Eagle Bulk Shipping Inc. Takes Delivery of 27th Vessel

Canary Joins Fleet With $61 Million in Minimum Contracted Revenue

NEW YORK, Dec 18, 2009 (GlobeNewswire via COMTEX) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced that it has taken delivery of the Canary, a 58,000 dwt Supramax dry bulk vessel. The vessel has entered into a ten year time charter. The rate through January 2015 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 Canary will contribute approximately $61 million in minimum contracted revenue.

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.

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Eagle Bulk Shipping Inc.