Eagle Bulk Shipping Inc. Acquires Two Modern Ultramax Bulkcarriers

Stamford, Conn. - December 29, 2020

Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk”, “Eagle” or the “Company”), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced that it has purchased two modern high-specification SDARI-64 scrubber-fitted Ultramax bulkcarriers.

This follows the Company’s recently-announced acquisition of a similar specification vessel.

The first vessel, which was built in 2015 and will be renamed the M/V Helsinki Eagle, has been acquired for USD 16.5 million.

The second vessel, which was built in 2016 and will be renamed the M/V Stockholm Eagle, has been acquired for USD 17.65 million.

Both ships were constructed at Chengxi Shipyard Co. Ltd. Closings are expected during the first quarter of 2021, with the M/V Stockholm Eagle delivering to Eagle in the Atlantic basin.

Gary Vogel, Eagle Bulk’s CEO, commented, "We have continued to actively renew our fleet this past year, acquiring three modern/efficient scrubber-fitted Ultramaxes and divesting five of our vintage Supramaxes, with an average age of ~18 years. Over the past four years, we have turned over almost half of our fleet, acquiring 23 modern Ultramaxes and selling 19 older Supramaxes. These transactions have vastly improved our fleet makeup - ncreasing the average size of our ships, improving our fleet age profile, and reducing our emissions footprint on a per deadweight-ton basis. We believe that our fleet renewal strategy along with our active management approach to trading will help us maximize our cash generation potential and continue to deliver on our market outperformance."

About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc. (“Eagle” or the “Company”) is a U.S. based fully integrated shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Denmark, Eagle focuses exclusively on the versatile mid-size drybulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels in the world. The Company performs all management services in-house (including strategic, commercial, operational, technical and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis. For further information, please visit our website: www.eagleships.com.

Eagle Bulk Shipping Inc. press release