To correct the information in your post: For the last 3 quarters, EGLE has a current ratio of significantly over 1.
As of 6/30/10, per their earnings release,
Current assets, $117M (including cash of $102M) Current liabilities $34M Current ratio = 3.0
In fact, their cash balance has been increasing over the past few quarters, ($71M, $84M, $102M for the last 3, respectively), so any liquidity problems are improving. They are accumulating cash for future debt service on their newbuilds.