New York-listed bulker owner Eagle Bulk Shipping reported its best time charter equivalent (TCE) rates in more than a decade in the first quarter and is on pace to better that milestone in the current three months. The performance allowed the Connecticut-based owner to record a profit of $9.8m or $0.84 per share that nonetheless fell short of the $1.04 per share consensus expectation of equity analysts. Eagle turned around a loss of $3.5m or $0.34 per share from the corresponding period a year ago. Revenue soared to $96.6m from $74.4m.

The Gary Vogel-led company earned TCE rates of $15,124 in the first quarter, a 50% year-over-year improvement, on its fleet of ultramax and supramax bulkers. It has followed that up by booking 71% of second-quarter operating days at $20,100 per day through 4 May.

“A recovering global economy backed by unprecedented stimulus has led to a surge in demand for commodities and significantly higher freight rates,” Vogel said in the earnings statement. Given our fleet positioning and active management approach to trading ships, we were able to capitalize on the rising market during Q1, leading to our best TCE performance in over a decade.”

Vogel also noted the even stronger performance quarter to date. “In tandem with rising freight rates, asset prices have moved significantly higher over the past few months, and the seven vessels we acquired between late November and February are up roughly 35% in value since purchase,” Vogel said. “Additionally, based on current rate dynamics, we believe there may be considerable further upside to secondhand values.”

Eagle has so far taken delivery of four acquisitions, which included shares-based purchases from both the former Scorpio Bulkers and Alterna Capital. The Stamford owner has placed $51m in new debt on the acquisitions, including a $35m revolving credit facility and a $16m expansion of an existing term loan.