42,902,867 | i 229,430,182 | i 126,153,526 | |||||||||||||||||||
$ | i 183,392,700 | $ | i 68,182,301 | $ | i 409,815,454 | $ | i 199,952,404 |
Vessels and vessel improvements, at December 31, 2020 | $ | i 810,713,959 | |||
Purchase of vessels and vessel improvements | i 109,884,516 | ||||
Advances paid for vessel purchases as of December 31, 2020 | i 3,250,000 | ||||
Fair value of warrants issued as consideration for vessel purchases | i 10,679,988 | ||||
Sale of vessel | ( i 4,885,998) | ||||
Scrubbers and BWTS | i 1,505,004 | ||||
Depreciation expense | ( i 32,742,401) | ||||
Vessels and vessel improvements, at September 30, 2021 | $ | i 898,405,068 |
September 30, 2021 | December 31, 2020 | ||||||||||
Convertible Bond Debt | $ | i 114,119,000 | $ | i 114,120,000 | |||||||
Debt discount and debt issuance costs - Convertible Bond Debt | ( i 14,305,685) | ( i 17,459,515) | |||||||||
Convertible Bond Debt, net of debt discount and debt issuance costs | i 99,813,315 | i 96,660,485 | |||||||||
Norwegian Bond Debt | i 176,000,000 | i 180,000,000 | |||||||||
Debt discount and debt issuance costs - Norwegian Bond Debt | ( i 1,648,411) | ( i 2,709,770) | |||||||||
Less: Current portion - Norwegian Bond Debt | ( i 8,000,000) | ( i 8,000,000) | |||||||||
Norwegian Bond Debt, net of debt discount and debt issuance costs | i 166,351,589 | i 169,290,230 | |||||||||
New Ultraco Debt Facility | i 158,671,371 | i 166,429,594 | |||||||||
Debt discount and Debt issuance costs - New Ultraco Debt Facility | ( i 2,822,753) | ( i 3,101,348) | |||||||||
Less: Current portion - New Ultraco Debt Facility | ( i 34,666,521) | ( i 31,244,297) | |||||||||
New Ultraco Debt Facility, net of debt discount and debt issuance costs | i 121,182,097 | i 132,083,949 | |||||||||
Holdco Revolving Credit Facility | i 24,000,000 | i — | |||||||||
Debt issuance costs - Holdco Revolving Credit Facility | ( i 178,323) | i — | |||||||||
Less: Current portion - Holdco Revolving Credit Facility | ( i 23,821,677) | i — | |||||||||
Holdco Revolving Credit Facility, net of debt issuance costs | i — | i — | |||||||||
Super Senior Facility | i — | i 15,000,000 | |||||||||
Debt issuance costs - Super Senior Facility | i — | ( i 103,643) | |||||||||
Super Senior Facility, net of debt issuance costs | i — | i 14,896,357 | |||||||||
Total long-term debt | $ | i 387,347,001 | $ | i 412,931,021 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Convertible Bond Debt interest | $ | i 1,426,467 | $ | i 1,426,500 | $ | i 4,279,467 | $ | i 4,279,450 | |||||||||||||||
Holdco Revolving Credit Facility interest | i 156,086 | i — | i 313,918 | i — | |||||||||||||||||||
New Ultraco Debt Facility interest | i 1,063,230 | i 1,946,446 | i 4,068,481 | i 6,052,556 | |||||||||||||||||||
Norwegian Bond Debt interest | i 3,710,667 | i 3,879,333 | i 11,065,084 | i 11,575,667 | |||||||||||||||||||
Super Senior Facility interest | i — | i 93,121 | i 29,818 | i 123,727 | |||||||||||||||||||
Amortization of debt discount and debt issuance costs | i 1,975,792 | i 1,608,800 | i 5,442,978 | i 4,654,871 | |||||||||||||||||||
Commitment fees on revolving credit facilities | i 178,875 | i — | i 361,930 | i 196,823 | |||||||||||||||||||
Total Interest expense | $ | i 8,511,117 | $ | i 8,954,200 | $ | i 25,561,676 | $ | i 26,883,094 |
Norwegian Bond Debt | New Ultraco Debt Facility | Convertible Bond Debt | Holdco Revolving Credit Facility | Total | |||||||||||||||||||||||||
Three months ending December 31, 2021 | $ | i 4,000,000 | $ | i 8,666,630 | $ | i — | $ | i 24,000,000 | $ | i 36,666,630 | |||||||||||||||||||
2022 | i 172,000,000 | i 34,666,521 | i — | i — | i 206,666,521 | ||||||||||||||||||||||||
2023 | i — | i 34,666,521 | i — | i — | i 34,666,521 | ||||||||||||||||||||||||
2024 | i — | i 80,671,699 | i 114,119,000 | i — | i 194,790,699 | ||||||||||||||||||||||||
$ | i 176,000,000 | $ | i 158,671,371 | $ | i 114,119,000 | $ | i 24,000,000 | $ | i 472,790,371 |
Interest Rate Swap detail | Notional Amount outstanding | |||||||||||||||||||
Trade date | Fixed rate | Start date | End date | December 31, 2020 | ||||||||||||||||
March 31, 2020 | i 0.64 | % | July 27, 2020 | January 26, 2024 | $ | i — | $ | i 72,452,297 | ||||||||||||
April 15, 2020 | i 0.58 | % | July 27, 2020 | January 26, 2024 | i — | i 36,226,149 | ||||||||||||||
June 25, 2020 | i 0.50 | % | July 27, 2020 | January 26, 2024 | i — | i 57,751,148 | ||||||||||||||
$ | i — | $ | i 166,429,594 |
Derivatives designated as hedging instruments | Location of loss in Statements of Operations | Effective portion of loss reclassified from Accumulated other comprehensive income/(loss) | ||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||
Interest rate swaps | Interest expense | $ | ( i 150,585) | $ | i 105,114 | $ | ( i 446,549) | $ | i 105,114 | |||||||||||||||||
Derivatives designated as hedging instruments | Balance Sheet location | September 30, 2021 | December 31, 2020 | ||||||||||||||
Interest rate swap | Fair value of derivatives - current/Current liabilities | $ | i — | $ | i 481,791 | ||||||||||||
Interest rate swap | Fair value of derivatives - noncurrent/Noncurrent liabilities | $ | i — | $ | i 650,607 | ||||||||||||
FFA Period | Average FFA Contract Price | Number of Days Hedged | |||||||||
Quarter ending December 31, 2021 | $ | i 18,689 | i 1260 | ||||||||
Quarter ending March 31, 2022 | i 22,407 | i 315 | |||||||||
Quarter ending June 30, 2022 | i 22,086 | i 315 | |||||||||
Quarter ending September 30, 2022 | i 21,735 | i 315 | |||||||||
Quarter ending December 31, 2022 | i 21,486 | i 315 |
For the Three Months Ended | For the Nine Months Ended | ||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Location of loss/(gain) in Statements of Operations | September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||||||
FFAs - realized loss | Realized and unrealized loss/(gain) on derivative instruments, net | $ | i 16,138,822 | $ | i 2,088,537 | $ | i 23,493,503 | $ | i 1,404,060 | ||||||||||||||||||||
FFAs - unrealized (gain)/loss | Realized and unrealized loss/(gain) on derivative instruments, net | ( i 6,787,069) | i 1,230,727 | i 24,381,810 | i 3,327,509 | ||||||||||||||||||||||||
Bunker swaps - realized gain | Realized and unrealized loss/(gain) on derivative instruments, net | ( i 800,807) | ( i 1,059,570) | ( i 2,099,177) | ( i 8,295,136) | ||||||||||||||||||||||||
Bunker swaps - unrealized loss/(gain) | Realized and unrealized loss/(gain) on derivative instruments, net | i 439,622 | i 711,659 | ( i 188,337) | ( i 467,107) | ||||||||||||||||||||||||
Total | $ | i 8,990,568 | $ | i 2,971,353 | $ | i 45,587,799 | $ | ( i 4,030,674) |
Derivatives not designated as hedging instruments | Balance Sheet location | September 30, 2021 | December 31, 2020 | ||||||||||||||
FFAs - Unrealized loss | Fair value of derivatives - current/Current liabilities | i 24,381,091 | i — | ||||||||||||||
Bunker swaps - Unrealized gain | Other current assets | i 1,097,484 | i 352,399 |
Fair Value | |||||||||||||||||
Carrying Value (7) | Level 1 | Level 2 | |||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents (1) | $ | i 125,644,368 | $ | i 125,644,368 | $ | i — | |||||||||||
Collateral on derivatives | i 31,369,664 | i 31,369,664 | i — | ||||||||||||||
Other
current assets (2) | i 1,097,484 | i — | i 1,097,484 | ||||||||||||||
Liabilities | |||||||||||||||||
Norwegian Bond Debt (3) | i 176,000,000 | i — | i 179,960,000 | ||||||||||||||
New
Ultraco Debt Facility (4) | i 158,671,371 | i — | i 158,671,371 | ||||||||||||||
Holdco
Revolving Credit Facility (4) | i 24,000,000 | i — | i 24,000,000 | ||||||||||||||
Convertible
Bond Debt (5) | i 114,119,000 | i — | i 171,178,500 | ||||||||||||||
Fair
value of Derivatives - current (6) | i i 24,381,091 / | i — | i 24,381,091 |
Fair Value | |||||||||||||||||
Carrying Value (7) | Level 1 | Level 2 | |||||||||||||||
Assets | |||||||||||||||||
Cash
and cash equivalents (1) | $ | i 88,848,771 | $ | i 88,848,771 | $ | i — | |||||||||||
Other
current assets (2) | i 483,739 | i 131,340 | i 352,399 | ||||||||||||||
Liabilities | |||||||||||||||||
Norwegian Bond Debt (3) | i 180,000,000 | i — | i 173,250,000 | ||||||||||||||
New
Ultraco Debt Facility (4) | i 166,429,594 | i — | i 166,429,594 | ||||||||||||||
Super
Senior Facility (4) | i 15,000,000 | i — | i 15,000,000 | ||||||||||||||
Convertible
Bond Debt (5) | i 114,120,000 | i — | i 92,748,748 | ||||||||||||||
Fair
value of Derivatives - current and noncurrent (6) | i 1,132,398 | i — | i 1,132,398 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Net income/(loss) | $ | i 78,341,270 | $ | ( i 11,159,286) | $ | i 97,415,605 | $ | ( i 35,178,372) | |||||||||||||||
Weighted Average Shares - Basic | i 12,802,401 | i 10,279,698 | i 12,237,288 | i 10,274,906 | |||||||||||||||||||
Dilutive effect of stock options, shares issuable under Convertible Bond Debt and restricted stock awards | i 3,133,973 | i — | i 3,117,193 | i — | |||||||||||||||||||
Weighted Average Shares - Diluted | i 15,936,374 | i 10,279,698 | i 15,354,481 | i 10,274,906 | |||||||||||||||||||
Basic income/(loss) per share | $ | i 6.12 | $ | ( i 1.09) | $ | i 7.96 | $ | ( i 3.42) | |||||||||||||||
Diluted income/(loss) per share | $ | i 4.92 | $ | ( i 1.09) | $ | i 6.34 | $ | ( i 3.42) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Stock awards/Stock Option Plans | $ | i 777,468 | $ | i 741,021 | $ | i 2,235,279 | $ | i 2,300,444 |
September 30, 2021 | December 31, 2020 | September 30, 2020 | December 31, 2019 | ||||||||||||||||||||
Cash and cash equivalents | $ | i 100,011,694 | $ | i 69,927,594 | $ | i 83,408,816 | $ | i 53,583,898 | |||||||||||||||
Restricted cash - current * | i 25,557,674 | i 18,846,177 | i 1,872,244 | i 5,471,470 | |||||||||||||||||||
Restricted cash - noncurrent * | i 75,000 | i 75,000 | i — | i 74,917 | |||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ | i 125,644,368 | $ | i 88,848,771 | $ | i 85,281,060 | $ | i 59,130,285 |
Vessel | Year Built | Dwt | Charter Expiration | Daily
Charter Hire Rate | |||||||||||||||||||||||||
Antwerp Eagle | 2015 | 63,530 | Nov 2021 | $ | 32,500 | ||||||||||||||||||||||||
Bittern | 2009 | 57,809 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Canary | 2009 | 57,809 | Oct 2021 | $ | 36,250 | ||||||||||||||||||||||||
Cape Town Eagle | 2015 | 63,707 | Nov 2021 | Voyage | |||||||||||||||||||||||||
Cardinal | 2004 | 55,362 | Nov 2021 | $ | 47,000 | ||||||||||||||||||||||||
Copenhagen Eagle | 2015 | 63,495 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Crane | 2010 | 57,809 | Oct 2021 | $ | 29,200 | ||||||||||||||||||||||||
Crested Eagle | 2009 | 55,989 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Crowned Eagle | 2008 | 55,940 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Dublin Eagle | 2015 | 63,549 | Nov 2021 | Voyage | |||||||||||||||||||||||||
Egret Bulker | 2010 | 57,809 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Fairfield Eagle | 2013 | 63,301 | Nov 2021 | $ | 41,200 | (1) | |||||||||||||||||||||||
Gannet Bulker | 2010 | 57,809 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Golden Eagle | 2010 | 55,989 | Oct 2021 | $ | 47,500 | ||||||||||||||||||||||||
Grebe Bulker | 2010 | 57,809 | Nov 2021 | $ | 29,950 | ||||||||||||||||||||||||
Greenwich Eagle | 2013 | 63,301 | Nov 2021 | $ | 36,000 | (2) | |||||||||||||||||||||||
Groton Eagle | 2013 | 63,301 | Oct 2022 | $ | 35,000 | ||||||||||||||||||||||||
Hamburg Eagle | 2014 | 63,334 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Helsinki Eagle | 2015 | 63,605 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Hong Kong Eagle | 2016 | 63,472 | Oct 2021 | $ | 35,000 | ||||||||||||||||||||||||
Ibis Bulker | 2010 | 57,809 | Nov 2021 | $ | 53,850 | ||||||||||||||||||||||||
Imperial Eagle | 2010 | 55,989 | Oct 2021 | $ | 46,000 | ||||||||||||||||||||||||
Jaeger | 2004 | 52,483 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Jay | 2010 | 57,809 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Kingfisher | 2010 | 57,809 | Jan 2022 | $ | 44,500 | ||||||||||||||||||||||||
Madison Eagle | 2013 | 63,301 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Martin | 2010 | 57,809 | Oct 2021 | $ | 45,000 | ||||||||||||||||||||||||
Montauk Eagle | 2011 | 58,018 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Mystic Eagle | 2013 | 63,301 | Oct 2021 | Voyage | |||||||||||||||||||||||||
New London Eagle | 2015 | 63,140 | Nov 2021 | $ | 42,000 | ||||||||||||||||||||||||
Newport Eagle | 2011 | 58,018 | Oct 2021 | $ | 31,000 | ||||||||||||||||||||||||
Nighthawk | 2011 | 57,809 | Feb 2022 | $ | 16,250 | ||||||||||||||||||||||||
Oriole | 2011 | 57,809 | Oct 2021 | Drydock | (3) | ||||||||||||||||||||||||
Oslo Eagle | 2015 | 63,655 | Oct 2021 | $ | 37,000 | ||||||||||||||||||||||||
Owl | 2011 | 57,809 | Nov 2021 | $ | 35,000 | ||||||||||||||||||||||||
Petrel Bulker | 2011 | 57,809 | Oct 2021 | $ | 26,000 | ||||||||||||||||||||||||
Puffin Bulker | 2011 | 57,809 | Nov 2021 | $ | 36,000 | ||||||||||||||||||||||||
Roadrunner Bulker | 2011 | 57,809 | Nov 2021 | Voyage | |||||||||||||||||||||||||
Rotterdam Eagle | 2017 | 63,629 | Oct 2021 | Voyage |
Rowayton Eagle | 2013 | 63,301 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Sandpiper Bulker | 2011 | 57,809 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Sankaty Eagle | 2011 | 58,018 | Oct 2021 | Drydock | (3) | ||||||||||||||||||||||||
Santos Eagle | 2015 | 63,537 | Nov 2021 | $ | 42,000 | ||||||||||||||||||||||||
Shanghai Eagle | 2016 | 63,438 | Oct 2021 | $ | 45,000 | ||||||||||||||||||||||||
Singapore Eagle | 2017 | 63,386 | Jan 2022 | $ | 24,000 | ||||||||||||||||||||||||
Southport Eagle | 2013 | 63,301 | Nov 2021 | $ | 52,000 | ||||||||||||||||||||||||
Stamford Eagle | 2016 | 61,530 | Nov 2021 | $ | 37,500 | ||||||||||||||||||||||||
Stellar Eagle | 2009 | 55,989 | Nov 2021 | Voyage | |||||||||||||||||||||||||
Stockholm Eagle | 2016 | 63,275 | Nov 2021 | $ | 40,000 | (4) | |||||||||||||||||||||||
Stonington Eagle | 2012 | 63,301 | Oct 2022 | $ | 37,500 | ||||||||||||||||||||||||
Sydney Eagle | 2015 | 63,529 | Oct 2021 | Voyage | |||||||||||||||||||||||||
Westport Eagle | 2015 | 63,344 | Oct 2021 | $ | 29,000 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | ||||||||||||||||||||
Ownership Days | 4,697 | 4,546 | 13,407 | 13,646 | |||||||||||||||||||
Chartered-in Days | 563 | 535 | 1,718 | 1,664 | |||||||||||||||||||
Available Days | 4,931 | 4,940 | 14,403 | 14,818 | |||||||||||||||||||
Operating Days | 4,908 | 4,905 | 14,308 | 14,698 | |||||||||||||||||||
Fleet Utilization (%) | 99.5 | % | 99.3 | % | 99.3 | % | 99.2 | % |
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||||||||||||
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |||||||||||||||||||||||
Revenues, net | $ | 183,392,700 | $ | 68,182,301 | $ | 409,815,454 | $ | 199,952,404 | ||||||||||||||||||
Less: Voyage expenses | $ | 30,272,949 | $ | 19,627,919 | $ | 81,410,602 | $ | 69,960,025 | ||||||||||||||||||
Less: Charter hire expenses | $ | 10,723,737 | $ | 5,060,503 | $ | 25,373,501 | $ | 15,820,809 | ||||||||||||||||||
Net charter hire income | $ | 142,396,014 | $ | 43,493,879 | $ | 303,031,351 | $ | 114,171,570 | ||||||||||||||||||
% Net charter hire income from | ||||||||||||||||||||||||||
Time charters | 55 | % | 51 | % | 55 | % | 52 | % | ||||||||||||||||||
Voyage charters | 45 | % | 49 | % | 45 | % | 48 | % |
Nine Months Ended | |||||||||||
September 30, 2021 | September 30, 2020 | ||||||||||
Net cash provided by/(used in) operating activities | $ | 120,914,949 | $ | (2,346,990) | |||||||
Net cash used in investing activities | (106,767,451) | (17,529,527) | |||||||||
Net cash provided by financing activities | 22,648,099 | 46,027,292 | |||||||||
Net increase in cash, cash equivalents and restricted cash | 36,795,597 | 26,150,775 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 88,848,771 | 59,130,285 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 125,644,368 | $ | 85,281,060 |
Projected
Costs (1) (in millions) | ||||||||||||||
Quarter Ending | Off-hire Days(2) | BWTS | Drydocks | Vessel Upgrades(3) | ||||||||||
December 31, 2021 | 319 | $ | 3.3 | $ | 5.5 | $ | 1.2 | |||||||
March 31, 2022 | 252 | 2.4 | 4.6 | 0.8 | ||||||||||
June 30, 2022 | 189 | 0.4 | 1.2 | 0.4 | ||||||||||
September 30, 2022 | 76 | — | 0.2 | — |
(1)
Actual costs will vary based on various factors, including where the drydockings are actually performed. | ||
(2) Actual duration of off-hire days will vary based on the age and condition of the vessel, yard schedules and other factors. | ||
(3) Vessel upgrades represents capex relating to items such as high-spec low friction hull paint which improves fuel efficiency and reduces fuel costs, NeoPanama Canal chock fittings enabling vessels to carry additional cargo through the new Panama Canal locks, as well as other retrofitted fuel-saving devices. Vessel upgrades are discretionary in nature and evaluated on a business case-by-case basis. |
101* | The following materials from Eagle Bulk Shipping Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, formatted in eXtensible Business Reporting Language (XBRL): (i) Condensed Consolidated Balance Sheets (unaudited) as of September 30, 2021 and December 31, 2020, (ii) Condensed Consolidated Statements of Operations (unaudited) for the three and nine months ended September 30, 2021 and 2020, (iii) Condensed Consolidated Statements of Comprehensive income/(loss) (unaudited) for the three and nine months ended September 30, 2021 and 2020, (iv) Condensed Consolidated Statements of Stockholders’ Equity (unaudited) for the nine months ended September 30, 2021 and 2020, (v) Condensed Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 30, 2021 and 2020, and (vi) Notes to Condensed Consolidated Financial Statements (unaudited). |
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
9/3/24 | ||||
8/1/24 | ||||
1/26/24 | ||||
1/25/24 | ||||
12/31/23 | ||||
9/3/23 | ||||
12/31/22 | ||||
11/28/22 | ||||
10/19/22 | ||||
9/30/22 | ||||
9/3/22 | ||||
8/28/22 | ||||
7/31/22 | ||||
6/30/22 | ||||
3/31/22 | 10-Q | |||
12/31/21 | 10-K, DEF 14A | |||
11/24/21 | ||||
11/15/21 | ||||
11/10/21 | ||||
Filed on: | 11/8/21 | |||
11/5/21 | 4 | |||
10/31/21 | ||||
10/28/21 | ||||
10/18/21 | ||||
10/1/21 | 8-K | |||
For Period end: | 9/30/21 | |||
9/28/21 | ||||
9/20/21 | ||||
9/6/21 | ||||
9/3/21 | 4 | |||
8/17/21 | ||||
7/8/21 | SC 13D/A | |||
7/7/21 | SC 13D/A | |||
6/30/21 | 10-Q | |||
6/28/21 | ||||
6/1/21 | ||||
5/4/21 | ||||
4/5/21 | 8-K, CORRESP | |||
3/31/21 | 10-Q, UPLOAD | |||
3/26/21 | 8-K, S-3 | |||
3/12/21 | 10-K, 424B5, 8-K | |||
2/19/21 | 4 | |||
1/1/21 | ||||
12/31/20 | 10-K, 10-K/A, DEF 14A | |||
12/22/20 | 4, 424B5, 8-K, SC 13D/A | |||
12/21/20 | ||||
12/14/20 | ||||
9/30/20 | 10-Q | |||
9/15/20 | 4 | |||
7/27/20 | ||||
6/30/20 | 10-Q | |||
6/25/20 | ||||
6/12/20 | ||||
6/9/20 | 8-K | |||
4/20/20 | ||||
4/15/20 | ||||
3/31/20 | 10-Q | |||
2/1/20 | ||||
1/1/20 | ||||
12/31/19 | 10-K, 10-K/A, 4, DEF 14A, PRE 14A | |||
12/25/19 | ||||
10/4/19 | ||||
10/1/19 | 4, CORRESP, S-3/A | |||
9/30/19 | 10-Q, 4 | |||
7/29/19 | 4, 8-K, SC 13D/A | |||
6/7/19 | 4, 8-K | |||
1/25/19 | 4 | |||
1/1/19 | ||||
12/31/18 | 10-K, 4, SC 13D/A | |||
12/9/18 | ||||
5/4/18 | ||||
12/8/17 | ||||
11/28/17 | ||||
4/28/17 | ||||
12/15/16 | 4, 8-K, DEF 14A, S-8, SC 13D/A | |||
10/15/15 | 4 | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 9/14/20 Eagle Bulk Shipping Inc. 8-K:3,5,7,9 9/14/20 3:74K Workiva Inc Wde… FA01/FA 8/02/19 Eagle Bulk Shipping Inc. 8-K:1,2,3,9 8/02/19 2:34M Workiva Inc Wde… FA01/FA 8/04/16 Eagle Bulk Shipping Inc. 8-K:3,5,7,9 8/03/16 3:107K RDG Filings/FA 5/17/16 Eagle Bulk Shipping Inc. 8-K:1,9 5/13/16 2:375K RDG Filings/FA 10/16/14 Eagle Bulk Shipping Inc. 8-K:1,2,3,510/09/14 10:4.1M RDG Filings/FA |