Eagle Bulk Shipping Inc
(NYSE:EGLE)

Eagle Bulk Shipping Inc. engages in the ocean transportation of dry bulk cargoes worldwide. The company owns, charters, and operates dry bulk vessels that transport a range of bulk cargoes, including iron ore, coal, grains, fertilizers, steel products, petcoke, cement, and forest products. It serves...

Website: https://www.eagleships.com/

Founded: 2005

Full Time Employees: 974

Sector: Industrials

Industry: Marine Shipping

Transportation Sea Freight Marine Shipping

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• Market Cap:

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• Employees:

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At a glance:

Bull Thesis:

Bear Thesis:

Main Competitors:

Moat:

Income Statements:

Quarterly

Annual

Unit: USD	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2016-03-31	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2006-12-31

revenues	104,589,000	82,606,000	101,406,000	105,198,000	151,441,000	185,313,000	198,695,000	184,398,000	184,722,200	183,392,700	129,850,586	96,572,168	75,181,143	68,182,301	57,391,784	74,378,319	71,486,350	74,110,376	69,391,315	77,389,597	86,692,209	69,092,740	74,938,700	79,370,609	74,587,441	62,710,903	21,278,288
voyage expenses	23,949,000	23,791,000	25,471,000	33,475,000	42,675,000	40,792,000	36,290,000	43,627,000	23,232,476	30,272,949	24,522,734	26,614,919	19,588,771	19,627,919	23,767,747	26,564,358	21,441,817	19,446,294	20,907,155	25,906,140	24,720,609	15,126,287	17,204,964	22,514,592	18,155,542	17,462,699	9,244,047	7,017,793	8,403,814	11,995,164	8,125,284	15,821,512	2,288,326	1,438,521
vessel operating expenses	29,384,000	28,822,000	30,998,000	31,257,000	35,719,000	33,091,000	27,207,000	27,915,000	30,552,815	28,125,682	23,679,665	21,518,439
charter hire expenses	5,520,000	6,868,000	11,726,000	12,420,000	17,335,000	19,772,000	21,285,000	22,711,000	11,728,191	10,723,737	6,169,544	8,480,220	5,459,415	5,060,503	4,719,367	6,040,939	8,151,640	11,345,615	11,179,480	11,491,906	10,209,535	7,459,921	10,108,258	10,268,064	11,312,576	9,652,468	1,488,518	590,484	3,202,586	11,058,796	11,029,811	15,924,682	7,144,697	2,837,980
depreciation and amortization	15,486,000	15,472,000	14,831,000	14,732,000	15,914,000	15,407,000	15,254,000	14,580,000	14,330,028	13,570,361	13,110,597	12,506,386	12,569,670	12,617,803	12,503,191	12,466,483	11,321,536	10,055,938	9,761,322	9,407,108	9,708,395	9,460,192	9,272,460	9,276,415	9,196,289	8,980,992	9,396,701	19,433,357	19,624,596	18,660,293	17,640,372	17,158,844	16,508,188	17,193,853	15,537,068	13,706,370	12,000,856	11,094,238	10,943,247	10,290,916	10,229,942	8,991,877	7,390,982	7,336,039	7,356,135	7,241,927	6,046,953
general and administrative expenses	10,715,000	10,652,000	11,269,000	10,950,000	11,573,000	9,666,000	9,891,000	10,054,000	11,601,672	7,948,037	7,912,970	7,698,210	8,807,919	7,995,715	6,767,403	7,961,072	10,140,435	8,450,831	8,040,811	8,409,919	8,464,401	8,882,790	8,895,505	9,913,964	8,136,572	8,620,938	5,331,343	10,634,660	7,341,025	8,283,432	8,038,757	13,896,425	9,183,354	10,993,761	10,479,379	9,487,423	6,929,762	7,839,942	9,041,185	8,903,028	18,088,230	6,666,748	4,762,933	5,049,159	2,731,760	1,570,980	1,573,174
impairment of operating lease right-of-use assets			722,000
other operating expense	6,486,000	677,000	93,000	90,000	1,159,000	2,469,000	41,000	133,000	500,599	791,572	559,128	961,116
gain on sale of vessels		-4,855,000	-11,558,000														65,913	-971,129	-966,802	-4,106,547	-85,192	-235,695	-105,073
total operating expenses	91,540,000	81,427,000	83,552,000	99,606,000	126,615,000	111,861,000	109,968,000	119,020,000	91,941,504	87,470,245	75,954,638	77,779,290	67,373,342	67,439,678	68,342,350	76,732,961	74,582,670	68,281,229	68,880,374	71,202,232	73,220,074	60,262,456	65,953,230	73,051,692	67,999,398	64,624,733	57,742,766	60,118,356	60,857,843	72,507,439	66,123,996	82,274,862	57,502,628	51,248,337	42,069,392	38,556,526	31,592,816	30,428,069	32,918,240	32,265,141	43,539,354	25,002,973	19,750,394	20,376,459	18,234,292	15,580,744	14,601,064
operating income	13,049,000	1,179,000	17,854,000	5,592,000	56,889,000	73,452,000	88,727,000	65,378,000									3,131,863	5,829,147	510,941	6,187,365					6,588,043	-1,913,830	-36,464,478	-7,501,956	9,153,056	7,815,930	10,281,392	4,417,913	14,851,290	21,577,246	23,543,448	15,687,199	10,431,201	11,123,736	20,103,098	23,712,525	16,423,147	26,550,259	17,472,806	16,309,557	17,378,229	18,374,960	13,736,983
yoy	-77.06%	-98.39%	-79.88%	-91.45%																					-28.02%	-124.49%	-454.66%	-269.81%	-38.37%	-63.78%	-56.33%	-71.84%	42.37%	93.97%	17.11%	-33.84%	-36.48%	-58.10%	15.05%	45.39%	-5.50%	44.49%	27.20%
qoq	1006.79%	-93.40%	219.28%	-90.17%	-22.55%	-17.22%	35.71%										-46.27%	1040.86%	-91.74%						-444.23%	-94.75%	386.07%	-181.96%	17.11%	-23.98%	132.72%	-70.25%	-31.17%	-8.35%	50.08%	50.39%	-6.23%	-44.67%	-15.22%	44.38%	-38.14%	51.95%	7.13%	-6.15%	-5.42%	33.76%
interest expense	7,597,000	7,714,000	4,434,000	3,857,000	3,960,000	4,236,000	4,338,000	4,447,000	6,695,111	8,511,117	8,799,137	8,251,421	8,509,529	8,954,200	8,737,079	9,191,815	8,965,038	8,117,293	6,733,156	6,762,003	6,520,625	6,574,826	6,387,011	6,261,069	8,236,248	7,836,999	2,817,646	10,960,910	11,370,603	12,390,455	11,672,428	11,336,479	11,668,049	13,432,885	12,607,754	11,176,987	8,308,289	7,294,151	6,815,853	6,486,317	5,302,645	3,714,458	3,449,217	3,350,253	2,951,565	3,476,977	3,160,439
interest income	-1,565,000	-1,488,000	-1,815,000	-1,836,000	-1,818,000	-881,000	-174,000	-45,000	-38,702	-19,533	-15,529	-17,769	-20,532	-23,644	-56,132	-156,857	-399,624	-640,220	-393,164	-434,318	-247,920	-130,020	-111,952	-95,276	-132,690	-142,940	-3,454	-8,038	-7,077	-35,796	-29,464	-57,670	-148,118	-81,792	-76,227	-63,422	-67,782	-65,965	-60,290	-10,573	-128,451	-385,816	-882,541	-1,386,506	-1,902,939	-603,912	-1,348,151
realized and unrealized loss/(gain) on derivative instruments	-579,500	104,000							-7,344,053	8,990,568	35,887,315	709,916	-1,007,668.5	2,971,353	859,814
loss on debt extinguishment					-4,000	4,173,000			5,986,061	99,033										2,268,452
total other income/(income)	2,137,000	6,330,000
net (loss)/income	4,019,250	-5,151,000														-3,527,759	-11,171,453	-4,562,989	-5,992,156
weighted-average shares outstanding:
basic	11,090,064,000	9,313,051,000	12,734,230,000	13,053,117,000	12,989,951,000	12,993,450,000	12,988,200,000	12,974,125,000		12,802,401				10,279,698	71,945,621	71,869,152	71,365,618	71,349,895	71,348,524	71,283,301	70,665,212	70,649,556	70,515,320	70,452,814	69,182,302	70,329,252	37,829,257	63,003,286	62,621,771	62,652,724	62,571,322	62,560,436	62,204,443	62,224,675	62,176,684	62,126,665	55,897,946	61,976,794	52,252,714	47,031,300	46,800,550	46,770,486	46,763,160	46,752,538	42,064,911	42,209,617	41,713,820
diluted	14,473,631,000	9,313,051,000	16,058,606,000	13,148,244,000	16,313,447,000	16,201,852,000	16,376,517,000	16,254,898,000		15,936,374				10,279,698	71,945,621	71,869,152	71,365,618	71,349,895	71,348,524	72,070,868	71,802,173	72,356,655	72,086,980	71,531,864	69,182,302	70,329,252	37,829,257	63,003,286	62,621,771	62,652,724	62,571,322	62,560,436	62,417,247	62,442,046	62,336,774	62,282,017	55,923,308	61,986,752	52,295,221	47,031,300	46,888,788	47,066,254	47,123,585	46,925,494	42,195,561	42,365,252	41,811,854
per share amounts:
basic net (loss)/income	0.345	-0.55														-0.05	-0.15	-0.06	-0.08
diluted net (loss)/income	0.34	-0.55														-0.05	-0.15	-0.06	-0.08
realized and unrealized gain on derivative instruments			-2,791,000
total other (income)/expense			-172,000		703,250	-3,765,000
net income			18,026,000	3,202,000	56,185,750	77,217,000	94,453,000	53,073,000					-8,794,593	-11,159,286	-20,491,327					29,483					-16,584,425	-10,255,346	-39,278,670	-17,433,529	-1,698,979	-5,872,211	-1,438,278	-5,810,281	3,032,941	8,226,153	11,011,921	4,573,634	2,190,694	512,261	13,347,535	17,236,781	9,159,252	23,221,617	14,906,130	14,345,810	16,329,603	15,501,895	11,924,695
yoy			-80.92%	-93.97%																					876.14%	74.64%	2630.95%	200.05%	-156.02%	-171.38%	-113.06%	-227.04%	38.45%	1505.85%	-17.50%	-73.47%	-76.08%	-97.79%	-10.46%	20.15%	-43.91%	49.80%	25.00%
qoq			462.96%	-94.30%	-27.24%	-18.25%	77.97%						-21.19%	-45.54%											61.71%	-73.89%	125.31%	926.12%	-71.07%	308.28%	-75.25%	-291.57%	-63.13%	-25.30%	140.77%	108.78%	327.65%	-96.16%	-22.56%	88.19%	-60.56%	55.79%	3.91%	-12.15%	5.34%	30.00%
basic net income			1.42	0.25	4.328	5.94	7.27	4.09					-0.855	-1.09	-0.28										-0.23	-0.15	-1.04	-0.28	-0.03	-0.09	-0.02	-0.09	0.05	0.13	0.18	0.07	0.02	0.01	0.26	0.37	0.2	0.5	0.32	0.31	0.35	0.37	0.29
diluted net income			1.21	0.24	3.465	4.77	5.77	3.27					-0.855	-1.09	-0.28										-0.23	-0.15	-1.04	-0.28	-0.03	-0.09	-0.02	-0.09	0.05	0.13	0.18	0.07	0.145	0.01	0.26	0.37	0.2	0.49	0.32	0.31	0.36	0.37	0.29
gain on sale of vessel				-3,318,000	-2,334,000	-9,336,000
realized and unrealized loss on derivative instruments				369,000				7,903,000
total other income				2,390,000			-5,726,000	12,305,000	5,298,417	17,581,185	44,670,923	8,943,568	7,692,897	11,901,909	9,540,761	1,173,117	8,075,133	10,392,136	6,503,097	6,157,882	6,985,785	6,245,462	5,534,703	6,266,172	23,172,468	8,341,516	2,814,192	9,931,573	10,852,035	13,688,141	11,719,670	10,228,194
realized and unrealized (gain)/loss on derivative instruments					-578,000	-11,293,000	-9,890,000									-7,861,841
operating lease impairment													88,092		352,368
(gain)/loss on sale of vessel									-990,523.25	-3,962,093
operating income/									92,780,696	95,922,455	53,895,948	18,792,878	-3,140,646.25	742,623							13,472,135	8,830,284	8,985,470	6,318,917
net income/									87,482,279	78,341,270	9,225,025	9,849,310									6,486,350	2,584,822	3,450,767	52,745
per share amounts
basic income/									1.99	6.12											0.023	0.04	0.05
diluted income/									1.585	4.92											0.02	0.04	0.05
weighted-average shares outstanding*:
basic*											12,168,180	11,729,492
diluted*											12,397,156	11,744,568
per share amounts*:
basic income/(loss)*											0.76	0.84
diluted income/(loss)*											0.74	0.84
vessel expenses													16,420,228.25	21,748,531	20,232,274	23,700,109	22,336,329	19,953,680	19,958,408	20,093,706	20,111,526	19,568,961	20,577,116	21,078,657	21,232,800	20,110,123	20,480,635	22,442,062	22,285,822	22,000,678	21,289,772	19,473,399	22,378,063	19,075,233	16,052,945	15,362,733	12,662,198	11,493,889	12,933,808	13,071,197	11,338,294	9,344,348	7,596,479	7,991,261	7,393,813	6,647,223	6,856,581
loss/(gain) on sale of vessels													100,565	389,207
weighted-average shares outstanding*:
basic	11,090,064,000	9,313,051,000	12,734,230,000	13,053,117,000	12,989,951,000	12,993,450,000	12,988,200,000	12,974,125,000		12,802,401				10,279,698	71,945,621	71,869,152	71,365,618	71,349,895	71,348,524	71,283,301	70,665,212	70,649,556	70,515,320	70,452,814	69,182,302	70,329,252	37,829,257	63,003,286	62,621,771	62,652,724	62,571,322	62,560,436	62,204,443	62,224,675	62,176,684	62,126,665	55,897,946	61,976,794	52,252,714	47,031,300	46,800,550	46,770,486	46,763,160	46,752,538	42,064,911	42,209,617	41,713,820
diluted	14,473,631,000	9,313,051,000	16,058,606,000	13,148,244,000	16,313,447,000	16,201,852,000	16,376,517,000	16,254,898,000		15,936,374				10,279,698	71,945,621	71,869,152	71,365,618	71,349,895	71,348,524	72,070,868	71,802,173	72,356,655	72,086,980	71,531,864	69,182,302	70,329,252	37,829,257	63,003,286	62,621,771	62,652,724	62,571,322	62,560,436	62,417,247	62,442,046	62,336,774	62,282,017	55,923,308	61,986,752	52,295,221	47,031,300	46,888,788	47,066,254	47,123,585	46,925,494	42,195,561	42,365,252	41,811,854
operating (loss)/income															-10,950,566	-2,354,642
other income/																	-490,281	2,915,063	163,105
other (income)/expense																				-2,438,255
other income /																					-209,830.25	-199,344
other income																							-740,356	100,379				-1,021,299	89,893.25	1,333,482	76,706	-1,050,615
refinancing expenses																											5,634,260
loss / (gain) on sale of vessels																									-525,096.5	-202,487
vessel impairment																											6,167,262
other (income) / expense																									-34,551.5	647,457
revenues, net of commissions																												52,616,400	70,010,899	80,323,369	76,405,388	86,692,775	72,353,918	72,825,583	65,612,840	54,243,725	42,024,017	41,551,805	53,021,338	55,977,666	59,962,501	51,553,232	37,223,200	36,686,016	35,612,521	33,955,704	28,338,047
weighted-average shares outstanding :
basic	11,090,064,000	9,313,051,000	12,734,230,000	13,053,117,000	12,989,951,000	12,993,450,000	12,988,200,000	12,974,125,000		12,802,401				10,279,698	71,945,621	71,869,152	71,365,618	71,349,895	71,348,524	71,283,301	70,665,212	70,649,556	70,515,320	70,452,814	69,182,302	70,329,252	37,829,257	63,003,286	62,621,771	62,652,724	62,571,322	62,560,436	62,204,443	62,224,675	62,176,684	62,126,665	55,897,946	61,976,794	52,252,714	47,031,300	46,800,550	46,770,486	46,763,160	46,752,538	42,064,911	42,209,617	41,713,820
diluted	14,473,631,000	9,313,051,000	16,058,606,000	13,148,244,000	16,313,447,000	16,201,852,000	16,376,517,000	16,254,898,000		15,936,374				10,279,698	71,945,621	71,869,152	71,365,618	71,349,895	71,348,524	72,070,868	71,802,173	72,356,655	72,086,980	71,531,864	69,182,302	70,329,252	37,829,257	63,003,286	62,621,771	62,652,724	62,571,322	62,560,436	62,417,247	62,442,046	62,336,774	62,282,017	55,923,308	61,986,752	52,295,221	47,031,300	46,888,788	47,066,254	47,123,585	46,925,494	42,195,561	42,365,252	41,811,854
gain from sale of vessel																													127,269	509,076			-72,752.75	-291,011
write-off of deferred financing costs																																						3,383,289
net interest expense																																	9,249,046.25	13,351,093	12,531,527	11,113,565	8,240,507	10,611,475	6,755,563	6,475,744	7,263,895	3,328,642	2,566,676	1,963,747	1,048,626	2,873,065	1,812,288
cash dividends declared and paid																																									0.5	0.5	0.5	0.5	0.5	0.47	0.5
non-cash compensation expense																																													752,584	120,614	124,356

Balance Sheets:

Quarterly

Annual

Unit: USD	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2018-12-31	2017-12-31	2016-03-31	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2006-12-31

assets
current assets:
cash and cash equivalents	118,615,000	113,879,000	115,703,000	153,237,000	187,155,000	195,030,000	138,955,000	83,602,000	86,146,552	100,011,694	79,278,151	76,191,832	69,927,594	83,408,816	98,532,141	69,229,926	53,583,898	71,537,108	67,209,753	56,251,044	16,768,574	28,067,016	25,075,203	27,273,994	51,131,064	97,715,331	129,121,680	129,137,297	102,134,080	84,153,391		82,544,467	129,259,673	32,984,370
accounts receivable, net of a reserve of 2,916 and 3,169, respectively	30,917,000
prepaid expenses	5,525,000	5,832,000	6,533,000	6,507,000	4,531,000	4,585,000	4,524,000	5,278,000	3,361,730	4,638,401	4,294,715	3,491,076	3,182,815	2,724,668	3,416,652	4,019,234	4,631,416	3,463,919	4,635,879	3,010,766	2,633,930	3,404,559	3,969,905	3,658,581	2,528,144	5,025,093	3,459,721	4,903,663	3,552,789	3,240,664		5,348,972	3,509,698	3,567,676	2,119,223	1,299,813	1,158,113	1,618,699	996,243	1,020,821
inventories	24,988,000	26,881,000	21,695,000	22,913,000	28,081,000	26,274,000	25,193,000	27,771,000	17,651,381	17,091,901	15,899,222	14,720,800	11,624,833	11,693,931	10,104,762	15,360,834	15,824,278	14,283,915	16,137,785	14,113,079	5,596,345	11,617,193	11,083,331	8,277,696	8,529,107	5,342,449	3,190,052	884,234
collateral on derivatives	2,219,000	4,380,000	676,000	3,482,000	909,000	1,200,000	16,770,000	21,307,000	15,080,567	31,369,664	33,499,170
fair value of derivative assets – current	6,824,000	8,653,000	9,814,000	7,734,000
other current assets	458,000	652,000	440,000	671,000	558,000	703,000	929,000	797,000	667,677	1,689,972	1,478,163	7,959,698	839,881				1,039,430	2,943,058	2,246,740	785,027
total current assets	189,546,000	184,871,000	194,309,000	224,263,000	262,024,000	279,699,000	244,370,000	185,189,000	156,032,816	204,603,121	167,776,917	127,274,922	118,264,780	124,678,681	140,399,966	124,436,541	100,533,363	112,175,955	118,474,183	105,222,551	32,207,541	57,748,404	55,890,837	62,266,165	80,458,952	126,530,948	150,732,559	146,984,981	116,836,079	96,786,564		93,718,855	140,044,495	40,433,720	69,414,680	153,092,619	157,454,266	159,099,695	26,863,458	27,652,517
noncurrent assets:
vessels and vessel improvements, at cost, net of accumulated depreciation of 301,694 and 261,725, respectively	904,298,000
advances for vessel purchases				6,020,000	3,638,000						5,340,000	4,720,000	3,250,000
operating lease right-of-use assets	7,182,000	10,892,000	15,472,000	24,129,000	23,006,000	34,368,000	35,370,000	18,654,000	17,017,429	22,845,697	12,441,041	5,454,129	7,540,871	10,669,431	13,784,567	17,185,019	20,410,037	19,224,517
other fixed assets, net of accumulated depreciation of 1,393 and 1,623, respectively	1,086,000
restricted cash – noncurrent	2,575,000	2,575,000	2,575,000	2,618,000
deferred drydock costs	38,717,000	37,756,000	40,469,000	43,268,000	42,849,000	45,881,000	46,930,000	44,985,000	37,093,531	28,343,436	26,504,065	26,975,526	24,153,776	22,699,341	20,406,118	20,772,193	17,495,270	13,502,924	12,186,356	9,749,751	11,928,415	3,126,378	3,303,363	3,319,881	3,757,674	3,511,816	4,217,071	4,050,966	5,087,373	5,281,565		4,805,679						3,838,826	1,962,697
fair value of derivative assets – noncurrent	3,136,000	5,435,000	6,331,000	6,022,000
advances for bwts and other assets	1,414,000	1,984,000	1,622,000	2,507,000
total noncurrent assets	958,408,000	973,702,000	992,392,000	985,518,000	975,185,000	976,292,000	982,239,000	977,398,000	970,625,608	958,054,140	925,391,448	893,364,936	848,862,276	870,350,073	891,697,114	902,031,486	901,553,773	858,246,523	727,734,977	703,127,384	731,806,530	1,790,412,055	1,811,365,891	1,810,729,386	1,816,068,680	1,774,235,932	1,745,840,399	1,726,055,599	1,695,929,145	1,623,505,041		1,453,373,428	1,377,321,885	1,273,742,743
total assets	1,147,954,000	1,158,573,000	1,186,701,000	1,209,781,000	1,237,209,000	1,255,991,000	1,226,609,000	1,162,587,000	1,126,658,424	1,162,657,261	1,093,168,365	1,020,639,858	967,127,056	995,028,754	1,032,097,080	1,026,468,027	1,002,087,136	970,422,478	846,209,160	808,349,935	764,014,071	1,848,160,459	1,867,256,728	1,872,995,551	1,896,527,632	1,900,766,880	1,896,572,958	1,873,040,580	1,812,765,224	1,720,291,605	1,608,000	1,547,092,283	1,517,366,380	1,314,176,463	1,208,390,915	1,148,287,285	1,136,008,373	1,075,042,842	726,654,462	568,790,967
liabilities & stockholders’ equity
current liabilities:
accounts payable	21,245,000	20,938,000	22,520,000	19,290,000	20,129,000	21,058,000	22,189,000	23,396,000	20,781,295	15,169,624	18,921,097	17,041,784	10,589,970	13,312,496	15,310,881	10,239,878	13,483,397	9,158,519	14,161,169	7,470,844	11,411,500	10,504,362	10,642,831	9,398,653	8,463,260	9,019,248	6,089,273	2,902,194	2,385,864	5,582,920		1,402,289	2,787,392	332,710	1,774,373	2,145,264	3,621,559	4,129,487	3,132,066	1,650,159
accrued interest	3,472,000	2,092,000	3,567,000	1,726,000	3,061,000	1,635,000	3,008,000	1,512,000	2,957,241	7,075,532	4,558,933	6,839,690	4,690,135	7,171,472	5,014,786	7,797,292	5,321,089	7,662,674	1,735,631	1,790,315	327,283	2,235,525	2,815,665	4,640,699	4,572,451	5,684,315	6,651,554	6,999,574	8,363,052	7,824,844		7,717,705	6,708,273	4,297,289	4,208,254	3,561,824	455,750	2,993,138	895,442	800,683
other accrued liabilities	23,496,000	19,198,000	20,920,000	19,566,000	24,097,000	17,012,000	17,766,000	18,815,000	17,993,299	14,660,495	10,601,676	12,174,886	11,747,064	8,549,199	7,693,031	17,346,898	28,996,836	17,535,292	10,064,017	11,810,366	10,798,848	12,725,220	11,822,582	14,560,107	10,546,909	10,655,581	5,850,474	15,457,922	10,831,045	6,440,541		10,473,346	8,154,492	2,919,861	2,846,977	1,816,342	1,863,272	1,796,334	1,366,512	1,717,124
fair value of derivative liabilities – current	479,000	585,000	8,000	345,000
current portion of operating lease liabilities	6,153,000	10,109,000	14,274,000	21,778,000	22,045,000	30,742,000	29,908,000	15,749,000	15,728,107	21,094,309	10,639,630	5,415,378	7,615,371	10,848,313	12,511,790	13,346,261	13,255,978	11,053,788
unearned charter hire revenue	4,312,000	8,201,000	6,002,000	8,492,000	9,670,000	14,794,000	13,609,000	12,746,000	12,087,586	17,045,647	8,402,876	10,142,696	8,072,295	5,989,235	4,880,019	3,232,360	4,692,259	3,156,077	6,926,839	5,678,673	2,144,022	3,593,868	5,779,928			9,386,335	6,091,332	8,331,735	5,970,032	6,821,703		5,754,126	5,678,084	8,293,669	5,941,253	5,028,551	4,322,024	4,671,174	3,450,236	2,713,060
current portion of long-term debt – global ultraco debt facility	49,800,000	49,800,000
current portion of long-term debt – convertible bond debt, net of debt discount and debt issuance costs	103,890,000	103,791,000
total current liabilities	212,847,000	214,714,000	117,091,000	120,997,000	128,965,000	135,652,000	136,549,000	135,129,000	123,600,683	165,914,895	149,901,345	92,187,577	82,440,923	89,205,200	87,833,815	92,471,542	102,215,182	80,497,172	62,993,199	30,823,368	25,501,966	120,709,769	69,121,710	40,972,102	37,444,007	40,963,037	30,515,717	39,586,476	33,714,224	33,055,266		33,917,517	34,101,392	15,843,529	14,770,857	12,551,981	10,262,605	13,590,133	8,844,256	6,881,026
noncurrent liabilities:
long-term debt – global ultraco debt facility, net of debt discount and debt issuance costs	330,113,000	341,881,000	353,618,000	169,154,000
convertible bond debt, net of debt discount and debt issuance costs			103,693,000	103,595,000	103,499,000	103,425,000	113,253,000	113,150,000	100,953,744	99,813,315	98,736,604	97,685,545	96,660,485	95,660,779	94,685,801	93,730,654	92,803,144	91,924,874
fair value of derivative liabilities – noncurrent	1,505,000	444,000
noncurrent portion of operating lease liabilities	2,576,000	2,766,000	2,847,000	3,583,000	3,173,000	3,626,000	5,455,000	2,899,000	1,282,553	1,744,619	2,099,452	577,200	686,422
other noncurrent accrued liabilities	695,000	696,000	695,000	743,000	1,208,000	883,000	636,000	395,000	265,365
total noncurrent liabilities	334,889,000	345,787,000	460,853,000	277,075,000	289,063,000	301,136,000	324,565,000	333,689,000		389,091,620	417,008,664	447,556,347	414,268,050	459,497,104	487,302,447	456,618,276		398,148,414	303,610,112	316,361,534	258,619,700	1,067,432,495	1,123,959,315	1,161,837,797	1,188,084,766	1,191,502,464	1,196,970,723	1,174,250,267	1,134,949,030	1,060,970,903		903,142,132	876,261,118	789,951,446
total liabilities	547,736,000	560,501,000	577,944,000	398,072,000	418,028,000	436,788,000	461,114,000	468,818,000		555,006,515	566,910,009	539,743,924	496,708,973	548,702,304	575,136,262	549,089,818		478,645,586	366,603,311	347,184,902	284,121,666	1,188,142,264	1,193,081,025	1,202,809,899	1,225,528,773	1,232,465,501	1,227,486,440	1,213,836,743	1,168,663,254	1,094,026,169	988,474,000	937,059,649	910,362,510	805,794,975	701,482,815	647,433,863	621,037,378	544,581,201	315,913,822	247,215,026
assets:
accounts receivable, net of a reserve of 2,933 and 3,169, respectively		24,594,000
vessels and vessel improvements, at cost, net of accumulated depreciation of 289,819 and 261,725, respectively		914,108,000
other fixed assets, net of accumulated depreciation of 1,324 and 1,623, respectively		952,000
liabilities & stockholders' equity:
commitments and contingencies
stockholders' equity:
preferred stock, 0.01 par value...
common stock, 0.01 par value...		93,000	93,000	131,000		130,000	130,000	130,000		128,640	127,533	117,329		102,797	719,579	719,399
additional paid-in capital		746,898,000	745,636,000	966,261,000		964,494,000	963,482,000	961,930,000		982,652,311	979,682,504	943,599,631			918,255,834	917,532,791		916,965,046	894,272,533	887,625,902	678,565,852	747,555,194	745,473,169	743,779,073	741,979,292	739,778,027	738,251,158	735,498,772	731,913,790	728,596,252		721,483,816	718,218,555	610,932,876	607,738,367	605,444,933	602,929,530	601,938,926	474,885,199	364,574,877
accumulated deficit		-162,418,000	-151,697,000	-168,373,000		-162,712,000	-210,854,000	-278,858,000		-374,722,217	-453,063,487	-462,288,512		-472,252,726	-461,093,440	-440,602,113		-425,902,901	-415,377,239	-427,164,813	-199,124,363
accumulated other comprehensive income		13,499,000	14,725,000	13,690,000		17,291,000	12,737,000	10,567,000																															127,290	2,577,624
total stockholders' equity		598,072,000	608,757,000	811,709,000		819,203,000	765,495,000	693,769,000		607,650,746	526,258,356	480,895,934		446,326,450	456,960,818	477,378,209		491,776,892	479,605,849	461,165,033	479,892,405	660,018,195	674,175,703	670,185,652	670,998,859	668,301,379	669,086,518	659,203,837	644,101,970	626,265,436		610,032,634	607,003,870
total liabilities and stockholders' equity		1,158,573,000	1,186,701,000	1,209,781,000		1,255,991,000	1,226,609,000	1,162,587,000		1,162,657,261	1,093,168,365	1,020,639,858		995,028,754	1,032,097,080	1,026,468,027		970,422,478	846,209,160	808,349,935	764,014,071	1,848,160,459	1,867,256,728	1,872,995,551	1,896,527,632	1,900,766,880	1,896,572,958	1,873,040,580	1,812,765,224	1,720,291,605		1,547,092,283	1,517,366,380
accounts receivable, net of a reserve of 2,965 and 3,169, respectively			28,396,000
vessel held for sale			11,052,000				5,592,000				4,885,998			5,168,600						9,316,095
vessels and vessel improvements, at cost, net of accumulated depreciation of 277,924 and 261,725, respectively			925,632,000
other fixed assets, net of accumulated depreciation of 1,706 and 1,623, respectively			291,000
current portion of long-term debt			49,800,000	49,800,000	49,800,000	49,800,000	49,800,000	49,800,000	49,800,000	42,666,521	41,444,297	39,244,297	39,244,297	39,244,297	39,244,297	37,194,297	35,709,394	31,164,490	29,176,230			86,063,747	32,094,006
accounts receivable, net of a reserve of 3,244 and 3,169, respectively				29,719,000
vessels and vessel improvements, at cost, net of accumulated depreciation of 268,743 and 261,725, respectively				900,659,000
other fixed assets, net of accumulated depreciation of 1,665 and 1,623, respectively				295,000
accounts receivable, net of a reserve of 3,169 and 1,818, respectively					32,311,000
fair value of derivative assets - current					8,479,000	18,353,000	8,459,000	5,516,000	4,668,873
vessels and vessel improvements, at cost, net of accumulated depreciation of 261,725 and 218,670, respectively					891,877,000
other fixed assets, net of accumulated depreciation of 1,623 and 1,403, respectively					310,000
restricted cash - noncurrent					2,599,000	2,575,000	2,575,000	75,000	75,000	75,000	75,000	75,000	75,000		74,917	74,917	74,917
fair value of derivative assets - noncurrent					8,184,000	9,873,000	7,746,000	8,476,000	3,112,091
advances for ballast water systems and other assets					2,722,000	2,577,000	3,983,000	3,920,000		5,875,314	4,443,281	3,273,076
fair value of derivative liabilities - current					163,000	611,000	269,000	13,111,000	4,253,155
global ultraco debt facility, net of debt issuance costs					181,183,000	193,202,000	205,221,000	217,245,000	229,289,860
accounts receivable, net of a reserve of 2,192 and 1,818, respectively						33,554,000
vessels and vessel improvements, at cost, net of accumulated depreciation of 249,384 and 218,670, respectively						876,547,000
advance for vessel purchase						4,125,000				2,200,000									2,040,000	2,201,773
other fixed assets, net of accumulated depreciation of 1,566 and 1,403, respectively						346,000
accounts receivable, net of a reserve of 1,921 and 1,818, respectively							43,948,000
vessels and vessel improvements, at cost, net of accumulated depreciation of 237,490 and 218,670, respectively							885,255,000
other fixed assets, net of accumulated depreciation of 1,521 and 1,403, respectively							380,000
preferred stock, .01 par value...
accounts receivable, net of a reserve of 1,837 and 1,818, respectively								40,918,000
vessels and vessel improvements, at cost, net of accumulated depreciation of 230,318 and 218,670, respectively								900,920,000
other fixed assets, net of accumulated depreciation of 1,452 and 1,403, respectively								368,000
liabilities & stockholders' equity
restricted cash - current										25,557,674	4,446,177	4,446,177	18,846,177	1,872,244		2,917,885	5,471,470
accounts receivable, net of a reserve of 1,818,482 and 2,357,191, respectively									28,456,036
vessels and vessel improvements, at cost, net of accumulated depreciation of 218,669,885 and 177,771,755, respectively									908,075,913
other fixed assets, net of accumulated depreciation of 1,402,584 and 1,137,562, respectively									257,228
advances for scrubbers and ballast water systems and other assets									4,994,416				2,639,491				26,707,700
norwegian bond debt, net of debt discount and debt issuance costs										166,351,589	165,993,915	169,640,129	169,290,230	172,932,556	172,574,882	176,221,096	175,867,310	179,509,565	182,469,155	189,950,329
super senior facility, net of debt issuance costs													14,896,357	14,882,677	14,868,997	2,355,465
new ultraco debt facility, net of debt issuance costs										121,182,097	125,093,090	124,522,090	132,083,949	139,546,175	147,157,424	134,313,009	141,396,770	117,228,245
accounts receivable, net of a reserve of 2,169,958 and 2,357,191, respectively										24,243,815
vessels and vessel improvements, at cost, net of accumulated depreciation of 206,815,553 and 177,771,755, respectively										898,405,068
other fixed assets, net of accumulated depreciation of 1,346,243 and 1,137,562, respectively										309,625
fair value of derivatives - current										24,381,090	31,607,854	1,328,846	481,791
holdco revolving credit facility, net of debt issuance costs										23,821,677	23,724,982
fair value of derivatives - noncurrent											85,603	131,383	650,607
accumulated other comprehensive loss										-407,988	-488,194	-532,514		-1,124,745	-921,155	-271,868						-8,259,017	-9,453,013	-13,444,552	-16,703,567	-18,637,234	-22,135,507	-26,229,604	-29,520,148	-33,026,330		-35,380,969	-34,632,023	-9,517,025	-7,959,530	-20,199,754
accounts receivable, net of a reserve of 2,134,000 and 2,357,191, respectively											23,995,321
vessels and vessel improvements, at cost, net of accumulated depreciation of 195,472,078 and 177,771,755, respectively											876,088,651
other fixed assets, net of accumulated depreciation of 1,276,574 and 1,137,562, respectively											363,993
deferred financing costs											99,033	519,033										10,631,288	11,766,779	12,928,468	14,077,665	15,326,031	16,458,496	17,616,127	18,768,770	19,912,857		22,012,037	23,312,392	13,811,706	14,138,345	14,550,824	14,479,024	2,509,504	2,325,858
fair value of derivatives asset - noncurrent											36,384	26,185
revolver loan under new ultraco debt facility											25,000,000	55,000,000		35,000,000	55,000,000	45,000,000
accounts receivable, net of a reserve of 2,121,121 and 2,357,191, respectively												20,465,339
vessels and vessel improvements, at cost, net of accumulated depreciation of 188,208,942 and 177,771,755, respectively												851,894,939
other fixed assets, net of accumulated depreciation of 1,207,470 and 1,137,562, respectively												427,048
accounts receivable, net of a reserve of 2,357,191 and 2,472,345, respectively													13,843,480
vessels and vessel improvements, at cost, net of accumulated depreciation of 177,771,755 and 153,029,544, respectively													810,713,959
other fixed assets, net of accumulated depreciation of 1,137,562 and 832,541, respectively													489,179
deferred financing costs - super senior facility																	166,111	180,487	285,342
accounts receivable, net of a reserve of 2,325,589 and 2,472,345, respectively														12,998,480
derivative asset and other current assets														6,811,942	9,378,476	14,753,326
vessels and vessel improvements, at cost, net of accumulated depreciation of 177,765,956 and 153,029,544, respectively														833,570,710
other fixed assets, net of accumulated depreciation of 1,067,000 and 832,541, respectively														549,855
advance for scrubbers, ballast water systems and other assets														2,860,736	2,896,962
fair value of derivative instruments - current														4,090,188	3,179,011	3,314,556
fair value of derivative instruments - non current														681,000	573,361	177,008
operating lease liabilities														793,917	2,441,982	4,821,044	8,301,793	9,485,730
additional paid-in capital *														919,601,124
accounts receivable, net of a reserve of 2,699,600 and 2,472,345, respectively															18,967,935
vessels and vessel improvements, at cost, net of accumulated depreciation of 174,169,557 and 153,029,544, respectively															853,916,919
other fixed assets, net of accumulated depreciation of 996,418 and 832,541, respectively															617,631
accounts receivable, net of a reserve of 2,760,679 and 2,472,345, respectively																18,155,336
vessels and vessel improvements, at cost, net of accumulated depreciation of 163,508,323 and 153,029,544, respectively																858,807,828
other fixed assets, net of accumulated depreciation of 920,296 and 832,541, respectively																690,558
advance for scrubbers and ballast water systems and other assets																4,500,971
accounts receivable, net of a reserve of 2,472,345 and 2,073,616, respectively																	19,982,871
vessels held for sale																			8,458,444
vessels and vessel improvements, at cost, net of accumulated depreciation of 153,029,544 and 124,907,998, respectively																	835,959,084
other fixed assets, net of accumulated depreciation of 832,541 and 547,452, respectively																	740,654
fair value of derivatives																	756,229	766,332	929,313	73,170
new first lien facility, net of debt discount and debt issuance costs																			48,189,307	63,758,185
original ultraco debt facility, net of debt discount and debt issuance costs																			70,924,885
other liabilities																			208,651	177,846	720,915													15,379,722	12,223,412	31,008,992	13,531,883	3,151,969	4,692,967	359,180
accounts receivable, net of a reserve of 1,653,737 and 2,073,616, respectively																		19,947,955
vessels and vessel improvements, at cost, net of accumulated depreciation of 143,671,410 and 124,907,998, respectively																		732,844,665
advance for vessels purchase																		6,040,000
other fixed assets, net of accumulated depreciation of 717,829 and 547,452, respectively																		732,055
restricted cash																		29,586,342	10,953,885	74,917	141,161	276,056	670,418	1,921,860	22,447,822	20,913,599	19,790,341	19,276,056	18,276,056	16,776,056		12,776,056	12,776,056	10,776,056	10,276,056	9,276,056	9,124,616	7,324,616	7,324,616	6,524,616
other assets																		56,135,533	18,631,655	57,181	112,486	2,160,815	2,597,270										1,901,716	5,983,420	4,333,556	10,809,238	932,638		4,820,257	2,936,804
fair value below contract value of time charters acquired																			1,818,114		820,313											25,050,597	26,549,512	32,603,867
common stock, .01 par value...																		714,747	710,555	703,944	450,916	630,033	630,033	626,638	626,430	625,604	625,604	622,347	622,159	621,267							467,271			359,000
accounts receivable, net of a reserve of 2,073,616 and 3,501,964, respectively																			19,785,582
short-term investment																				4,500,000
vessels and vessel improvements, at cost, net of accumulated depreciation of 124,907,998 and 99,910,416, respectively																			682,944,936
other fixed assets, net of accumulated depreciation of 547,452 and 343,799, respectively																			692,803
accounts receivable																				17,246,540	7,096,206	12,967,279	13,960,777	22,482,466	17,691,006	17,564,874	14,366,495	11,471,483	10,552,202	8,842,296		5,825,416	5,373,408	3,881,674	4,298,844	3,279,383	3,392,461	2,033,860	1,407,800	616,205
vessels and vessel improvements, at cost, net of accumulated depreciation of 99,910,416 and 76,463,743, respectively																				690,236,419
other fixed assets, net of accumulated amortization of 343,799 and 307,880, respectively																				617,343
deferred financing costs - super senior revolver facility																				190,000
current portion of long-term debt - norwegian bond debt																				4,000,000
first lien facility, net of debt discount and debt issuance costs
second lien facility, inclusive of payment-in-kind interest, net of debt discount and debt issuance costs
ultraco debt facility, net of debt discount and debt issuance costs																				59,975,162
commitment and contingencies
vessels and vessel improvements, at cost, net of accumulated depreciation of 58,027,166 and 49,148,080, respectively																					719,026,871
other fixed assets, net of accumulated amortization of 183,670 and 159,827, respectively																					592,970
first lien facility, net of debt issuance costs																					193,591,587
second lien facility, net of debt issuance costs																					59,795,481
investment																						741,862	988,196
fair value above contract value of time charters acquired																						561,825	567,315	573,428	579,631	587,872	594,611	588,304	597,008	550,213		4,531,115	4,531,115	4,531,115
fair value of derivative instruments																						388,670	246,110	505,647	436,336	295,329	127,758	26,229,604				5,984,686	5,973,180
vessels and vessel improvements, at cost, net of accumulated depreciation of 258,249,266 and 239,568,767, respectively																						1,770,755,206
other fixed assets, net of accumulated amortization of 373,099 and 324,691, respectively																						558,414
deferred revenue and fair value below contract value of time charters acquired																						5,587,047	5,966,698	6,009,310	6,432,595	6,217,558	5,705,326	5,895,051	6,164,231	6,385,258		8,570,051	10,773,151
long-term debt																						1,043,414,994	1,097,384,735	1,129,478,741	1,151,354,476	1,151,354,476	1,151,354,476	1,123,665,747	1,080,240,926	1,002,143,426	900,171,000	836,725,880	809,106,403	741,967,857	665,694,643	603,872,890	597,242,890	527,839,099	302,376,599	239,974,820
retained earnings																						-79,908,015	-62,474,486	-60,775,507	-54,903,296	-53,465,018	-47,654,737	-50,687,678	-58,913,831	-69,925,753		-76,690,081	-77,202,342	-93,502,067	-93,338,441	-84,859,328	-75,826,561	-68,792,587	-64,688,987	-45,935,560
vessels and vessel improvements, at cost, net of accumulated depreciation of 239,568,767 and 176,824,438, respectively																							1,789,381,046
advances for vessel construction																								22,292,800	153,070,603	139,300,009	191,477,225	157,540,121	240,592,076	302,583,979		483,414,622	397,350,804	448,939,895	380,671,562	358,542,727	344,854,962	290,399,551	64,785,240	25,190,941
other fixed assets, net of accumulated amortization of 324,691and 153,375, respectively																							605,519
vessels and vessel improvements, at cost, net of accumulated depreciation of 220,746,446 and 176,824,438, respectively																								1,762,282,000
other fixed assets, net of accumulated amortization of 274,224 and 153,375, respectively																								642,287
other assets and accounts receivable, net of allowance																								4,160,020	2,267,172	2,260,259
unearned revenue																								5,857,686	6,992,456
vessels and vessel improvements, at cost, net of accumulated depreciation of 209,804,715 and 176,824,438, respectively																									1,616,579,578
other fixed assets, net of accumulated amortization of 228,796 and 153,375, respectively																									543,515
vessels and vessel improvements, at cost, net of accumulated depreciation of 193,025,281 and 176,824,438, respectively																										1,589,016,010
other fixed assets, net of accumulated amortization of 189,005 and 153,375, respectively																										442,484
vessels and vessel improvements, at cost, net of accumulated depreciation of 176,824,438 and 125,439,001, respectively																											1,509,798,249
other fixed assets, net of accumulated amortization of 153,375 and 59,519, respectively																											420,204
fair value of derivative instruments and other assets																											70,001	60,582
vessels and vessel improvements, at cost, net of accumulated depreciation of 161,510,709 and 125,439,001, respectively																												1,523,349,330
other fixed assets, net of accumulated amortization of 114,825 and 59,519, respectively																												392,034
vessels and vessel improvements, at cost, net of accumulated depreciation of 153,210,344 and 125,439,001, respectively																													1,409,037,717
other fixed assets, net of accumulated amortization of 94,914 and 59,519, respectively																													298,875
vessels and vessel improvements, at cost, net of accumulated depreciation of 138,461,809 and 125,439,001, respectively																														1,274,757,629
other fixed assets, net of accumulated amortization of 76,049 and 59,519, respectively																														254,713
income statement data
revenues, net of commissions																															192,574,000
vessel expenses																															50,161,000
depreciation and amortization																															44,329,000
general and administrative expenses																															32,714,000
gain on sale of vessel
write-off of advances for vessel construction
total operating expenses																															127,204,000
interest expense																															28,700,000
write-off of deferred financing costs																															3,383,000
net income																															33,287,000
share and per share data
basic income per share																															600
diluted income per share																															600
weighted-average shares outstanding - diluted																															55,923,308,000
cash dividends declared per share
consolidated cash flow data
net cash from operating activities																															90,525,000
net cash from investing activities																															-228,624,000
net cash from financing activities																															200,235,000
consolidated balance sheet data
current assets																															84,205,000
stockholders' equity																															619,729,000
other data
ebitda																															121,000
capital expenditures :
vessels																															228,530,000
payments for drydockings																															4,477,000
ratio of total debt to total capitalization																															59,200
fleet data
number of vessels in operating fleet																															27,000
average age of fleet																															6,000
fleet ownership days																															9,106,000
fleet available days																															8,999,000
fleet operating days																															8,966,000
fleet utilization days																															99,600
vessels and vessel improvements, at cost, net of accumulated depreciation of 114,516,274 and 84,113,047, respectively																																919,565,338
other fixed assets, net of accumulated amortization of 25,755 and 4,556, respectively																																283,895
liabilities & stockholders' equity current liabilities:
common shares, .01 par value...																																619,868	619,680	467,704	467,704	467,571		467,271	417,138
vessels and vessel improvements, at cost, net of accumulated depreciation of 104,123,826 and 84,113,047, respectively																																	929,255,162
other assets, net of accumulated amortization of 13,689 and 4,556, respectively																																	271,801
deferred drydock costs, net of accumulated amortization of 6,236,900 and 5,022,649, respectively																																	3,851,375
vessels and vessel improvements, at cost, net of accumulated depreciation of 74,550,222 and 52,733,604, respectively																																		785,983,783
deferred drydock costs, net of accumulated amortization of 4,355,533 and 2,453,253, respectively																																		3,716,768
stockholders’ equity:
total stockholders’ equity																																		508,381,488	506,908,100	500,853,422	514,970,995	530,461,641	410,740,640	321,575,941
total liabilities and stockholders’ equity																																		1,314,176,463	1,208,390,915	1,148,287,285	1,136,008,373	1,075,042,842	726,654,462	568,790,967
cash																																			62,996,613	148,513,423	152,903,692	154,947,136	22,879,415	22,275,491
fixed assets:
advances for vessel acquisition																																			7,650,000
vessels and vessel improvements, at cost, net of accumulated depreciation of 66,211,384 and 52,733,604, respectively																																			717,738,187
deferred drydock costs, net of accumulated amortization of 3,702,494 and 2,453,253, respectively																																			4,168,529
deferred revenue																																			8,793,903
vessels and vessel improvements, at cost, net of accumulated depreciation of 59,442,019 and 52,733,604, respectively																																				598,659,588
deferred drydock costs, net of accumulated amortization of 3,080,877 and 2,453,253, respectively																																				3,356,233
prepaid charter revenue																																						500,000	1,580,000	3,740,000
vessels and vessel improvements, at cost, net of accumulated depreciation of 52,733,604 and 31,415,604, respectively																																					605,244,861
deferred drydock costs, net of accumulated amortization of 2,453,253 and 809,109, respectively																																					3,918,006
accumulated other comprehensive (loss)/income																																					-12,599,245
vessels and vessel improvements																																						611,870,650	618,572,336
accumulated other comprehensive(loss)/income																																						-3,151,969
vessels and vessel improvements, at cost, net of accumulated depreciation of 31,415,604 and 10,384,247 as of december 31, 2006 and 2005, respectively																																								502,141,951
deferred drydock costs, net of accumulated amortization of 809,109 and 27,980 at december 31, 2006 and 2005 respectively																																								1,937,299
deferred financing costs, net of accumulated amortization of 276,311 and 98,065 at december 31, 2006 and 2005 respectively																																								2,406,839

Cashflow Statements:

Quarterly

Annual

Unit: USD	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2016-03-31	2012-03-31	2011-12-31	2011-09-30	2009-12-31	2009-03-31	2008-09-30

cash flows from operating activities:
net income	6,651,000	-5,151,000	18,026,000	3,202,000		77,216,000	94,454,000	53,073,000						-11,159,286						29,483					-16,584,425	-39,278,670	-17,433,529	-1,698,979	-5,872,211	16,329,603	14,345,810	23,221,617
adjustments to reconcile net income to net cash from operating activities:
depreciation	11,945,000	11,944,000	11,442,000	11,191,000	12,398,000	11,940,000	11,876,000	11,697,000	11,910,673	11,413,144	11,030,843	10,507,095	10,693,129	10,781,377	10,737,355	10,566,534	9,472,847	8,410,847	8,265,948	8,168,411	8,248,546	8,066,479	7,975,981	8,073,353	7,917,966	8,902,929	18,728,907		17,958,636	6,783,017	6,708,415	8,338,838
noncash operating lease expense	4,726,000	4,568,000
amortization of deferred drydocking costs	3,541,000	3,528,000	3,389,000	3,541,000	3,516,000	3,467,000	3,378,000	2,883,000	2,419,355	2,157,217	2,079,754	1,999,291	1,876,541	1,836,426	1,765,836	1,899,949	1,848,689	1,645,091	1,495,373	1,238,698	1,459,848	1,393,713	1,296,479	1,203,062	1,278,323	493,772	704,450	751,809	701,657	573,118	627,624	653,039
amortization of debt discount and debt issuance costs	780,000	812,000	628,000	518,000	503,000	535,000	530,000	562,000	1,639,677	1,975,793	1,838,401	1,628,784	1,617,438	1,608,800	1,542,205	1,503,866	1,518,565	1,136,445	625,213	503,716
loss on debt extinguishment					-4,000				5,986,061								0	0	0	2,268,452
impairment of operating lease right-of-use assets	0	0
gain on sale of vessels	0	-4,855,000															65,913	-971,130	-966,802	-4,106,547		-235,695
unrealized loss on derivative instruments				236,000
stock-based compensation expense	1,812,000	1,670,000	2,155,000	1,855,000	1,566,000	1,450,000	1,605,000	1,487,000	1,245,816	777,468	585,868	871,943	747,836	741,021	723,223	836,200	998,422	1,155,223	1,227,210	1,445,469	1,186,914	2,100,056	2,409,599	3,510,911	1,739,655
drydocking expenditures	-3,835,000	-2,303,000	-4,598,000	-3,661,000	105,000	-2,429,000	-5,324,000	-10,774,000	-11,169,450	-4,307,574	-1,608,293	-4,821,041	-3,463,390	-4,253,539	-1,399,761	-5,176,872	-5,841,035	-1,556,182	-1,978,704	-2,527,553	-1,786,713	-1,904,478	-3,524,586	-1,107,414	193,567	-1,276,178	-527,465	-735,291	-789,994	-652,298	-65,851	-201,278
changes in operating assets and liabilities:
accounts payable	-17,000	-791,000	3,005,000	-833,000	-907,000	-1,143,000	-1,217,000	3,010,000	5,427,579	-3,577,343	1,727,891	6,488,396	-35,242	387,900	-1,096,390	-3,427,047	4,998,405	2,612,544	-5,879,344	1,467,508	-444,651	785,274	-891,527	1,544,461	237,832	3,195,027	-138,469	1,244,178	935,393	-328,917	-1,476,295	-1,441,663
accounts receivable	-6,323,000	3,966,000	1,325,000	2,416,000	957,000	10,394,000	-3,030,000	-12,462,000	-4,321,484	-255,179	-3,693,297	-6,696,859	-1,038,888	5,878,600	-901,622	-2,020,325	-1,896,720	1,142,273	-62,558	810,103	-4,568,960	-3,069,914	903,417	3,270,432	-7,088,154	-19,678	-2,444,647	14,858,869	-4,791,460	-1,358,601	113,078	417,170
accrued interest	1,380,000	-1,475,000	1,841,000	-1,335,000	1,426,000	-1,292,000	1,496,000	-1,445,000	-4,118,291	2,516,599	-2,280,757	2,149,555	-2,481,337	2,156,686	-2,782,506	2,476,203	-2,341,585	4,903,223	-4,231,536	5,255,356	-4,216,186	4,218,539	-4,179,225	4,122,188	1,749,865	-73,949	-580,140	-2,030,703	-156,538	-2,537,388	3,106,074	-3,179,162
inventories	1,893,000	-5,186,000	1,217,000	5,168,000	-1,807,000	-1,080,000	2,578,000	-10,120,000	-559,480	-1,192,679	-1,178,422	-3,095,967	69,098	-1,589,169	5,256,072	463,444	-1,540,363	-1,289,456	143,327	2,999,999	-2,861,354	-1,365,033	1,710,943	490,738	-1,510,708	-21,939	-533,862	-2,805,635	251,411
operating lease liabilities current and noncurrent	-5,162,000	-4,963,000	-7,301,000	-7,306,000		-8,412,000	-6,958,000	-5,706,000	-5,828,268	-4,639,300	-3,362,198	-3,302,173
collateral on derivatives	2,161,000	-3,704,000	2,806,000	-2,573,000	291,000	15,570,000	4,537,000	-6,226,000	16,289,097	2,129,506
fair value of derivatives, other current and noncurrent assets	177,000	-575,000	567,000	-133,000	78,000	270,000	-201,000	-252,000	-472,126
other accrued liabilities	3,767,000	1,198,000	-1,377,000	-4,728,000	6,784,000	-1,464,000	-1,496,000	628,000	4,307,094	3,677,046	-1,938,154	158,971		1,407,717
prepaid expenses	307,000	701,000	-26,000	-1,976,000	53,000	-61,000	754,000	-1,916,000	1,276,671	-343,686	-803,639	-308,261	-458,147	691,984	602,582	612,182	-1,167,497	514,200	-37,029	694,789	-2,367,470	529,240	865,388	-652,271	-889,439	598,833	565,346	-311,324	-1,130,437	460,586	-141,700	-1,448,453
unearned charter hire revenue	-3,890,000	2,201,000	-2,491,000	-1,179,000	-5,122,000	1,184,000	863,000	659,000	-4,958,061	8,642,771	-1,739,820	2,070,401															-2,186,060			-349,150	706,527	2,352,416
net cash from operating activities	19,972,000	3,807,000	24,747,000	7,411,000	55,792,000	102,277,000	97,960,000	42,254,000										10,493,259	-3,480,925	11,941,876						-19,494,868	2,653,413	21,188,318	10,662,309	20,301,779	26,454,362	31,778,153
capital expenditures	0	0	0	0	0	0	0	0										0	0	0						0	0	0	0	0	0	0
free cash flows	19,972,000	3,807,000	24,747,000	7,411,000	55,792,000	102,277,000	97,960,000	42,254,000										10,493,259	-3,480,925	11,941,876						-19,494,868	2,653,413	21,188,318	10,662,309	20,301,779	26,454,362	31,778,153
cash flows from investing activities:
purchase of vessels and vessel improvements	-553,000	-94,000	-60,827,000	-20,881,000	-26,895,000	-286,000	-212,000	-283,000	-18,868,577	-30,382,174	-31,025,899	-47,976,865								-18,465,609	-21,361,004	258,482	-460,271	-19,841,535								-76,584,434
advances for vessel purchases				-6,020,000	487,000						-620,000	-4,720,000
purchase of scrubbers and ballast water treatment systems
proceeds from hull and machinery insurance claims	0	0	0	174,000					109,263	6,685	163,315	75,000	193,888	90,855	89,023	3,569,901	1,733,541	810,880
net proceeds from sale of vessels	0	15,911,000
purchase of other fixed assets	-230,000	-607,000	-37,000	-26,000	-21,000	-12,000	-81,000	-160,000	-3,944	-15,301	-6,049	-7,777	-10,135	-2,806	-3,194	-37,659	-123,312	-27,163	-177,035	-23,924	-123,297	-97,837	-51,899	966	-5,776	-396,304	-1,303	-13,699	-144,200
net cash from investing activities			-23,707,000	-18,583,000			-1,606,000	-3,937,000	-18,713,690	-20,264,152	-33,118,691	-53,384,608	12,037,872	1,734,037	-4,241,972	-15,021,592	-68,227,318	-81,752,436	-1,725,097	-16,913,754	-27,684,499	2,804,715	9,206,843	-15,340,569		-508,792	338,400	-23,136,442	-32,923,839	-54,296,784	-13,399,474	-114,008,241
cash flows from financing activities:
proceeds from revolving facility, net of debt issuance costs – global ultraco debt facility	0	0
proceeds from term facility, net of debt issuance costs – global ultraco debt facility	0	0
proceeds from term loan facility – original global ultraco debt facility
proceeds from term loan facility – new ultraco debt facility
proceeds from revolving credit facility – original global ultraco debt facility
proceeds from revolving credit facility – new ultraco debt facility
proceeds from holdco revolving credit facility									0	0
repayment of term facility – global ultraco debt facility	-12,450,000	-12,450,000
repayment of term loan facility – new ultraco debt facility
repayment of revolving credit facility – original global ultraco debt facility
repayment of revolving credit facility – new ultraco debt facility
repayment of holdco revolving credit facility
repayment of revolving credit facility – super senior facility
repurchase of convertible bond debt					7,000
repayment of norwegian bond debt									-180,356,000	0			-4,000,000	0			-4,000,000	0
debt issuance costs paid to lenders
other financing costs													-97,530	-62,643	4,720	13,819	-825,116	-550,000			-1,036,245	-55,343	-141,514	-1,231,935
repurchase of common stock and associated fees – related party	-201,000	-1,492,000
proceeds from issuance of shares under atm offering, net of commissions									-104,079	-130,000
proceeds from/(payments on) equity offerings, net of issuance costs
cash paid for taxes related to net share settlement of equity awards	-308,000	-337,000	-1,000	-1,651,000
cash received from exercise of stock options					0	0	0	85,000	0	33,354											-1	1
cash used to settle fractional shares
dividends paid	-988,000	-5,811,000	-1,353,000	-8,626,000	-23,414,000	-28,761,000	-25,998,000	-26,818,000
net cash from financing activities	-13,947,000	-20,090,000	-38,617,000	-22,727,000						-28,220,378	19,952,837	30,915,640	-23,412,058			40,538,847	23,502,637			6,806,589	7,222,845	-1,818,423	-137,617	2,113,919	-14,516,401			-250,667	-1,595,540	31,951,561		52,217,845
net (decrease)/increase in cash, cash equivalents and restricted cash	4,736,000	-1,824,000									3,086,319	-8,135,762
cash, cash equivalents and restricted cash at beginning of year
cash, cash equivalents and restricted cash at end of year
unrealized loss/(gain) on derivative instruments
purchase of bwts		-751,000
net cash (used in)/provided by investing activities
debt issuance costs paid to lenders – original global ultraco debt facility
other financing costs paid		0
proceeds from equity offerings, net of issuance costs
cash, cash equivalents and restricted cash at beginning of period		0	0	189,754,000		0	0	86,222,000		0	0	88,848,771		0	0	59,130,285		0	0	78,163,638
cash, cash equivalents and restricted cash at end of period		-1,824,000	-37,577,000	155,855,000		56,075,000	57,853,000	83,677,000		41,845,040	3,086,319	80,713,009		-13,325,998	26,384,330	72,222,728		35,660,567	-14,535,466	79,998,349
unrealized gain on derivative instruments
amortization of operating lease right-of-use assets				6,326,000	9,150,000	8,419,000	6,958,000	5,706,000	5,828,268	4,334,490	3,121,790	3,079,700	3,128,560	3,115,136	3,048,084	3,225,018
gain on sale of vessel				-3,318,000																										0
purchase of ballast water treatment systems				-210,000
net proceeds from sale of vessel				8,380,000
repayment of long-term debt – global ultraco debt facility				-12,450,000
financing costs paid to lenders					0	0	0	-18,000				-170,000
net decrease in cash, cash equivalents and restricted cash				-33,899,000				-2,545,000
net income/									87,482,279	78,341,270	9,225,025	9,849,310									6,486,350	2,584,822	3,450,767	52,745
adjustments to reconcile net income/(loss) to net cash from operating activities:
(gain)/loss on sale of vessels
operating lease liabilities
proceeds from sale of vessels													18,630,569				-65,913	6,995,292	9,810,810	12,820,557	0	10,826,189			7,642,000
proceeds from global ultraco debt facility
proceeds from new ultraco debt facility									0	5,500,000			0	0			34,320,000	0	0	153,440,000
proceeds from the super senior facility
proceeds from the revolver loan under new ultraco debt facility
proceeds from the revolver loan under the global ultraco debt facility
repayment of term loan under global ultraco debt facility					-12,450,000	-12,450,000	-12,450,000	-12,450,000
repayment of term loan under new ultraco debt facility									-158,671,370	-8,361,075	-8,086,074	-7,811,074	-7,811,074	-7,811,074	-7,298,574	-5,813,671	-5,048,671	-5,048,671
repayment of revolver loan under new ultraco debt facility									0	-25,000,000			-35,000,000
repayment of revolver loan under global ultraco debt facility
repayment of revolver loan under holdco revolving credit facility
repayment of revolver loan under super senior facility									0	0	0	-15,000,000
net cash (used in)/provided by financing activities					-35,861,000	-55,835,000	-38,501,000	-40,862,000																							-17,445,157
net increase/(decrease) in cash, cash equivalents and restricted cash
net unrealized (gain)/loss on fair value of derivatives						-7,124,000														-2,958,154
purchase of scrubbers and ballast water systems						-888,000	-1,313,000	-3,494,000		-2,172,439	-1,630,058	-754,966			-4,284,328	-18,087,278
proceeds from sale of vessel																												0		0
net cash provided by/(used in) investing activities
proceeds from revolver loan under new ultraco debt facility										0	0	55,000,000
cash used to settle net share equity awards						-436,000	-53,000	-1,862,000	-950,895	0	-174,230	-811,456	-1,308	0	0	-1,161,301	-566,056	0	-536	-877,161	-540,909	-1,763,081	-968	-254,146				-250,667	-219,805
equity offerings issuance costs						0	0	201,000		0	0	-291,830
net increase in cash, cash equivalents and restricted cash																13,092,443				1,834,711
supplemental cash flow information
cash paid during the period for interest						5,738,000	2,332,000	4,791,000	8,504,295	4,042,571			9,226,268	5,174,821	9,991,130	5,211,746		2,077,625	10,126,998	901,516										9,964,227	5,891,487
operating lease right-of-use assets obtained in exchange for operating lease liabilities
accruals for vessel purchases and vessel improvements included in other accrued liabilities							-64,000	70,000	-426,981	270,393
accruals for scrubbers and ballast water treatment systems included in accounts payable and other accrued liabilities						906,000	67,000	2,943,000		-87,098				-2,591,735	-161,486	8,669,169		-108,208	4,227,103	4,749,057
accruals for dividends payable included in other accrued liabilities and other noncurrent accrued liabilities						314,000	452,000	785,000
accrual for issuance costs for atm offering included in other accrued liabilities										15,580
accruals for debt issuance costs included in accounts payable and other accrued liabilities
net unrealized loss/(gain) on fair value of derivatives								11,450,000									-213,891
proceeds from the revolver loan under new first lien facility																	0	0	0	5,000,000
payment of revolver under new first lien facility
proceeds from convertible bond debt, net of debt discount																	0
proceeds from share lending agreement																	0
proceeds from the global ultraco debt facility
repayment of new first lien facility - term loan																	0	0	0	-60,000,000
repayment of original ultraco debt facility																	0	0	0	-82,600,000
(payments on)/proceeds from equity offerings, net of issuance costs
supplemental cash flow information:
accruals for scrubbers and ballast water treatment systems in accounts payable and other accrued liabilities
fair value of warrants issued as consideration for vessel purchases included in vessels and vessel improvements
accruals for equity issuance costs included in accounts payable and other accrued liabilities
adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
(gain)/loss on sale of vessel
operating lease impairment														0
net unrealized loss on fair value of derivatives										-6,347,447
net cash provided by/(used in) operating activities										90,329,570	16,252,173	14,333,206											9,914,257	14,873,240	5,906,286
advance for vessel purchase
proceeds from revolver loan under super senior facility
debt issuance costs paid to lenders on new ultraco debt facility										-146,741				0				0	0	-3,156,250
debt issuance costs paid to lenders of holdco revolving credit facility										-115,893
cash paid to bondholder upon conversion of convertible bond debt
other current and noncurrent assets
accruals for debt issuance costs included in other accrued liabilities														0
net unrealized gain on fair value of derivatives												-503,235				-7,157,801
fair value of derivatives asset, other current and noncurrent assets												-5,742,704
net (loss)/income																-3,527,759	-11,171,453	-4,562,989
adjustments to reconcile net (loss)/income to net cash from operating activities:
amortization of fair value below contract value of time charter acquired																					-170,472	-170,476	-170,475	-170,475	-170,475	-46,018	-1,228,764		-1,267,242
loss/(gain) on sale of vessels													100,565
other current and non-current assets																	2,514,809	-1,896,356	-198,806	1,084,257	346,753	-220,272	-211,761	-121,954	1,585,739
other accrued liabilities and other non-current liabilities																-3,755,411	4,117,495
unearned revenue															1,647,659	-1,459,899	1,536,182	725,423	-2,742,928	-1,753,257	1,878,254	1,073,115	-1,329,756	-1,031,082	-1,895,183	583,620			-1,134,770
purchases of vessels and vessel improvements
proceeds from redemption of a short-term investment
proceeds from original ultraco debt facility
adjustments to reconcile net income to net cash (used in)/provided by operating activities:
operating lease liabilities current and non-current
derivative asset, other current and non-current assets														1,172,672	-2,985,444	-4,092,628
net cash (used in)/provided by operating activities														12,826,195	-2,748,373	-12,424,812
advance paid for purchase of vessels, scrubbers and ballast water systems
repayment of revolver loan under new first lien facility																		0	0	-5,000,000		0	0	-5,000,000
proceeds from revolver facility under new ultraco debt facility														0	10,000,000	45,000,000
proceeds from super senior facility														0	12,500,000	2,500,000
cash used to settle fractional shares in the reverse stock split
accrual for liability relating to taxes on net share equity awards included in other accrued liabilities
operating lease liabilities short and long-term															-3,213,533	-3,390,466	-3,451,376	-3,407,314	-2,973,665	-3,643,179
purchase of vessel and vessel improvements															-43,473	-466,556		-62,887,350
net cash provided by/(used in) financing activities
adjustments to reconcile net (loss)/income to net cash provided by/(used in) operating activities:
amortization of operating lease right-of-use asset																	3,284,109	3,237,540	2,971,836	3,271,111
payment-in-kind interest on debt																									2,348,529
cash paid towards payment-in-kind interest on second lien facility
fees paid on time charter termination
net cash provided by/ (used in) operating activities
proceeds from redemption of short-term investment																						0	0	4,500,000
proceeds from the new first lien facility
proceeds from the norwegian bond debt, net of discount
proceeds from common stock placement, net of issuance costs
repayment of first lien facility
repayment of revolver loan under first lien facility
repayment of second lien facility
cash paid during the period for interest excluding payment of accumulated payment-in-kind interest on the second lien facility paid on december 8, 2017 of 17.7 million.
other accrued liabilities and other liabilities																			5,846,962	-2,306,786
advance paid for purchase of scrubbers and ballast water systems																				-11,244,778
accrual for other financing costs included in other accrued liabilities																				300,000
payment-in-kind interest on second lien facility
vessel impairment
fees paid on termination of time charter contract
other accrued and non-current liabilities
cash paid for scrubbers, ballast water treatment systems and other assets
proceeds/(purchase) of short-term investment
repayment of revolver under the first lien facility
proceeds from revolver loan facility
proceeds from second lien facility																										60,000,000
repayment of outstanding bonds under norwegian bond debt
repayment of revolver under new first lien facility
proceeds from the original ultraco debt facility
amortization of debt issuance costs																						463,619	480,257	490,095		308,504
net unrealized gain on fair value of derivative instruments																						182,482
other accrued and other non-current liabilities																						-729,140	1,677,052	-5,009,784
advance paid for purchase of vessel and scrubbers
repayment of term loan under first lien facility
proceeds from ultraco debt facility																						0	0	8,600,000
proceeds from the common stock private placement, net of issuance costs
financing costs paid to the lender - ultraco debt facility
net increase/(decrease) in cash and cash equivalents and restricted cash																						14,688,623
cash and cash equivalents and restricted cash at beginning of period																						0	0	56,325,961
cash and cash equivalents and restricted cash at end of period																						14,688,623	18,983,483	57,972,551
cash paid during the year for interest																						1,892,669
non-cash deferred financing costs included in other liabilities
advance paid for purchase of vessel
net unrealized loss on fair value of derivative instruments																								208,235
net increase in cash and cash equivalents and restricted cash																								1,646,590
adjustments to reconcile net income to net cash provided by/(used in) operating activities:
realized income from sale of investment
fess paid on termination of time charter contract
vessel purchases and improvements
proceeds from sale of investment
purchase of short-term investment
changes in restricted cash																											394,362	1,251,442	25,962		-151,440	-500,000
proceeds from the ultraco debt facility
net increase/(decrease) in cash and cash equivalents
cash and cash equivalents at beginning of period																									0	24,896,161
cash and cash equivalents at end of period																									-8,072,124	16,768,574
impairment of vessels																										6,167,262
fees paid on termination of time charter agreement
loss / (gain) on sale of vessels
vessel improvements																										-112,488
purchase of vessels
proceeds from revolver loan facility under first lien facility
repayment of term loan																										-15,625,000
repayment of revolver loan																										-30,158,500
financing costs paid to lender
net (decrease)/increase in cash and cash equivalents
non-cash deferred financing costs included in other accrued liabilities
non-cash compensation expense																										826,613	2,082,025	1,948,158	2,019,794	752,584	2,515,703	3,194,509
other assets																										125,257	436,455	1,150	-1,892,848
accrued expenses																										19,747	902,638	-2,737,525	4,275,699	66,938	-46,930	72,884
deferred financing costs																										-2,340,427				-12,347,661	-545,140	-170,126
net cash from / (used in) financing activities																										11,876,073
net decrease in cash and cash equivalents																										-8,127,587
items included in net income not affecting cash flows:
amortization of deferred financing costs																											1,135,491	1,157,884	1,096,310	62,287	61,907	62,289
unrealized gain from forward freight agreements																											-142,560		69,311
allowance for accounts receivable																											3,438,145	-4,775,580	0
deferred revenue																											-124,548	-467,268	-119,478
vessels and vessel improvements and advances for vessel construction																											-54,659	-23,419,092	-55,316,827
net increase in cash																											2,991,813		-23,857,070
cash at beginning of period																											25,075,203	0	0	0	152,903,692	0
cash at end of period																											28,067,016	-2,198,791	-23,857,070	-2,043,444	148,513,423	-30,012,243
charterer
charterer a
charterer b																											24.8
charterer c																											11
cash flows from operating activities
depreciation and amortization
write-off of deferred financing costs
amortization of fair value (below) above contract value of time charter acquired
unrealized (gain) loss on derivatives
investment
cash flows from financing activities
issuance of common stock																														-2
equity issuance costs																														59,010
bank borrowings																														69,403,791	6,630,000	76,273,214
repayment of debt
net increase/(decrease) in cash
no. of vessels
vessels in operation
45 vessels
gain from sale of vessel
repayment of bank debt																														0
44 vessels
vessel delivered in q4/2011
1 vessel
41 vessels
vessels to be delivered
5 vessels																															265,000
amortization of prepaid and deferred charter revenue																														500,000
prepaid charter revenue
drydocking expenses
cash flows from investing activities
purchase of vessels and improvements																														-157,228
advances for vessel construction																														-54,139,556	-13,276,332	-45,022,758
capital contribution
restricted cash
borrowings from eagle ventures llc
repayment of eagle ventures llc note
cash dividend
company
cardinal shipping llc
condor shipping llc
falcon shipping llc
griffon shipping llc
harrier shipping llc
hawk shipping llc
heron shipping llc
jaeger shipping llc
kestrel shipping llc
kite shipping llc
merlin shipping llc
osprey shipping llc
peregrine shipping llc
shikra shipping llc
sparrow shipping llc
tern shipping llc
golden eagle shipping llc
imperial eagle shipping llc
18 vessels																															915,502
25 vessels																															1,450,000
(increase)/decrease in restricted cash
cash dividends																															-23,378,577	-23,385,243
vessel
cardinal
condor
falcon
griffon
harrier
hawk i
heron
jaeger
kestrel i
kite
merlin
osprey i
peregrine
sparrow
tern
shrike
skua
kittiwake
advances for vessel acquisition and improvements																															-123,142
net (decrease)/increase in cash																															-4,390,269	-30,012,243
purchase of leasehold improvements
issuance of common shares
proceeds from exercise of stock options
vessels in operation 21 vessels
vessels to be delivered 4 vessels
advances for vessel acquisition
advances for leasehold improvements
note 1.

Eagle Bulk Shipping Inc(NYSE:EGLE)

Eagle Bulk Shipping Inc
(NYSE:EGLE)