(RTTNews) -  Eagle Bulk Shipping Inc. (EGLE: News ) reported third quarter net income of $512 thousand or $0.01 per share, compared to $23.22 million or $0.49 per share last year. Excluding items, net income, for the quarter was $3.9 million or $0.06 per share.

On average, 12 analysts polled by Thomson Reuters expected the company to earn $0.03 per share for the quarter. Analysts' estimates typically exclude special items.

Net revenues for the quarter declined to $41.55 million from $51.55 million in the year-ago quarter. Analysts expected the company to report revenue of $41.65 million for the quarter.
The company said it expects to add seven ships by the end of the first quarter 2010, five of which are chartered with minimum contracted revenues of $259 million.

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by RTT Staff Writer

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