Eagle Bulk Shipping Inc
t 2010 al Repor Annu ing Inc. ing Inc. ulk Shipp ulk Shipp gle B gle B Ea Ea aE B elg pihS klu .cnIgi unA ropeR la 012 t Eagle Bulk Shipping Inc., headquartered in New York City, is a leading global owner of Supramax dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons. We transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. Financial Highlights In thousands, except per share 2010 2009 2008 Financial Summary: Revenues $ 265,036 $ 192,574 $ 185,425 EBITDA (a) 148,663 121,239 127,683 Net Income 26,845 33,287 61,633 Depreciation and Amortization 62,945 44,329 33,949 Net cash from operating activities 94,340 90,525 109,536 Vessels, at Depreciated Cost 1,509,798 1,010,610 874,675 Total Assets 1,896,573 1,608,203 1,362,176 Shareholders’ Equity 669,087 619,729 471,427 Share and Per Share Data: Basic Income per Share $ 0.43 $ 0.60 $ 1.32 Diluted Income per Share $ 0.43 $ 0.60 $ 1.31 Cash Dividend Declared per Share — — $ 2.00 Shares Outstanding at December 31 62,560 62,127 47,031 Diluted Weighted Average Shares Outstanding 62,417 55,923 46,889 Other Data: Number of Vessels (b) 46 47 47 Average age of On-the-Water Fleet (in years) 5 6 6 (a) As defined in the Company’s 2010 Annual Report on Form 10-K (b) Includes vessels contracted for construction To Our Shareholders: 2010 was a transformational year for Eagle Bulk Shipping, as we grew our fleet by 46% amid ongoing volatility in the global shipping markets.
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