Eagle Bulk Shipping reported 2022-1Q results generally in line with expectations. Revenues, net were $184.4 million versus $93.4 million for the same period last year and in line with our $182.4 million estimate. Adjusted EBITDA (excluding unrealized derivative value changes) was $85.0 million versus our $88.1 million estimate. Adjusted net income was $64.5 million ($3.97 per diluted share) versus $9.3 million ($0.80) last year and in line with our estimate of $64.3 million ($4.00). The consensus analyst estimate was $3.97.Charter rates are high. The company achieved a TCE rate of $27,407/day in the quarter, benefitting from a sharp run up in shipping rates last fall. Eagle is well protected against any decline in rates having locked in 83% of available days fixed at an average TCE rate of $29,300. CEO Gary Vogel indicated that "the demand growth for minor bulks remains healthy and continues to outpace demand for the broader drybulk market." Disruptions caused by the war in Ukraine have resulted in longer voyage distances and higher rates. Read More >>