Connecticut-based Eagle Bulk Shipping is not fretting over its liquidity position despite splashing out $219m to buy out backer Oaktree Capital Management and now confronting a dry bulk market that is taking longer than expected to lift off tepid rates.
Eagle chief executive Gary Vogel was asked about liquidity by Jefferies analyst Omar Nokta on the company’s quarterly earnings call on Friday morning after reporting a narrow profit, but also guiding to current freight rates that are around the outfit’s financial breakeven.
