Eagle Bulk's deficit grew in Q1 2016

US-based carrier Eagle Bulk delivered a loss of USD 39.3 million in the first three months of the year, as the dry bulk market hit an all-time low. The carrier has divested vessels and worked on improving its financial position, says CEO Gary Vogel.

Photo: Eagle Bulk Shipping

The first months of 2016 were not kind to the bottom line at the US-based dry bulk carrier Eagle Bulk Shipping, of which former Clipper CEO Gary Vogel has held the reins since last September.

The carrier delivered a deficit of USD 39.3 million, according to the interim report. In the same period last year, the loss came to a mere USD 20.7 million. The scenario is, however, the same for other dry bulk carriers which, like Eagle Bulk, watched as the dry bulk market hit all-time low levels in this period.

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