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EAGLE BULK Eagle Bulk Shipping Inc. Reports Record Results for the Third Quarter of 2021 November 4 , 2021 STAMFORD , Conn . , Nov. 04 , 2021 ( GLOBE NEWSWIRE ) -- Eagle Bulk Shipping Inc. ( NASDAQ : EGLE ) ( " Eagle Bulk " , " Eagle " or the " Company " ) , one of the world's largest owner - operators within the drybulk vessel segment , today reported financial results for the quarter ended September 30 , 2021 . Quarter highlights : • Generated Revenues , net of $ 183.4 million o Generated TCE Revenue ( 1 ) of $ 127.1 million o Achieved TCE ( 1 ) of $ 29,088 / day • Realized record net income of $ 78.3 million , or $ 6.12 per basic share o Adjusted net income ( 1 ) of $ 72.1 million , or $ 5.63 ( 1 ) per adjusted basic share • Generated Adjusted EBITDA ( 1 ) of $ 91.0 million • Declared a quarterly dividend of $ 2.00 per share for the third quarter of 2021. Payable on November 24 , 2021 to shareholders of record at the close of business on November 15 , 2021 • Took delivery of previously announced vessel acquisitions , the M / V Antwerp Eagle , M / V Newport Eagle and M / V Valencia Eagle Recent Developments : • Executed $ 400.0 million comprehensive refinancing , lowering cost of debt and extending maturity duration o New facility consists of $ 300.0 million term loan and $ 100.0 million revolver facility out of which $ 50.0 million was drawn on the date of closing • Repaid the $ 50.0 million revolver with the cash generated from operations bringing our revolver availability to $ 100.0 million • Established new dividend policy and $ 50.0 million share repurchase program • Looking ahead , fixed 75 % of Q4 2021 available days at an average TCE of $ 32,400 as of November 4 , 2021 Eagle's CEO Gary Vogel commented , " Drybulk freight rates continued to strengthen in the third quarter , and Eagle's strong leverage to the market produced $ 78 million of net income for the quarter . Not only does this represent the highest quarterly net income Eagle has achieved , it also eclipses the Company's best ever annual result ! Following our recently adopted dividend policy of paying quarterly cash dividends equal to a minimum of 30 % of net income , our Board has authorized a quarterly dividend of $ 2.00 per share for the third quarter . We have also fully paid down our $ 100 million revolving credit facility , delivering on our commitment to simultaneously de - lever and return capital to our shareholders . It is particularly gratifying to be in position to deliver a meaningful cash distribution to shareholders following the multi - year transformation of the Company . Looking ahead , our TCE performance continues to improve , and as of today , we have covered approximately 75 % of our available days for the fourth quarter at a net TCE of $ 32,400 . As such , we are on track to exceed our third quarter performance , which will support continued value creation and return of capital to our shareholders . Notwithstanding short - term volatility , which is an inherent part of our markets , we maintain an optimistic outlook on market developments going forward , based on both positive demand and historically low supply side fundamentals . " Fleet Operating Data Ownership Days Chartered in Days Available Days Operating Days Fleet Utilization ( % ) Three Months Ended September 30 , September 30 , 2021 2020 4,697 563 4,931 4,908 99.5 % 4,546 535 4,940 4,905 99.3 % Nine Months Ended September 30 , September 30 , 2021 2020 13,407 1,718 14,403 14,308 99.3 % 13,646 1,664 14,818 14,698 99.2 %