Eagle Bulk Shipping Inc. Takes Delivery of Supramax Vessel and Announces Time Charter Contract

NEW YORK, June 30, 2008 - Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced that it has taken delivery of the Goldeneye, a 2002 built 52,421 dwt Supramax dry bulk vessel. The Goldeneye, which was acquired as part of a two vessel transaction announced on May 21, 2008, will commence a one year charter at a rate of $61,000 per day. The second vessel, the Redwing, which was also acquired charter-free, will deliver in September 2008.

Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, Today's announcement that the Goldeneye has joined the fleet, together with the recent delivery of our first newbuild vessel, the Wren, signals the commencement of a period of sustained, highly-accretive growth for our Company. Specifically, we expect to take delivery of three additional vessels during 2008 and nine vessels in 2009. The larger fleet allows us to pursue a strategy for our shareholders that maximizes cash flows, supports our dividend, and secures future growth.

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.