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Eagle Bulk lost USD 22.5 million in Q2

The second quarter deficit this year is slightly smaller than last year for the listed dry bulk carrier headed by Clipper's former CEO, Gary Vogel.

Photo: Clipper Group

Listed and re-capitalized dry bulk carrier Eagle Bulk, which owns a fleet of about 40 Supramax vessels booked a net loss of USD 22.5 million in the second quarter this year, up from a deficit in the same period 2015 of USD 27.5 million. The carrier, headed by former Clipper CEO Gary Vogel, signed deals with lenders this year and generated additional capital in a so-called private placement.

Gary Vogel writes in the financial statement that these two events were milestones in the planned repositioning of Eagle Bulk, which is the most recent dry bulk carrier on the NYSE to carry out a share-split to boost the price above one dollar, the minimum share price needed to remain listed.

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