Eagle Bulk Shipping Inc. Acquires Three Supramaxes

Stamford, Conn. - February 11, 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 three 2011-built CROWN-58 Supramax bulkcarriers for a total of USD 21.15 million and 329,583 common shares* of Eagle.

The ships, which will be renamed the M/V Montauk Eagle, M/V Newport Eagle, and M/V Sankaty Eagle, were all constructed at Yangzhou Dayang Shipbuilding Co., Ltd and are sister ships to 17 CROWN-58 Supramax bulkcarriers in Eagle’s existing fleet.

The vessels are all expected to be delivered into the Company’s fleet between March and May of this year.

Inclusive of all recently reported acquisitions, Eagle’s fleet totals 52 ships, including 27 which have been acquired over the last four years.

* Common shares are issuable upon exercise of warrants on a pro-rata basis in connection with each vessel delivery.

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