Dry bulk carrier Eagle Bulk bags a net profit of nearly USD 185m for the full year, and the strong market is expected to persist despite a somewhat volatile start to the year, according to CEO Gary Vogel.
The dry cargo upswing continues for Eagle Bulk, which in 2021 secured its best result in a long time, and Chief Executive Gary Vogel maintains positive expectations of the market.
The carrier reports a net full-year profit of USD 184.8m, a significant turnaround from a deficit of USD 35m in 2020, reveals the annual report.
This improvedment comes from a revenue figure that more than doubled from USD 275.1m in 2020 to USD 594.5m in 2021, when the dry bulk market soared in earnest.
In the fourth quarter alone, Eagle Bulk had a net profit of USD 87.5m, and the carrier’s fleet of mid-sized bulkers sailed at time-charter equivalent (TCE) rates averaging at USD 29,407 per day in the period.
With a comfortable fleet size Gary Vogel is in no rush to acquire vessels
CEO Vogel describes the first quarter of 2022 as volatile so far, with disruptions in dry bulk patterns alongside seasonal weakness having pushed figures downwards.
”I believe we have navigated these well, and as of today, we have fixed about 95 percent of our available days for the first quarter of 2022 at a net TCE of USD 27,200 per day,” writes the CEO in the report.
Eagle Bulk indicates persisting profitable balance between supply and demand in the dry bulk market, where, in particular, low fleet growth is providing fine conditions for the years to come.
