Eagle Bulk Shipping Inc. (NYSE:EGLE) Q1 2023 Earnings Conference Call May 5, 2023 8:00 AM ET

Company Participants

Gary Vogel - Chief Executive Officer

Costa Tsoutsoplides - Chief Financial Officer

Conference Call Participants

Omar Nokta - Jefferies

Ben Nolan - Stifel

Liam Burke - B. Riley Financial

Operator

Good day and thank you for standing by. Welcome to the Eagle Bulk Shipping Reports First Quarter 2023 Results. All participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] And be advised that today’s conference is being recorded.

I would now like to hand the conference over to Gary Vogel. The floor is yours.

Gary Vogel

Thank you and good morning. I would like to welcome everyone to Eagle Bulk’s first quarter 2023 earnings call. To supplement our remarks today, I would encourage participants to access the slide presentation that is available on our website at eagleships.com. Please note that part of our discussion today will include forward-looking statements. These statements are not guarantees of future performance and are inherently subject to risk and uncertainties.

You should not place undue reliance on these forward-looking statements. Please refer to our filings with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties that may have a direct bearing on our operating results, our performance, and our financial condition.

Our discussion today also includes certain non-GAAP financial measures, including TCE, TCE revenues, adjusted net income, EBITDA, and adjusted EBITDA. Please refer to the appendix in the presentation and our earnings release filed with the Securities and Exchange Commission for more information concerning non-GAAP financial measures and a reconciliation to the most comparable GAAP financial measures.

Before I turn to our earnings presentation, I would like take this opportunity to address an incident that occurred on board one of our vessels earlier this week. On Tuesday morning, three of our seafarers were kidnapped from the Grebe Bulker, while she was anchored at Owendo, Gabon. While this is an ongoing situation, and I'm limited in what I can say, I would like to convey that Eagle's committed to ensuring the safe and proper turn of the kidnapped men and the safety of their colleagues onboard this ship as a matter of utmost urgency.

Our highest priority is the safety and well-being of our seafarers and their families. We greatly appreciate the support of the authorities and our Maritime industry colleagues as we work to bring these men safely home. Given the sensitive nature of the situation, we will be unable to provide further comment.