Eagle Bulk Shipping has crashed to a bigger than anticipated loss with higher costs due to increased voyage expenses and a larger fleet a factor.

The net loss of $5.9m or $0.09 a share through the third quarter is higher than market expectations of a loss of about $0.05 per share.

Sophocles N Zoullas
Third quarter revenues of $80.3m were 10% higher than for the same period of 2010 with fleet utilisation at 99.4%.

Despite