Eagle Bulk Shipping Inc. Announces Entry
Into Waiver And Forbearance Agreement

New Yord - March 20, 2014

Eagle Bulk Shipping Inc. (Nasdaq: EGLE) (the "Company" or "Eagle Bulk") today announced that the Company and certain Lenders under the Company's Fourth Amended and Restated Credit Facility have entered into a Waiver and Forbearance Agreement, effective March 19, 2014.

Subject to the Company's compliance with certain terms, conditions and milestones as set forth in the Waiver, the Lenders have agreed to waive until June 30, 2014, any potential events of default related to, among other things, non-compliance by the Company with the leverage ratio or minimum interest coverage ratio covenants set forth in the Credit Agreement. Additional details regarding the Waiver are provided in an 8-K filing available on the Company's website at http://www.eagleships.com/sec-filing.

While Eagle Bulk is continuing discussions with its Lenders as part of the Waiver, the Company cautioned that there is no assurance such discussions will result in a comprehensive resolution.

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.


Image by Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. press release