Gary Vogel knew the question was coming. He even said so.

"I'm not surprised it's the first question out of the box," Vogel said after Jefferies lead shipping analyst Randy Giveans asked him about instituting a shareholder dividend.

But that did not mean Vogel was ready to say "yes". And in the end he essentially danced around the query as he has for several months now amid an escalating dry bulk market that had just delivered Eagle Bulk Shipping's strongest quarter as a public company.