It is not that equity analysts are not cheering Eagle Bulk Shipping's initiation of a dividend that will pay out a minimum of 30% of earnings. It is just that they are already looking for it to be larger.

Management at New York-listed Eagle won a positive reception from researchers in a conference call on Tuesday morning as they trotted out a long-awaited quarterly distribution.

It will place the Gary Vogel-led owner alongside peers like Star Bulk Carriers and Genco Shipping & Trading as dividend payers.