Eagle Bulk Shipping Inc. Acquires Modern Ultramax

Stamford, Conn. - January 28, 2021

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 a high-specification 2017-built SDARI-64 scrubber-fitted Ultramax bulkcarrier for USD 15 million and a warrant for 212,315 common shares of Eagle.

The ship, which will be renamed the M/V Rotterdam Eagle, was constructed at Chengxi Shipyard Co. Ltd and is expected to be delivered into the Company’s fleet during the second quarter of 2021.

Accounting for all recently reported acquisitions, Eagle’s fleet totals 49 ships, including 24 Ultramaxes acquired over the last four years.

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