Eagle Bulk Shipping Acquires 3 Ships

Friday, June 23, 2006
Eagle Bulk Shipping Inc., a global marine transportation company specializing in the Supramax segment of the dry bulk shipping industry, announced that it has entered into an agreement to acquire three Supramax drybulk carriers for $105 million. The first vessel, built 2004, is expected to be delivered to the Company later this month and will commence an 18 to 22 month time charter at a rate of $18,750 per day. The second vessel, built 2003, is expected to be delivered in July and will commence an 18 to 22 month time charter at a rate of $19,000 per day. The third vessel, built 2004, is expected to be delivered in July and will continue its existing 11 to 13 month time charter, begun in May 2006, at a rate of $18,500 per day. The vessel acquisition will be funded by a portion of the net proceeds of a private placement made by the Company, together with borrowings from the Company's $330 million revolving credit facility. The Company does not expect the issuance of common stock in the private placement to affect the level of dividend per share for the second quarter that would otherwise be payable to the Company's shareholders under the Company's dividend policy. Sophocles N. Zoullas, Chairman and Chief Executive Officer, said, "This investment is evidence of our confidence in the operating superiority of the Supramax vessel class, which is very well-positioned for today's global trade of dry bulk cargoes. These new vessels will expand our Supramax fleet from 9 vessels to 12 vessels, our total fleet from 13 vessels to 16 vessels, and increase our cargo carrying capacity by 24% to 789,750 deadweight tons. The addition of the new vessels further reduces our fleet's average age to approximately five and a half years. The acquisition also increases the number of sister ships from six to eight," Mr. Zoullas concluded.
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