Eagle Bulk said in January one of its charterers, Korea Line, filed for protective receivership in Korea, hurting long-term charter prospects of its vessels.
In February, the company said it re-chartered all Korea line chartered vessels to the spot market, enabling it to gain an average daily revenue of about $15,000.
October-December net income was $3.0 million, or 5 cents a share, compared with $2.2 million, or 4 cents a share, last year. Revenue rose 72 percent to $72.4 million.
Analysts, on average, were looking for a profit of 3 cents a share on revenue of $62.8 million, according to Thomson Reuters I/B/E/S.
Fleet utilization rates rose to 99.8 percent, from 99.6 percent, last year. (Reuters)
