Eagle Bulk Shipping Inc. Takes Delivery of 26th Vessel

Bittern Joins Fleet With $62 Million in Minimum Contracted Revenue

NEW YORK, Oct. 20, 2009 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc.(Nasdaq:EGLE) today announced that it has taken delivery of the Bittern, a 58,000 dwt Supramax dry bulk vessel. The vessel has entered into a ten year time charter. The rate through December 2014 is $18,850 per day; thereafter the contract converts to a profit-sharing charter with a base rate of $18,000 per day. In aggregate, the Bittern will contribute approximately $62 million in minimum contracted revenue.

Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, "The Bittern is the first of a new series of ultra-modern 58,000 dwt Supramax class vessels that will continue to deliver into the Eagle Bulk fleet over the next two years. These vessels, which are characterized by superior operating efficiency, size, and maneuverability, underscore our ability to deploy assets that maximize cash flow."

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping, Inc., headquartered in New York City, is a leading global owner of Supramax dry bulk vessels, which are dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons, or dwt, and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.

CONTACT:  Eagle Bulk Shipping Inc.
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