Eagle Bulk Shipping (EGLE) Stock

A ship owned by Connecticut-based Eagle Bulk was hit by a missile off the coast of Yemen on Monday, according to the dry bulk vessel operator, amid escalating strikes on commercial shipping lanes conducted by Houthi rebels, who have not claimed responsibility for Monday's attack.

Shipping companies enable the transport of raw materials and finished products across oceans and borders. The global marine vessel industry is set to expand over the coming years to reach a market value of $188.57 billion by 2028.

Shipping stocks are off to a good start in 2024. But to the untrained eye, that may appear strange.

I recently read about Eagle Bulk Shipping Inc.'s (EGLE, Financial) announced acquisition by Star Bulk Carrier's Corp. (SBLK, Financial) in an all-stock merger with a market capitalization of $2.1 billion. Petros Pappas, Star's CEO, will retain his leadership role and Eagle management will assume supporting roles.

Eagle Bulk Shipping (NYSE: EGLE ) stock is on the rise Tuesday after the company announced a merger agreement with Star Bulk Carriers (NASDAQ: SBLK ). That deal will have holders of EGLE stock receive 2.6211 shares of of SBLK stock for each share that they own.

It's been a rough year for Eagle Bulk Shipping stock in 2023, but it's ending on a high note with a merger and a big jump in stock price. Actually, it's more than a merger -- it's a buyout of Eagle by its rival, Star Bulk Shipping.

Eagle Bulk Shipping (EGLE) possesses the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

At first glance, the concept of transportation stocks to buy might seem odd if not outright precarious. With the underlying ecosystem dependent on economic stability, concerns about a possible recession on the horizon present a dour framework.

Shares of dry bulk transporter Eagle Bulk Shipping Inc. are the subject of considerable intrigue, after 28% were repurchased at a 19% premium to their prior close on June 22nd. The move was to fend off a potential hostile takeover from container shipping concern Danaos Corporation after it had been revealed that it had acquired a 10% stake (now 16.7%). With Eagle's stock $17 per share lower than the price it paid to (then largest stakeholder) Oaktree Capital, the recently instituted poison pill to fend off Danaos merited further investigation.