Eagle Bulk Shipping Inc. Takes
Delivery of Ibis Bulker

36th Vessel Joins the Fleet With $19 Million in Minimum Contracted Revenue

NEW YORK, Jun 22, 2010 (GlobeNewswire via COMTEX) --Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced that it has taken delivery of the Ibis Bulker, a 58,000 dwt Supramax dry bulk vessel. The vessel has entered into a three year time charter at a base rate of $17,650 per day. The charter also includes a 50% profit sharing on rates above $20,000 per day. In aggregate, the Ibis will contribute approximately $19 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.

Eagle Bulk Shipping Inc.