Results were up sharply versus last year and slightly above our forecast. Net revenues were $198.7m in the most recent quarter, up 53% versus last year and in line with our $205.0m estimate. Improved sales reflect higher TCE shipping rates ($30,207 vs. $21,580) and more operating days (5,707 vs. 4,778) due to more owned and chartered-in vessels (60 vs. 55). Favorable sales led to a jump in adjusted EBITDA (which excludes hedges) to $102.6m from $6.6m surpassing our $93.4m estimate. The EBITDA surprise was due to lower-than-expected voyage expenses. Adjusted net income was $81.6m ($4.98/diluted share) versus our $73m. Charter rates have slipped but still remain above historical averages. Shipping rates declined in the second quarter as fighting in Ukraine and overall global economic concerns affected prices. Eagle has locked in 72% of its shipping rates for the third quarter as compared to an 83% rate in the second quarter leaving it a bit more exposed to spot prices. The fourth quarter is typically the highest-priced quarter due to North American grain shipments. Management believes the market for dry bulk shipping is also favorable with China opening up, Russian and Ukraine grain shipments resuming, and Brazil iron ore supply growing. Management points out that new vessel construction is limited and new orders wouldn't be completed until 2024. Read More >>