Eagle Bulk Shipping Inc. Takes Early Delivery of Supramax Newbuilding Vessel

Wren is First of 35 Newbuilding Supramax Vessels Currently Set to Join Fleet

NEW YORK, June 23, 2008 (PRIME NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced that it has taken delivery of the first of its 35 newbuilding Supramax vessels. The 53,100 dwt Wren has delivered into the Company's fleet ahead of schedule and immediately commenced a 10 year term charter, as previously announced.

Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, The delivery of the Wren represents an important milestone for our Company. Our shareholders will now begin to realize the benefits of our well-timed Supramax newbuilding program, as the Wren is one of 35 new vessels set to join the fleet between now and early 2012.

It is noteworthy, as well, that we were able to take delivery of the Wren 70 days ahead of the contract delivery date of August 30th, thereby increasing cashflow in the second and third quarters for our shareholders. This is a tribute to our partners at the Sinopacific Shipbuilding Group, one of the premier shipyards in China. We applaud their efforts and look forward to many years of a productive working relationship going forward.

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

Eagle Bulk Shipping Inc.