US-listed supramax specialist Eagle Bulk said revenues for the three months came in at $22.7m, a year-on-year decline of 46.4%. Eagle Bulk also disclosed that it had agreed with its lenders to, among other things, defer the compliance with the minimum interest coverage ratio covenant by twelve months to 31 December 2016.
Eagle Bulk also confirmed that in May it delivered a 90 day termination notice to terminate its Pool arrangement with Navig8.
The quarter also saw the shipowner confirm the sale of the 47,200-dwt Kite (built 1997) for $4.2m a deal which lost it $5.7m.
"Despite ongoing weakness in the dry bulk market, Eagle Bulk continued to make progress during the second quarter upgrading our fundamentals and transitioning to an operating platform that delivers sustainable value through diverse market cycles," said outgoing chief executive Stanley Ryan.
"The credit amendment we have announced – which provides financial flexibility and the benefit of time – will help ensure that this momentum continues.
"Looking ahead, the company's focus will be on continued business improvements, fleet renewal and growth, and accelerated efforts to ensure that Eagle Bulk is optimally-positioned to capture market opportunities."
Gary Vogel, former co-chief executive of Clipper Group, is set to take over as the new chief executive of Eagle Bulk on 1 September.
Eagle Bulk Carriers with a fleet of 44 bulkers all built after 2000 including one handylog which was chartered in October 2014 for seven years.