Eagle Bulk Shipping has enough cash on hand to continue trading "forever" at current rate levels, according to US investment bank Jefferies.
Fresh from virtual meetings with the US-listed company's management, Jefferies analysts Randy Giveans, Christopher Robertson and Chadd Tribo said the $99m in liquidity is "plenty" to cover upcoming capital expenditure (capex) and debt repayments.
The shipowner noted that current Baltic Shipping Index benchmark rates are above Eagle Bulk's breakeven levels of $10,500 per day, even before accounting for any scrubber or commercial platform premium.
