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Contents

[edit] Trends and Forces

[edit] World Economic Growth Impacts Demand for Raw Materials

[edit] A Backlog in New Shipbuilding Orders Increases The Cost of Purchasing New Ships, and Will Lead to an Oversupply of Dry Bulk Carriers

[edit] Rising Oil Prices?

[edit] Competition

Because of the size and efficacy of the Baltic Exchange, competition in the dry bulk shipping industry is fierce, and is based primarily on price. However, having a young fleet does more than just reduce operating expenses for Eagle. The average age of a Handymax vessel worldwide is 15 years.[1] The average age of Eagle's fleet, which consists entirely of Handymax vessels, is just 6 years.[1] Having a young, modern fleet, provides a competitive advantage over older ships. Furthermore, having reduced operating expenses lets Eagle offer lower priced contracts in periods of oversupply, without having to worry as much about margins.

' Revenue Net Income Shipping Capacity in Deadweight Tons
Diana Shipping (DSX) (2007)$190M[2] $134M[2] 1.8M[3]
DryShips (DRYS) (2006)$248M[4] $56.7M[4] 3M[5]
Eagle Bulk Shipping (2007)$125M$52.M916K
Genco Shipping (GNK) (2007)$185M[6] $107M[6] 2.02M[7]
Navios Maritime Holdrings (NM)$206M[8] $21.1M[8] 3.6M[9]

[edit] References

  1. ↑ 1.0 1.1 EGLE 10-K, Item 1, Page 2
  2. ↑ 2.0 2.1 2007 DSX, 20-F, Item 3, Page 4
  3. ↑ 2007 DSX, 20-F, Item 4, Page 18
  4. ↑ 4.0 4.1 2006 DRYS, 20-F, Item 3, Page 2
  5. ↑ 2006 DRYS, 20-F, Item 4, Page 20
  6. ↑ 6.0 6.1 GNK , 2007 10-K, Item 6, Page 40
  7. ↑ GNK , 2007 10-K, Item 1, Page 4
  8. ↑ 8.0 8.1 2006 NM, 20-F, Item 3, Page 3
  9. ↑ 2006 NM, 20-F, Item 4, Page 19
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