Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Q3 2023 Earnings Call Transcript

Omar Nokta: Thanks, Gary. That’s very helpful context. It’ll be interesting to see how this plays out. Second question I just have is, clearly the Eagle has got pretty good amount of liquidity, even after the buyback of the Oak Tree position. So you’ve got a pretty solid balance sheet. Just in terms of the convert that comes due next year, I think it’s July. I know you’ve been asked this in the past, but any thoughts on how you envision that maturity playing out, assuming it stays in the money, do you take the capital and sort of do a cash — take it off for cash or do you prefer to have it converted to equity and any thoughts there, updated thoughts ahead of that?

Gary Vogel: Yeah, so I think it’s very much dependent on where things are in terms of our share price, the rate environment, it is in August. And as close dimension, there is a really good chance. It’s a combination of cash and shares. But we believe we have a lot of different options in that regard whether it was a new data extension of convert, a combination again. And part of that would be how comfortable we are and what our cash balance looks like, and how much we want to use of that. So, it’s shipping right and next August is a long way away. So we’re definitely focused on it, but we don’t have to make any decisions now. But again, where the shares are trading, I think will also be an important part of our decision process as we as we go forward.

Omar Nokta: Great, thanks, Gary. I’ll turn it over.

Gary Vogel: Thank you.

Operator: Thank you. And I’m showing no further questions at this time. I’d like to hand the call back over to Gary Vogel for closing remarks.

Gary Vogel: Thank you, operator. We have nothing further but I’d like to thank everyone for joining us today and wish everyone a good weekend.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.