World News
Eagle Bulk Cites Bunker Costs for Higher Voyage Expenses
Eagle Bulk Shipping Inc. (Eagle Bulk) Thursday, in its financial report for the fourth quarter and the year ended December 31, 2016, said bunker prices drove up the company's voyage expenses during the period.
For 2016 Q4, Eagle Bulk reports voyage expenses were $14.2 million, up from $10.3 million during the same period of the previous year.
"Voyage expenses have primarily increased due to an increase in bunker prices as well as an increased number of freight voyages," explains the company.
Eagle Bulk reports a net loss of $142.4 million for 2016 Q4, up from a net loss of $79.7 million in the same quarter of 2015.
The company reports Q4 net revenues of $41.8 million compared to $25.7 million recorded in the same period of 2015.
"The increase in revenue is primarily attributable to an increased number of freight voyages, higher charter rates in the fourth quarter of 2016 as well as increased available days due to chartered in vessels," explains Eagle Bulk.
For the full year of 2016, Eagle Bulk reports a net loss of $223.5 million, up from a net loss of $148.3 million during the previous year.
Meanwhile, net revenues for the 2016 year were $124.5 million - 20 percent higher than net revenues of the previous year, which Eagle Bulk notes is "primarily due to the increase in the number of freight voyages performed and an increase in available days. The charter rates year-on-year have remained flat."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.00 | 6.00 | 762.00 | 5.50 |
| Rotterdam | 599.00 | 1.00 | 751.00 | 0.50 |
| Houston | 618.00 | 11.50 | 802.50 | 6.50 |
| Fujairah | 642.00 | 5.50 | 883.50 | 5.50 |
| Global 20 Ports Average | 661.50 | 3.50 | 859.00 | 5.00 |
| Global 4 Ports Average | 629.50 | 1.00 | 799.50 | 1.50 |
| Global Average Bunker Price | 719.00 | 3.50 | 915.00 | 7.50 |
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