Eagle Bulk Shipping achieved its best ever result in the second quarter, although its headline numbers were blunted by non-cash accounting losses on derivatives.
The Gary Vogel-led outfit became the latest dry bulk owner to report eye-popping results, with adjusted net income of $40.3m or $3.31 per share, reflecting the best Ebitda in the company's history.
However, $31m in accounting losses on freight forward agreements (FFAs), which the New York-listed owner uses to hedge its spot-market positions, brought down the result to $9.2m
