Operating Profit Margin-Summary Table

Operating Profit Margin-EAGLE BULK SHIPPING 88.38% 81.10%

Operating Profit Margin-GENCO SHIPPING & TRADING -12.60% 0.1%
Operating Profit Margin-SAFE BULKERS -46,17% 28.6%
Operating Profit Margin-STARBULK 11.52% 17.72%
Operating Profit Margin-DIANA SHIPPING 16.37%

EAGLE BULK SHIPPING 2017 2018

Voyage Revenues 236,785.00 310,094.00
Voyage Expenses 62,351 79,566
Charter Hire Expenses 31,284 38,046
Net Revenue 268,069 348,140
Operating Income 236,925 282,487
Operating Profit Margin-EAGLE BULK SHIPPING 88.38% 81.1%

GENCO-SHIPPING & TRADING 2017 2018

Voyage Revenues 209,698 367,522.00
Voyage Expenses 25,321 114,855
Charter Hire Expenses 1,534
Net Revenue 235,019 369,056
Operating Income -29,615 516
Operating Profit Margin-GENCO SHIPPING & TRADING -12.60% 0.1%

SAFE BULKERS 2017 2018

Voyage Revenues 154,040.00 201,548.00
Voyage Expenses -3,932 -6,378
Net Revenue 150,108 195,170
Operating Income -69,302 55,887
Operating Profit Margin-SAFE BULKERS -46.17% 28.6%

STARBULK 2017 2018

Voyage Revenues 331,976 651,561
Voyage Expenses 64,682 121,596
Charter Hire Expenses 5,325 92,896
Net Revenue 337,301 744,457
Operating Income 38,844 131,938
Operating Profit Margin-STARBULK 11.52% 17.72%
DIANA SHIPPING 2017 2018
Voyage Revenues 161,897 226,189
Voyage Expenses 8,617 7,405
Net Revenue 170,514 233,594
Operating Income -483,987 38,250
Operating Profit Margin-DIANA SHIPPING -283.84% 16.37%
rating Profit Margin-Summary Table
84.58% 95.39% 52.74% Operati ng Profi t
-7.00% -55.58% 34.47%
100%
22.83% 6.38% 57.36%
90%
7.77% 11.58% 51.28% 80%
7.52% -61.48% 28.90% 70%
60%
50%
40%
2019 2020 2021 30%
20%
292,378.00 272,134.00 594,538.00
10%
87,701 89,549 104,634 0%
1 2
42,169 21,280 37,102
334,547 293,414 631,640 Operating Profit M
282,947 279,888 333,146 Operating Profit M
Operating Profit M
84.58% 95.39% 52.74%
Operating Profit M
Operating Profit M

2019 2020 2021

389,496.00 355,560.00 547,129.00
173,043 156,985 146,182
16,179 10,307 36,370
405,675 365,867 583,499
-28,403 -203,337 201,115
-7.00% -55.58% 34.47%

2019 2020 2021

206,682.00 206,035.00 343,473.00
-13,715 -41,852 -9,753
192,967 164,183 333,720
44,051 10,478 191,416
22.83% 6.38% 57.36%

2019 2020 2021

821,365 693,241 1,427,423
222,962 200,058 226,111
126,813 32,055 14,565
948,178 725,296 1,441,988
73,698 83,988 739,404
7.77% 11.58% 51.28%
 2019 2020 2021
220,728 169,733 214,203
13,542 13,525 5,570
234,270 183,258 219,773
17,622 -112,675 63,518
7.52% -61.48% 28.90%
perati ng Profi t Margin Summary Table

1 2 3 4 5

Operating Profit Margin-EAGLE BULK SHIPPING

Operating Profit Margin-GENCO SHIPPING & TRADING
Operating Profit Margin-SAFE BULKERS
Operating Profit Margin-STARBULK
Operating Profit Margin-DIANA SHIPPING
 Dept to Asset Ratio
2017 2018
Dept-to-Asset Ratio EAGLE BULK SHIPPING 39.30% 34.20%
Dept-to-Asset Ratio GENCO SHIPPING & TRADING 33.89% 32.88%
Dept-to-Asset Ratio SAFE BULKERS 54.82% 53.40%
Dept-to-Asset Ratio STAR BULK 34.91% 26.04%
Dept-to-Asset Ratio DIANA SHIPPING 48.24% 44.72%

EAGLE BULK SHIPPING 2017 2018

Current portion of long-term debt, net of deferred financing costs 4,000 29,176
Long-term debt, net of current portion and deferred financing costs 313,684 301,583
Total Debt 317,684 330,759
Total Assets 808,350 967,127
Asset Ratio 39.30% 34.20%

GENCO SHIPPING & TRADING 2017 2018

Current portion of long-term debt, net of deferred financing costs 24,497 66,320
Long-term debt, net of current portion and deferred financing costs 490,895 468,828
Total Debt 515,392 535,148
Total Assets 1,520,959 1,627,470
Asset Ratio 33.89% 32.88%

SAFE BULKERS 2017 2018

Current portion of long-term debt, net of deferred financing costs 25,588 36,185
Long-term debt, net of current portion and deferred financing costs 541,816 538,508
Total Debt 567,404 574,693
Total Assets 1,035,097 1,076,199
Asset Ratio 54.82% 53.40%

STARBULK 2017 2018

Current portion of long-term debt, net of deferred financing costs 173,958 101,007
Long-term debt, net of current portion and deferred financing costs 575,137 685,819
Total Debt 749,095 786,826
Total Assets 2,145,764 3,022,137
Asset Ratio 34.91% 26.04%
DIANA SHIPPING 2017 2018
Current portion of long-term debt, net of deferred financing costs 60,763 96,434
Long-term debt, net of current portion and deferred financing costs 540,621 434,746
Total Debt 601,384 531,180
Total Assets 1,246,722 1,187,796
Asset Ratio 48.24% 44.72%
.
Dept to Asset Ratio Dept to Asset Rati o S
2019 2020 2021
250.00%
44.48% 46.75% 33.73%
200.00% 48.24% 44.2
31.57% 35.66% 19.80% 44.72%
34.91% 34.4
53.92% 54.96% 32.50% 150.00% 26.04%
54.82% 53.40% 53.9
34.40% 33.95% 29.01% 100.00%
44.28% 50.32% 48.18% 33.89% 32.88% 31.5
50.00% 39.30% 44.4
34.20%
0.00%
1 2 3

Dept-to-Asset Ratio EAGLE

2019 2020 2021 Dept-to-Asset Ratio GENCO
35,709 39,244 49,800 Dept-to-Asset Ratio SAFE B
410,067 412,931 330,244 Dept-to-Asset Ratio STAR B
445,776 452,175 380,044 Dept-to-Asset Ratio DIANA

1,002,087 967,127 1,126,658

44.48% 46.75% 33.73%

2019 2020 2021

69,747 80,642 -
412,983 358,933 238,229
482,730 439,575 238,229
1,528,892 1,232,809 1,203,002
31.57% 35.66% 19.80%

2019 2020 2021

64,054 75,784 39,912
536,995 531,883 315,796
601,049 607,667 355,708
1,114,643 1,105,629 1,094,320
53.92% 54.96% 32.50%

2019 2020 2021

150,350 144,900 156,701
960,580 938,699 932,554
1,110,930 1,083,599 1,089,255
3,238,671 3,191,793 3,754,719
34.30% 33.95% 29.01%
 2019 2020 2021
40,207 41,148 39,217
434,113 382,527 381,097
474,320 423,675 420,314
1,071,280 841,950 872,410
44.28% 50.32% 48.18%
.
to Asset Rati o Summary Table
50.32%
44.28%
44.72%
34.40% 33.95% 48.18%
26.04% 54.96%
53.40% 53.92%
29.01%
31.57% 35.66% 32.50%
32.88%
44.48% 46.75% 19.80%
34.20% 33.73%

2 3 4 5

Dept-to-Asset Ratio EAGLE BULK SHIPPING

Dept-to-Asset Ratio GENCO SHIPPING & TRADING
Dept-to-Asset Ratio SAFE BULKERS
Dept-to-Asset Ratio STAR BULK
Dept-to-Asset Ratio DIANA SHIPPING
 Asset Turnover Ratio
2017 2018 2019
Asset-Turnover-Ratio EAGLE BULK SHIPPING 35.87% 39.22% 33.98%
Asset-Turnover-Ratio GENCO SHIPPING & TRADING 15.21% 23.44% 25.71%
Asset-Turnover-Ratio SAFE BULKERS 13.59% 18.49% 17.62%
Asset-Turnover-Ratio STARBULK 16.23% 28.81% 30.29%
Asset-Turnover-Ratio DIANA SHIPPING 11.70% 19.19% 20.74%

Assets Turnover Ratio

EAGLE BULK SHIPPING 2016 2017 2018
Revenue 124,493 236,785.00 310,094.00
Voyage Expenses 42,094 62,351 79,566
Charter in Hire expenses 12,845 31,284 38,046
Net Revenues 137,338 268,069 348,140
Assets 686,382 808,350 967,127
Asset Turnover Ratio 35.87% 39.22%

Assets Turnover Ratio

GENCO SHIPPING & TRADING 2016 2017 2018
Revenue 133,246 209,698 367,522.00
Voyage Expenses 13,227 25,321 114,855
Charter in Hire expenses 113,636 1,534
Net Revenues 246,882 235,019 369,056
Assets 1,568,960 1,520,959 1,627,470
Asset Turnover Ratio 15.21% 23.44%

Assets Turnover Ratio

SAFE BULKERS 2016 2017 2018
Revenue 113,959.00 154,040.00 201,548.00
Voyage Expenses -7,679 -3,932 -6,378
Net Revenues 106,280 150,108 195,170
Assets 1,173,753 1,035,097 1,076,199
Asset Turnover Ratio 13.59% 18.49%

Assets Turnover Ratio

STARBULK 2016 2017 2018
Revenue 221,987 331,976 651,561
Voyage Expenses 65,821 64,682 121,596
Charter in Hire expenses 3,550 5,325 92,896
Net Revenues 225,537 337,301 744,457
Assets 2,011,702 2,145,764 3,022,137
Asset Turnover Ratio 16.23% 28.81%

Assets Turnover Ratio

DIANA SHIPPING 2016 2017 2018
Revenue 114,259 161,897 226,189
Voyage Expenses 13,826 8,617 7,405
Net Revenues 128,085 170,514 233,594
Assets 1,668,663 1,246,722 1,187,796
Asset Turnover Ratio 11.70% 19.19%
rnover Ratio
2020 2021 Asset Turnover Rati o Summary Ta
29.80% 60.33% 250.00%
26.50% 47.91% 200.00%
14.79% 30.34%
150.00%
22.56% 41.52%
19.16% 25.64% 100.00%
50.00%
0.00%
1 2 3 4

Asset-Turnover-Ratio EAGLE BULK SHIPPING

Assets Turnover Ratio Asset-Turnover-Ratio GENCO SHIPPING & TRADING
Asset-Turnover-Ratio SAFE BULKERS
2019 2020 2021
Asset-Turnover-Ratio STARBULK
292,378.00 272,134.00 594,538.00 Asset-Turnover-Ratio DIANA SHIPPING
87,701 89,549 104,634
42,169 21,280 37,102
334,547 293,414 631,640
1,002,087 967,127 1,126,658
33.98% 29.80% 60.33%

Assets Turnover Ratio

2019 2020 2021
389,496.00 355,560.00 547,129.00
173,043 156,985 146,182
16,179 10,307 36,370
405,675 365,867 583,499
1,528,892 1,232,809 1,203,002
25.71% 26.50% 47.91%

Assets Turnover Ratio

2019 2020 2021
206,682.00 206,035.00 343,473.00
-13,715 -41,852 -9,753
192,967 164,183 333,720
1,114,643 1,105,629 1,094,320
17.62% 14.79% 30.34%

Assets Turnover Ratio

2019 2020 2021
 821,365 693,241 1,427,423
222,962 200,058 226,111
126,813 32,055 14,565
948,178 725,296 1,441,988
3,238,671 3,191,793 3,754,719
30.29% 22.56% 41.52%

Assets Turnover Ratio

2019 2020 2021
220,728 169,733 214,203
13,542 13,525 5570
234,270 183,258 219,773
1,071,280 841,950 872,410
20.74% 19.16% 25.64%
ati o Summary Table

3 4 5

EAGLE BULK SHIPPING

GENCO SHIPPING & TRADING
SAFE BULKERS
STARBULK
DIANA SHIPPING
 Current Ratio
2017 2018 2019
Current Ratio EAGLE BULK SHIPPING 3.84 1.88 0.1
Current Ratio GENCO SHIPPING & TRADING 4.14 2.65 1.75
Current Ratio SAFE BULKERS 2.14 1.85 1.57
Current Ratio STARBULK 1.43 1.34 0.86
Current Ratio DIANA SHIPPING 1.73 5.64 2.09

Current Ratio
EAGLE BULK SHIPPING 2017 2018 2019
Current Assets 118,474,183 118,474,183 100,533,363
Current Liabilities 30,823,368 62,993,199 102,215,182
Current Ratio 3.84 1.88 0.10

Current Ratio
GENCO SHIPPING & TRADING 2017 2018 2019
Current Assets 217,239 270,451 223,195
Current Liabilities 52,449 101,867 127,655
Current Ratio 4.14 2.65 1.75

Current Ratio
SAFE BULKERS 2017 2018 2019
Current Assets 79,086 101,262 135,989
Current Liabilities 36,933 54,606 86,784
Current Ratio 2.14 1.85 1.57

Current Ratio
STARBULK 2017 2018 2019
Current Assets 312,626 298,836 266,042
Current Liabilities 219,274 222,717 310,931
Current Ratio 1.43 1.34 0.86

DIANA SHIPPING 2017 2018 2019

Current Assets 138,761 141,972 137,039
Current Liabilities 80,441 25,156 65,484
Current Ratio 1.73 5.64 2.09
Current Ratio
2020 2021
1.43 1.26
2.18 4.17
Current Rati o Summary Table
2.18 4.17
1.15 2.35 16
14
1.93 1.7 12
10
8
6
4
2
Current Ratio 0
2017 2018 2019 2020 2021
2020 2021
118,264,780 156,032,816 Current Ratio EAGLE BULK SHIPPING
Current Ratio GENCO SHIPPING & TRADING
82,440,923 123,600,683 Current Ratio SAFE BULKERS
1.43 1.26 Current Ratio STARBULK
Current Ratio DIANA SHIPPING

Current Ratio
2020 2021
247,202 174,830
113,621 41,895
2.18 4.17

Current Ratio
2020 2021
134,734 124,116
104,715 88,692
1.29 1.40

2020 2021
307,411 682,924
266,432 290,796
1.15 2.35

2020 2021
125,645 104,661
65,131 61,589
1.93 1.70
ry Table

2020 2021

PING
& TRADING
 Price to Share Ratio
2017 2018 2019 2020 2021
P/E Ratio EAGLE BULK SHIPPING -12.24 25.7 -15.31 -5.59 3.16
P/E Raztio GENCO SHIPPING & TRADING -7.78 -9.07 -7.91 -1.37 3.7
P/E Ratio SAFE BULKERS -3.3 10.88 43.75 -5.2 2.62
P/E Ratio STARBULK -70.63 11.66 -68.47 88.3 3.37
P/E Ratio DIANA SHIPPING -0.7 26.3 -15.12 -0.99 6.08

Price to Share Ratio

EAGLE BULK SHIPPING 2017 2018 2019 2020 2021
Price Per Share 54.21 32.13 32.62 19 45.5
Earnings per share -4.43 1.25 -2.13 -3.40 14.41
P/E Ratio -12.24 25.70 -15.31 -5.59 3.16

Price to Share Ratio

GENCO SHIPPING & TRADING 2017 2018 2019 2020 2021
Price Per Share 13.3 7.8 10.6 7.36 16
Earnings per share -1.71 -0.86 -1.34 -5.38 4.33
P/E Ratio -7.78 -9.07 -7.91 -1.37 3.70

Price to Share Ratio

SAFE BULKERS 2017 2018 2019 2020 2021
Price Per Share 3.23 1.74 1.75 1.3 3.77
Earnings per share -0.98 0.16 0.04 -0.25 1.44
P/E Ratio -3.30 10.88 43.75 -5.2 2.62

Price to Share Ratio

STARBULK 2017 2018 2019 2020 2021
Price Per Share 11.3 8.86 11.64 8.83 22.67
Earnings per share -0.16 0.76 -0.17 0.1 6.73
P/E Ratio -70.63 11.66 -68.47 88.3 3.37

Price to Share Ratio

DIANA SHIPPING 2017 2018 2019 2020 2021
Price Per Share 3.8 2.63 2.57 1.61 3.89
Earnings per share -5.41 0.1 -0.17 -1.62 0.64
P/E Ratio -0.70 26.3 -15.12 -0.99 6.08
 P/E Rati o Summary Table
100
80
60
40
20
0
-20 2017 2018 2019 2020 2021
-40
-60
-80

P/E Ratio EAGLE BULK SHIPPING

P/E Raztio GENCO SHIPPING & TRADING
P/E Ratio SAFE BULKERS
P/E Ratio STARBULK
P/E Ratio DIANA SHIPPING
2021