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The firm noted that Eagle Bulk just received the first of 35 scheduled newbuilding deliveries and that it was scheduled to receive four more this year and nine in 2009.
"Eagle Bulk is on the cusp of posting material sequential and year-over-year earnings and dividend growth starting in the third quarter," JPMorgan wrote. "As Eagle begins to receive the 13 new ships scheduled for delivery through 2009, the company will be able to boost its dividend (more than once) for the first time since switching to a fixed-payout policy more than one year ago."
JPMorgan downgraded Diana Shipping to neutral from overweight, saying "We believe that Eagle Bulk has more visible near-term catalysts than Diana in the form of rapid fleet growth and associated potential dividend increases." The firm noted that Diana only has two ships on order, with both scheduled for delivery in 2010.
"Consequently, we expect Diana's earnings and dividend to be down sequentially in the fourth quarter and down year-over-year in 2009." The firm expects a 17% year-over-year decline for Diana's dividend in 2009, based on its charter-rate forecasts.
Shares of Eagle Bulk rose 9.6% to $29.25 in midday trading Thursday, while Diana Shipping shares rose 1.8% to $32. Ryan Vlastelica rv/vj
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