Eagle Bulk Shipping 1st-qtr profit soars on expanded fleet and higher vessel rates

NEW YORK (AP) - Eagle Bulk Shipping Inc., which operates a fleet of drybulk vessels, said Tuesday its first-quarter earnings soared 69 percent as its expanded fleet benefited from rising charter rates.

The drybulk shipping company earned $14.3 million, or 31 cents per share, compared with $4.5 million, or 23 cents per share, in the year-ago quarter. The company had an average of about 46.9 million shares outstanding in the 2008 period, compared with 37.5 million in the first quarter of 2007.

Revenue jumped 36 percent to $36.7 million, from $26.9 million a year earlier.

Source: canadianbusiness.com