Eagle Bulk Receives Supramax Dry Bulk Vessel

Thursday, June 28, 2007
Eagle Bulk Shipping, Inc. (Nasdaq:EGLE) has taken delivery of the Kittiwake, a 2002 built 53,146 dwt Supramax dry bulk vessel. The Kittiwake was acquired as part of a three vessel transaction announced on February 28, 2007. The Kittiwake will commence an 11-13 month charter at a rate of $30,400 per day. The charter may reset at the beginning of each month based on the average time charter rate for the Baltic Supramax Index, but in no case will be less than $24,400 per day.

The Eagle Bulk Shipping, Inc. fleet consists of 23 vessels, including 20 Supramaxes, five of which are newbuilds, and three Handymax bulk carriers. The average age of the fleet is approximately five and a half years.

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