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New York - Feb. 25, 2015 The Board of Directors of Eagle Bulk Shipping Inc. (Nasdaq: EGLE) (the "Company" or "Eagle Bulk") today issued the following statement: On February 19, 2015, Eagle Bulk's Chief Executive Officer, Sophocles N. Zoullas, delivered a written notice to the Company that alleged to be a Notice of Termination for Good Reason of his Employment Agreement. Pursuant to the terms of the Employment Agreement, Eagle Bulk has 30 days to cure any event or circumstance that would constitute Good Reason for termination. As a result of these developments, the Board has: (1) commenced a review of these matters; and, (2) asked that Mr. Zoullas temporarily refrain from his day to day duties. Paul M. Leand, Jr., Chairman of the Board, commented, "The Board is proceeding prudently – yet expeditiously – to resolve this matter with Mr. Zoullas. At the same time, Eagle Bulk's senior management, chartering and technical management professionals are focused on ongoing operational excellence while serving counterparties, business partners and other key stakeholders around the world." Randee E. Day has been appointed as interim President of the Company, effective immediately. An experienced shipping industry veteran, Ms. Day has been a member of the Board since the Company's restructuring in October 2014, and will continue to serve on the Board. Ms. Day currently serves President and CEO of Day & Partners, LLC, a financial advisory and maritime consulting firm. 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. press release 
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