UPDATE 1-Eagle Bulk Shipping posts wider loss
* Q1 loss/shr $0.28 vs $0.09 last year
* Q1 rev down 39 pct to $52.6 mln
May 9 (Reuters) - Drybulk shipper Eagle Bulk Shipping Inc posted a wider quarterly loss as the oversupply-hit sector continues to be plagued by depressed rates.
January-March net loss widened to $17.4 million, or 28 cents per share, from $5.8 million, or 9 cents per share, a year ago.
Revenue fell 39 percent to $52.6 million.
Analysts on average had expected a loss of 33 cents per share on revenue of $46 million, according to Thomson Reuters I/B/E/S.
Eagle Bulk Shipping's fleet utilization fell to 98.7 percent from 99 percent a year earlier.
The company's shares, which have gained about 37 percent of their value over the past four months, closed at $1.20 on Wednesday on the Nasdaq.
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