Eagle Bulk Acquires 2 Ships

Wednesday, May 21, 2008

Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced that it has
acquired two Supramax vessels for a total price of approximately $146
million. The vessels acquired are:  The Goldeneye, a 2002 built 52,421 dwt Supramax expected to
     deliver in June 2008; and the Redwing, a 2007 built 53,000 dwt Supramax expected to
     deliver in September 2008
The Company will secure employment for the vessels prior to their
delivery.
Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented,
"We are very pleased with the addition of these two Supramax vessels,
which further strengthens our focus in this highly versatile asset
class. These vessels will generate significant cash flows, as they will
be delivered to us promptly and charter-free in a robust dry bulk
market. Furthermore, these private, off-market transactions will be
highly accretive to earnings, EBITDA, and free cash flow per share, as
they will be financed through our internal resources, including cash
and borrowings from our $1.6 billion revolving credit facility.
"Our balanced growth profile now includes 20 open vessels available to
charter between 2008 and 2009 in a strong market, as well as contracted
revenues in excess of $1 billion. Following the recent charter of the
Kittiwake at $56,250 per day, we will continue to pursue a strategy for
our shareholders that delivers stability plus upside, as we charter our
vessels in a manner that maximizes cash flows, supports our dividend,
and secures future growth."

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