Eagle Bulk Shipping Inc. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2023 12 months to Dec 31, 2023	FY2022 12 months to Dec 31, 2022	FY2021 12 months to Dec 31, 2021	FY2020 12 months to Dec 31, 2020	FY2019 12 months to Dec 31, 2019
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation
Noncash operating lease expense
Amortization of deferred drydocking costs
Amortization of debt discount and debt issuance costs
Loss on debt extinguishment
Amortization of fair value below contract value of time charter acquired
Payment-in-kind interest on debt
Second Lien Facility
Total payment-in-kind interest on debt
Impairment of operating lease right-of-use assets
Gain on sale of vessels
Unrealized loss on derivative instruments, net
Fees paid on time charter termination
Stock-based compensation expense
Drydocking expenditures
Changes in operating assets and liabilities:
Accounts payable
Accounts receivable
Accrued interest
Inventories
Operating lease liabilities current and noncurrent
Collateral on derivatives
Fair value of derivatives, other current and noncurrent assets
Other accrued liabilities
Prepaid expenses
Unearned charter hire revenue

Net cash provided by operating activities
Cash flows from investing activities:
Purchase of vessels and vessel improvements
Advances for vessel purchases
Purchase of scrubbers and ballast water treatment systems
Proceeds from hull and machinery insurance claims
Proceeds from redemption of a short-term investment
Net proceeds from sale of vessels
Purchase of other fixed assets
Net cash used in investing activities

Cash flows from financing activities:
Repayments of lines of credit
New First Lien Facility
First Lien Facility
Second Lien Facility

Proceeds from debt
Global Ultraco Debt Facility
Original Ultraco Debt Facility
New Ultraco Debt Facility
Proceeds from long-term lines of credit
Global Ultraco Debt Facility
Original Ultraco Debt Facility
New Ultraco Debt Facility
Holdco Revolving Credit Facility
Repayments of debt
Global Ultraco Debt Facility
New Ultraco Debt Facility
Repayments of Long-term debt
Global Ultraco Debt Facility
Global Ultraco Revolver Loan
Original Ultraco Debt Facility
New Ultraco Debt Facility
New Ultraco Revolver Facility
Norwegian Bond Debt
Super Senior Revolver Facility
Holdco Revolving Credit Facility
Repurchase of Convertible Bond Debt
New First Lien Facility
Total repurchase of Convertible Bond Debt
Repurchase of Common Stock and associated fees – related party (Note 9)
Proceeds from issuance of shares under ATM Offering, net of commissions
Proceeds from equity offerings, net of issuance costs
Payments on equity offerings, net of issuance costs
Cash paid for taxes related to net share settlement of equity awards
Cash used to settle fractional shares
Cash received from exercise of stock options
Dividends paid
Net cash used in financing activities
Net (decrease)/increase in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of year
Cash, cash equivalents and restricted cash at end of year
Accruals for vessel purchases and vessel improvements included in Other accrued liabilities
Accruals for scrubbers and ballast water treatment systems in Accounts payable and Other accrued liabilities
Accruals for dividends payable included in Other accrued liabilities and Other noncurrent 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
Cash paid during the period for interest

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