Eagle Bulk Shipping 3Q EPS Above Estimates

Eagle Bulk Shipping Inc. (NASDAQ: EGLE) reported 3Q10 EPS of $0.13, “ahead of our $0.04 estimate and the Street's $0.08 forecast,” Dahlman Rose & Co. reports. Net revenues were the main driver of the beat as operating expenses were mainly in line.

“We believe Eagle holds substantial value and growth potential, particularly as it has focused on the Supramax sector,” Dahlman Rose & Co. writes. “We expect that market to be very well supported in the coming years due to the increasing coal demand into India, which is serviced almost exclusively by Supramaxes.”

Dahlman Rose & Co. reiterates its Buy rating and $8 price target.

Eagle Bulk Shipping currently trades at $5.45.