Eagle Bulk Shipping : 2Q 2020 Earnings Presentation

providing optimized global transportation of drybulk commodities

Earnings Presentation

Second Quarter 2020

7 August 2020

Disclaimer

This presentation contains certain statements that may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbor provided for under these sections. These statements may include words such as "believe," "es timate," "project," "intend," "expect," "plan," "anticipate," and similar expressions in connection with any discussion of the timing or nature of future operating or financial performance or other events. Forward-looking statements reflect management's current expectations and observations with respect to future events and financial performance. Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.

However, our forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements.

The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination of historical operating trends, data contained in our records and other data available from third parties. Although Eagle Bulk Shipping Inc. believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, Eagle Bulk Shipping Inc. cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

The principal factors that affect our financial position, results of operations and cash flows include, charter market rates, which have declined significantly from historic highs, periods of charter hire, vessel operating expenses and voyage costs, which are incurred primarily in U.S. dollars, depreciation expenses, which are a function of the cost of our vessels, significant vessel improvement costs and our vessels' estimated useful lives, and financing costs related to our indebtedness. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of certain factors which could include the following:

1. changes in demand in the drybulk market, including, without limitation, changes in production of, or demand for, commodities and bulk cargoes, generally or in particular regions; (ii) greater than anticipated levels of drybulk vessel newbuilding orders or lower than anticipated rates of drybulk vessel scrapping; (iii) changes in rules and regulations applicable to the drybulk industry, including, without limitation, legislation adopted by international bodies or organizations such as the International Maritime Organization and the European Union or by individual countries; (iv) actions taken by regulatory authorities including without limitation the
   U.S. Treasury Department's Office of Foreign Assets Control ("OFAC"); (v) changes in trading patterns significantly impacting overall drybulk tonnage requirements; (vi) changes in the typical seasonal variations in drybulk charter rates; (vii) changes in the cost of other modes of bulk commodity transportation;

1. changes in general domestic and international political conditions; (ix) changes in the condition of the Company's ves sels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydocking costs); (x) significant deterioration in charter hire rates from current levels or the inability of the Company to achieve its cost-cutting measures; (xi) the duration and impact of the novel coronavirus ("COVID-19") pandemic; (xii) the relative cost and availability of low and high sulfur fuel oil; (xiii) our ability to realize the economic benefits or recover the cost of the scrubbers we have installed; (xiv) any legal proceedings which we may be involved from time to time; and other factors listed from time to time in our filings with the Securities and Exchange Commission.

This discussion also includes statistical data regarding world drybulk fleet and order book and fleet age. We generated some of this data internally, and some were obtained from independent industry publications and reports that we believe to be reliable sources. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this presentation. We disclaim any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

2

Agenda

1. Highlights
2. Financial Summary
3. Industry Review

• Appendix

3

Highlights

LTM TCE Outperformance of USD 1,985 per Day

Eagle Revenue + Cost Performance

$14,000																	3q20 - 66%	1,200
																	Fixed
											$12,142
$12,000									$11,453					$11,014
								$11,281					$11,292				1,000
								$11,052
							$10,452									$10,075
												$9,607	$9,731
$10,000																		$9,220
					$9,142	$8,660												800
																	$8,038
$8,000				$7,825
																			600
$6,000
			$6,049
		$5,670
																			400
$4,000	$4,425
$2,938																			200
$2,000
$-																			0
1q16	2q16	3q16	4q16	1q17	2q17	3q17	4q17	1q18	2q18	3q18	4q18	1q19	2q19	3q19	4q19	1q20	2q20	3q20e

TCE relative performance is benchmarked against Adj. net BSI = gross BSI net of commission, adjusted for owned-fleet makeup. BSI-52 index used up through

4q18, and BSI-58 index used as from 1q19. 3q20 EGLE TCE and TC-in days fixed to date as of August 4, 2020. 3q20 BSI includes July actual and August-	5
September FFA curve as of August 4. G&A excludes stock-based compensation. Please refer to Appendix for TCE definition and reconciliation

Historical EBITDA

Adjusted EBITDA

$30.0	LTM TCE Outperformance equates to ~USD 37 million of								$14,000
	incremental EBITDA, basis current fleet count on an
$25.0	annualized basis								$23.5
										$21.1	$20.2								$12,000
									$18.8							$18.8
$20.0								$17.2
													$15.4						$10,000
$15.0															$13.2
						$9.3								$10.4		$9.8
						$8.4												$8,000
$10.0
					$4.6
$5.0																		$1.8	$6,000
$-				$(2.0)
		$(3.4)
																			$4,000
$(5.0)		$(6.7)
																			$2,000
$(10.0)
	$(14.5)
$(15.0)																			$-
	1q16	2q16	3q16	4q16	1q17	2q17	3q17	4q17	1q18	2q18	3q18	4q18	1q19	2q19	3q19	4q19	1q20	2q20
			Core Business		TCE Underperformance		TCE Outperformance	Adj. EBITDA		Adj. Net BSI (RHS)

• Please refer to Appendix for definition of Adjusted EBITDA and reconciliation

▪	Please refer to Appendix for TCE definition and reconciliation	6
▪	Core Business reflects EBITDA generated by TCE performance at index level (i.e. no out/under-performance) less OPEX and cash G&A

S&P Activity Significantly Improving Fleet Makeup

Fleet Age Profile

• Current fleet consists of 50 ships | ~9.2 yrs-old
• Thirty-fourvessels bought and sold since 2016
• • Twenty Ultramaxes acquired averaging ~3yrs old
  • Fourteen Supramaxes sold averaging ~13yrs old

1

4

1

8

1

12

1010

9

7

							1
<5	5-7.5	7.5-10	10-12.5	12.5-15	>15
					Age Grouping
			Existing Fleet		Vessels Bought	Vessels Sold	Sale Pending

Fleet Count + Vessel Size Evolution

	52				60.0	.Avg
	50				59.0
Fleet Count	48				58.0	DWT
46				57.0	(in Ship per
			56.0
44
			55.0
42
				54.0	thousands)
	40				53.0
	38				52.0
	Jan-16	Jan-17	Jan-18	Jan-19	Jan-20

		Fleet Count		Average DWT

Eagle Fleet Fuel Efficiency

0.62
0.61
0.60
0.59
0.58
0.57
0.56
0.55
0.54
0.53
0.52
Jan-16	Jan-17	Jan-18	Jan-19	Jan-20

Avg Fuel Consumption per DWT per Sailing Day (Tons)

▪ Eagle fleet count and age as of June 30, 2020. Count of ships sold includes only completed transactions. We have reached an agreement	7
to sell the Goldeneye. The transaction is expected to close in early August. Average age of vessels sold at time of sale was ~13yrs and

includes completed sales only. Chart depicts current age of sold vessels. Fleet renewal/growth commenced in April 2016

Financial Summary

Earnings

USD in Thousands except EPS		2q20		1q20		2q19
Revenues, net of commissions	$	57,392	$	74,378	$	69,391
Operating expenses
Voyage expenses		23,768		26,564		20,907
Charter hire expenses		4,719		6,041		11,179
Vessel expenses		20,232		23,700		19,958
Depreciation and amortization		12,503		12,466		9,761
General and administrative expenses		6,768		7,961		8,041
Gain on sale of vessels		-		-		(967)
Lease impairment		352		-		-
Total operating expenses		68,342		76,731		68,879
Operating income / (loss)		(10,950)		(2,353)		512
Other expenses
Interest expense,net - cash		7,139		7,531		5,715
Interest expense - debt discount & deferred financing1		1,542		1,504		625
Loss/(Gain) on derivatives		860		(7,862)		163
Loss on debt extinguishment		-		-		-
Total other expenses, net		9,541		1,173		6,503
Net income / (loss)	$	(20,491)	$	(3,526)	$	(5,991)
Weighted average shares outstanding (Basic)		71,946		71,869		71,034
EPS (Basic)	$	(0.28)	$	(0.05)	$	(0.08)
Adjusted EBITDA2	$	1,768	$	18,810	$	10,370

YTD 2020

YTD 2019

$ 131,770 $ 146,781

50,332 46,813

10,760 22,671

43,932 40,052

24,970 19,168

14,728 16,451

• (5,073)
  352-

145,075 140,082

(13,305) 6,699

	14,670		11,539
	3,046		1,129
	(7,002)		(2,275)
	-		2,268
	10,714		12,661
$	(24,019)	$	(5,962)
	71,907		71,316
$	(0.33)	$	(0.08)
$	20,578	$	25,741

1	- Includes non-cash interest expense related to the amortization of the equity component of the convertible bond of $1.0 million for	9
2q20, $0.9 million for 1q20, and $1.9 million for YTD 2020.
2	- Please see the Definitions slide in the Appendix for an explanation of Adjusted EBITDA

Balance Sheet + Liquidity

Balance Sheet (USD thousands)		Liquidity Trend (USD millions)

1		$180
98,607	$160
Cash
Accounts receivable	18,968	$140
Inventory	10,105	$120
$100
Other current assets	12,795
$80
Vessels, net	853,917
$60
Right of use assets - lease	13,785
$40
Other assets	23,921
$20
Total assets	1,032,097	$-
Accounts payable	15,311
Current liabilities	20,767	Revolver Availability	Cash (Includes Restricted Cash)
2	523,531
Debt (including $39.2m current)
Fair value of derivatives - LT	573	Liquidity Position (USD thousands)
Lease liability ($12.5m current)	14,954
1
			98,607
Total liabilities	575,136	Cash
Stockholder's equity	456,961	Revolver undrawn availability	-
Total liabilities and stockholder's equity	1,032,097	Total liquidity		98,607

[1]	- Cash balance includes cash, cash equivalents and restricted cash.	10
[2]	- Debt is net of $26.6m of debt discount and deferred financing costs

Cash Flow

Cash Flow from Operations - Quarterly ($ Millions)

				15		14		16
			13		12
			12	12		12	10	10
				10			3
		7	7					7		8
						6		6
		5
		3
		2								-
(5)	(4)	(4)									(3)	(1)
(2)										(7)
(7) (7)								(3)
(10)

(13)	(12)
(15)

(20)

(24)

1q16

2q16

3q16

4q16

1q17

2q17

3q17

4q17

1q18

2q18

3q18

4q18

1q19

2q19

3q19

4q19

1q20

2q20

2020

YTD

Cash flow from operations

ex Changes in operating assets and liabilities

11

Cash Walk

2q20 Cash Walk ($ Millions)

2020 YTD Cash Walk ($ Millions)

▪ Cash balances at beginning and end of period include 1) cash, 2) cash equivalents, and 3) restricted cash

12

Cash Breakeven per Vessel per Day

	2q20 YTD		2q20		1q20		FY 2019
Operating
Vessel expenses	$	4,828	$	4,447	$	5,209	$	4,859
Drydocking		723		308		1,138		702
G&A*		1,417		1,328		1,505		1,681
Total operating		6,967		6,083		7,852		7,243
Debt Service
Interest Expense		1,612		1,569		1,655		1,471
Debt Principal Repayment		1,880		2,483		1,278		1,366
Total Cash Breakeven	$	10,460	$	10,135	$	10,784	$	10,080

2q20 Cash Breakeven by Category

Drydocking

4%

G&A*

17%

Vessel Expenses	Interest Expense
58%
21%

▪ G&A excludes stock-based compensation for all periods shown. G&A for 2q20 YTD, 1q20, and FY 2019 excludes certain non-recurring	13
expenses.

Industry Review

Historical Spot Freight Rates + Forward Curve

Baltic Supramax Index (BSI-58)

$16,000
$14,000
$12,000
$10,000
$8,000
$6,000
$4,000
$2,000
$-
Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
				2017	2018	2019	2020	FFA

▪	Source(s): Clarksons	15
▪	FFA curve as of August 4, 2020

Supramax Regional Relative Market Performance

Atlantic (S4a/S4b) vs. Pacific (S2/S8/S10) Historical Difference

140.0%

120.0%

100.0%

80.0%

60.0%

40.0%

Historical Average, 33.3%

20.0%

0.0%

-20.0%

2q14

3q14

4q14

1q15

2q15

3q15

4q15

1q16

2q16

3q16

4q16

1q17

2q17

3q17

4q17

1q18

2q18

3q18

4q18

1q19

2q19

3q19

4q19

1q20

2q20

3q20

ATL Premium

Historical Average

• Source(s): Clarksons SIN. Calculated using BSI-52 until 2q15 and BSI-58 starting 3q15 through present.
• BSI-52:Atlantic based on routes S4A, S4B. Pacific based on route S2. BSI-58: Atlantic based on BSI routes S4A, S4B. Pacific based on routes S2, S8, and S10. 16
• 3q20 estimated using rates through August 4, 2020

Supramax/Ultramax 2020f Net Fleet Growth ~3.2%

Drybulk Deliveries + Scrapping (DWT)

100													Net Fleet Growth
													Drybulk	Supramax
													/ Ultramax
80
												2019e		3.9%		3.7%
												2020f		3.0%		3.2%
60												2021f		1.0%		1.7%
40
20
0
-20
-40
2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019e	2020f	2021f
	Total Deliveries	Total Demolition		Drybulk Net Supply	Supramax/Ultramax Net Supply

▪	Figures are in million DWT	17
▪	Source(s): Clarksons (July 2020)

Demand Expected to Recover Strongly in 2021

Drybulk Trade vs. Global GDP

15.0%															Shaded area
															represents range of
13.0%															GDP forecasts for
															2020-2022
11.0%
9.0%
7.0%
5.0%
3.0%
1.0%
-1.0%
-3.0%
-5.0%
-7.0%
2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020f	2021f	2022f
							Drybulk Trade	GDP (IMF)

▪	Source(s): Clarksons (July 2020), IMF (June 2020), Bloomberg	18
▪	Drybulk Trade growth is calculated basis ton-miles

APPENDIX

Corporate Structure

Eagle Bulk Shipping Inc.

(Parent | NASDAQ: EGLE)

Eagle Bulk Mgmt. LLC	100%

100%	100%

Eagle Bulk Shipco LLC

24 vessels

Eagle Bulk Ultraco LLC

26 vessels

EBSC debt is non-

recourse to the parent

All management services (strategic / commercial / operational / technical / administrative) are performed in house by Eagle Bulk Management LLC, a wholly-owned subsidiary of the Parent

▪	Figures as of June 30, 2020	20
▪	Shipco vessel count includes the Goldeneye. We have reached an agreement to sell this vessel. The transaction is expected to close in early August.

Eagle Debt Terms

PARENT		Eagle Bulk Shipping Inc.
ISSUER/	Eagle Bulk Shipping Inc.	Eagle Bulk Shipco LLC	Eagle Bulk Ultraco LLC
BORROWER
LOAN TYPE	Convertible Note	Bond		RCF	Term Loan		RCF
AMOUNT	USD 114m	USD 200m		USD 15m	USD 210m		USD 55m
OUTSTANDING	USD 114m	USD 184m		USD 15m	USD 182m		USD 55m
SECURITY	Senior Unsecured	Senior Secured		Super Senior	Senior Secured
	Secured
RECOURSE	Parent Guarantee	Ringfenced and non-recourse to the	Parent Guarantee
Parent
COLLATERAL	N/A	24 vessels + restricted cash	26 vessels
INTEREST RATE	5.0% fixed	8.25% fixed		L+200bps	L+250bps
INTEREST RATE					100% of
SWAPS IN	N/A	N/A		N/A	Outstanding		N/A
PLACE					Amount at 58bps
MATURITY	2024	2022		2024
AMORTIZATION	N/A	USD 8m/year		N/A	USD 31.2m/year
	178.1737 shares common stock per
CONVERSION	USD 1,000 principal (approx. share	N/A		N/A
	price of USD 5.61)

▪ All figures as of June 30, 2020. Shipco vessel count includes Goldeneye. We have reached an agreement to sell this vessel. The	21
transaction is expected to close in early August.

Owned Fleet

50 Ships	|	41 Vessels Scrubber-fitted	|	2946 DWT (MT, thousands)	|	9.2 yrs-old
Eagle Bulk Shipco LLC		Eagle Bulk Ultraco LLC

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

24

Vessel	Scrubber
Singapore Eagle	1
Shanghai Eagle	1
Stamford Eagle
Sandpiper Bulker	1
Roadrunner Bulker	1
Puffin Bulker	1
Petrel Bulker	1
Owl	1
Oriole	1
Egret Bulker	1
Crane	1
Canary	1
Bittern	1
Stellar Eagle	1
Crested Eagle	1
Crowned Eagle	1
Jaeger
Cardinal
Skua
Shrike
Tern
Osprey I
Goldeneye
Hawk I
Vessels

Built	DWT
2017	63.4	1
2016	63.4	2
2016	61.5	3
2011	57.8	4
2011	57.8	5
2011	57.8	6
2011	57.8	7
2011	57.8	8
2011	57.8	9
2010	57.8	10
2010	57.8	11
2009	57.8	12
2009	57.8	13
2009	56.0	14
2009	56.0	15
2008	55.9	16
2004	52.5	17
2004	55.4	18
2003	53.4	19
2003	53.3	20
2003	50.2	21
2002	50.2	22
2002	52.4	23
2001	50.3	24
		25
		26
	1,352	26

Vessel	Scrubber
Hong Kong Eagle	1
Santos Eagle	1
Copenhagen Eagle	1
Sydney Eagle	1
Dublin Eagle	1
New London Eagle	1
Cape Town Eagle	1
Westport Eagle	1
Hamburg Eagle	1
Madison Eagle	1
Greenwich Eagle	1
Groton Eagle	1
Fairfield Eagle	1
Southport Eagle	1
Rowayton Eagle	1
Mystic Eagle	1
Stonington Eagle	1
Nighthawk	1
Martin	1
Kingfisher	1
Jay	1
Ibis Bulker	1
Grebe Bulker	1
Gannet Bulker	1
Imperial Eagle	1
Golden Eagle	1
Vessels

Built	DWT
2016	63.5
2015	63.5
2015	63.5
2015	63.5
2015	63.5
2015	63.1
2015	63.7
2015	63.3
2014	63.3
2013	63.3
2013	63.3
2013	63.3
2013	63.3
2013	63.3
2013	63.3
2013	63.3
2012	63.3
2011	57.8
2010	57.8
2010	57.8
2010	57.8
2010	57.8
2010	57.8
2010	57.8
2010	56.0
2010	56.0
	1,594

▪	Eagle fleet as of June 30, 2020	22
▪	We have reached an agreement to sell the Goldeneye. The transaction is expected to close in early August.

TCE Reconciliation

$ Thousands except TCE and days
Revenues, net	$
Less:
Voyage expenses
Charter hire expenses
Reversal of one legacy time charter
Realized gain/(loss) - Derivatives
TCE revenue	$
Owned available days *
TCE	$
$ Thousands except TCE and days
Revenues, net	$
Less:
Voyage expenses
Charter hire expenses
Reversal of one legacy time charter
Realized gain/(loss) - Derivatives
TCE revenue	$
Owned available days *
TCE	$

1q16		2q16		3q16
21,278	$	25,590	$	35,788	$
(9,244)		(7,450)		(11,208)
(1,489)		(1,668)		(3,822)
1,045		793		670
-		-		(449)
11,590	$	17,265	$	20,979	$
3,945		3,902		3,700
2,938	$	4,425	$	5,670	$
2q18		3q18		4q18
74,939	$	69,093	$	86,692	$
(17,205)		(15,126)		(24,721)
(10,108)		(7,460)		(10,209)
(404)		497		(226)
345		284		(211)
47,567	$	47,288	$	51,326	$
4,153		4,192		4,227
11,453	$	11,281	$	12,142	$

4q16		1q17		2q17
41,836	$	45,855	$	53,631	$
(14,192)		(13,353)		(13,380)
(5,866)		(3,873)		(6,446)
432		(302)		584
(113)		-		83
22,097	$	28,326	$	34,473	$
3,653		3,620		3,771
6,049	$	7,825	$	9,142	$
1q19		2q19		3q19
77,390	$	69,391	$	74,110	$
(25,906)		(20,907)		(19,446)
(11,492)		(11,179)		(11,346)
(414)		767		(120)
(475)		861		(806)
39,102	$	38,933	$	42,393	$
4,070		4,001		3,849
9,607	$	9,731	$	11,014	$

3q17		4q17		1q18
62,711	$	74,587	$	79,371
(17,463)		(18,155)		(22,515)
(9,652)		(11,312)		(10,268)
329		426		(86)
248		(349)		117
36,173	$	45,197	$	46,619
4,177		4,324		4,218
8,660	$	10,452	$	11,052
4q19		1q20		2q20
71,486	$	74,378	$	57,392
(21,442)		(26,564)		(23,768)
(8,152)		(6,041)		(4,719)
(270)		463		(42)
294		756		7,164
41,917	$	42,992	$	36,027
3,712		4,267		4,482
11,292	$	10,075	$	8,038

▪ Please see the Definitions slide in the Appendix for an explanation of Owned Available Days

23

EBITDA Reconciliation

USD in Thousands		1q16		2q16
Net Income / (Loss)	$	(39,279)	$	(22,496)	$
Less adjustments to reconcile:
Interest expense		2,818		4,903
Interest income		(3)		-
EBIT		(36,464)		(17,593)
Depreciation and amortization		9,397		9,654
EBITDA		(27,068)		(7,939)
Less adjustments to reconcile:
Stock-based compensation		827		842
One-time and non-cash adjustments		11,756		436
Adjusted EBITDA*	$	(14,486)	$	(6,661)	$
USD in Thousands		2q18		3q18
Net Income / (Loss)	$	3,451	$	2,585	$
Less adjustments to reconcile:
Interest expense		6,387		6,574
Interest income		(112)		(129)
EBIT		9,726		9,030
Depreciation and amortization		9,272		9,460
EBITDA		18,998		18,490
Less adjustments to reconcile:
Stock-based compensation		2,410		2,100
One-time and non-cash adjustments		(276)		(406)
Adjusted EBITDA*	$	21,132	$	20,184	$

3q16		4q16		1q17		2q17		3q17		4q17		1q18
(19,359)	$(142,389)	$	(11,068)	$	(5,888)	$	(10,255)	$	(16,584)	$	53
7,434		6,644		6,445		6,859		7,837		8,236		6,261
(88)		(124)		(190)		(186)		(143)		(133)		(95)
(12,013)	(135,868)		(4,813)		785		(2,561)		(8,481)		6,219
9,854		9,979		7,493		8,021		8,981		9,196		9,276
(2,159)	(125,889)		2,680		8,805		6,420		715		15,495
(735)		1,273		2,171		2,478		2,350		1,740		3,511
(509)		122,656		(297)		(1,977)		(373)		14,764		(170)
(3,403)	$	(1,961)	$	4,553	$	9,307	$	8,397	$	17,219	$	18,835
4q18		1q19		2q19		3q19		4q19		1q20		2q20
6,486	$	29	$	(5,992)	$	(4,563)	$	(11,171)	$	(3,528)	$	(20,491)
6,521		6,762		6,733		8,117		8,965		9,192		8,737
(248)		(434)		(393)		(640)		(400)		(157)		(56)
12,759		6,357		348		2,914		(2,606)		5,507		(11,810)
9,708		9,407		9,761		10,056		11,322		12,466		12,503
22,467		15,764		10,109		12,970		8,715		17,974		693
1,187		1,445		1,227		1,155		998		836		723
(165)		(1,838)		(967)		(971)		66		-		352
23,489	$	15,372	$	10,370	$	13,154	$	9,780	$	18,810	$	1,768

▪ Please see the Definitions slide in the Appendix for an explanation of Adjusted EBITDA

24

Drydock and Scrubber Schedule

Forecast Capital Expenditure, Offhire Days*

276

112

127

132

326

414

$9.6

$8.5

$4.5

$3.9

$3.5

$3.0

3q20	4q20		1q21		2q21	2h21	2022
				Drydock Capex		BWTS Capex		Scrubber Capex	Offhire Days

Actual duration of off-hire days will vary based on the condition of the vessel, yard schedules and other factors. Actual costs will vary based	25
on various factors, including where the drydockings are actually performed. BWTS requires advance payments as per the contract terms.

Scrubber amounts represent cash to be paid on amounts accrued as of June 30, 2020

Evaluating TCE Relative Performance

This page is meant to assist analysts/investors on how to potentially evaluate and forecast vessel/fleet TCE relative performance within the Supramax/Ultramax segment

• Since the Supramax/Ultramax segment is comprised of a number of different ship types / sizes / designs, TCE generation ability can differ significantly from the standard vessel used to calculate the BSI-58 benchmark
• For example, a 2013-built Chinese 60-65k DWT Ultramax should be expected to earn a significant premium to a 2013-built55-60k Supramax, particularly given the incremental cost of the 60-65k DWT vessel
• Ultimately, it's about yield - the expected earnings ability of a vessel versus its cost

Supramax/Ultramax TCE Performance Matrix

		VESSEL TYPE INDEX FACTOR
SHIP TYPE	SIZE (DWT)	(AS COMPARED TO THE BSI VESSEL)
	JAPAN	CHINA

Matrix depicts the estimated TCE Earnings Performance range for a generic Supramax/Ultramax vessel type as compared to the BSI-58 ship

	FROM	TO	FROM	TO	FROM
BSI-58	58,000		100.0%
1	50,000	55,000	86.0%	95.0%	81.0%
2	55,000	60,000	96.0%	106.0%	88.0%
3	60,000	65,000	106.0%	118.0%	102.0%

TO	The BSI-58 is based on the 58k DWT Japanese
	TESS-58 design Supramax and is gross of
87.0%	commissions
97.0%	A Chinese 60-65k DWT Ultramax should earn a
113.0%	premium of 2-13% to the net BSI-58, depending
on its specific design characteristics, due to

For Illustrative Purposes Only	cargo carrying capacity, speed, and fuel
	consumption differences

• The Matrix is meant to capture general ship types but there are likely some vessels which fall outside the stated figures. The index

factors shown were calculated using a TCE of USD 10,000 per day and fuel cost of USD 400 per ton. The specific index factors can	26
change somewhat with movements in both fuel prices and (spot) rate environment, but the relative relationships will remain similar to

those shown.

Cargo Mix

Eagle Cargoes Carried

Forest Products, 1%

Agriculture Products, 3%

Fertilizer, 6%

Coal, 17%

Coke, 10%

Cement, 8%	Grain, 11%
	▪ Wheat, soybeans, corn

Steel Products, 8%		Iron Ore, 6%
		Other, 1%
Metal & Ore, 11%
▪ Manganese ore,		Minerals, 18%
scrap, copper
	▪ Salt, gypsum, feldspar, limestone
concentrate, bauxite
Minor Bulks ~66%		Major Bulks ~34%

▪ Cargoes loaded during the 12 months ended June 30, 2020

27

Drybulk Orderbook ~7.5% of Fleet, Ultramax ~5.7%

Drybulk Contracting (in DWT) vs BDI

120.0		▪ As a % of the OTW fleet, total drybulk orderbook at 7.5%, the lowest since 2q of 2002	3,000
100.0												2,500
80.0												2,000
60.0												1,500
40.0												1,000
20.0												500
-												0
2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020 YTD
				Drybulk ordering (m DWT)	BDI (RHS)

Ultramax Contracting (in DWT) vs BSI

38.0

33.0

28.0

23.0

18.0

13.0

8.0

3.0

(2.0)

• As a % of the OTW fleet, Supramax/Ultramax orderbook stands at just 5.7% (lowest in the 24-year period tracked by Clarksons). The last time the orderbook was below 7% was April 1999

2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020 YTD
						Ultramax Ordering (m DWT)		BSI (RHS)

25,000

20,000

15,000

10,000

5,000

0

▪	Contracting figures are in million DWT	28
▪	BSI history is basis BSI-58 from 2015-present and BSI-52 for 2009-2014

• Source: Clarksons SIN (July 2020)

Definitions

Item	Description
	Adjusted EBITDA is a non-GAAP financial measure that is used as a supplemental financial measure by our management and
Adjusted EBITDA	by external users of our financial statements, such as investors, commercial banks and others, to assess our operating
performance as compared to that of other companies in our industry, without regard to financing methods, capital structure or
	historical costs basis. Our Adjusted EBITDA should not be considered an alternative to net income/(loss), operating
	income/(loss), cash flows provided by/(used in) operating activities or any other measure of financial performance or liquidity
	presented in accordance with U.S. GAAP. Our Adjusted EBITDA may not be comparable to similarly titled measures of another
	company because all companies may not calculate Adjusted EBITDA in the same manner. Adjusted EBITDA represents
	EBITDA adjusted to exclude the items which represent certain non-cash,one-time and other items such as vessel impairment,
	lease impairment, gain/(loss) on sale of vessels, stock-based compensation, loss on debt extinguishment and restructuring
	expenses that the Company believes are not indicative of the ongoing performance of its core operations.
TCE	Time charter equivalent ("TCE") is a non-GAAP financial measure that is commonly used in the shipping industry primarily to
compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters,
	because charter hire rates for vessels on voyage charters are generally not expressed in per-day amounts while charter hire
	rates for vessels on time charters generally are expressed in such amounts. The Company defines TCE as shipping revenues
	less voyage expenses and charter hire expenses, adjusted for the impact of one legacy time charter and realized gains on
	FFAs and bunker swaps, divided by the number of owned available days. TCE provides additional meaningful information in
	conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in
	making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. The
	Company's calculation of TCE may not be comparable to that reported by other companies. The Company calculates relative
	performance by comparing TCE against the Baltic Supramax Index ("BSI") adjusted for commissions and fleet makeup. The
	BSI was initiated in 2006 based on the Tess 52 design. The index for the Tess 58 design has been published commencing on
	April 3, 2017, and transition was completed as of December 2018, when the Baltic stopped publishing a dynamic Tess 52 daily
	rate. The Company has now switched to the Tess 58 index for valuation modeling as of January 1, 2019. The change in the
	BSI may affect comparability of our TCE against BSI in periods prior to Company switching to the Tess 58 index.
	Owned available days is the aggregate number of days in a period during which each vessel in our fleet has been owned by us
	less the aggregate number of days that our vessels are off-hire due to vessel familiarization upon acquisition, repairs, vessel
	upgrades or special surveys. The shipping industry uses available days to measure the number of days in a period during
	which vessels should be capable of generating revenues.

29

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