Eagle Bulk Shipping Inc. Takes Delivery of Two Additional Newbuildings
31st and 32nd Vessels Add $118mm in Minimum Contracted Revenue
NEW YORK, Feb 10, 2010 (GlobeNewswire via COMTEX) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced that it has taken delivery of two additional vessels, Thrasher and Avocet, from its newbuild program. The addition of these two vessels brings Eagle Bulk's total on-the-water fleet to 32 vessels.

The Thrasher and Avocet have each entered into nine year time charters. The rate for each charter is $18,400 per day through February 2016 and March 2016 respectively; thereafter the contracts convert to a profit-sharing charter with a base rate of $18,000 per day. In aggregate, the Thrasher and Avocet will each contribute approximately $59 million in minimum contracted revenue.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping, Inc., headquartered in New York City, is a leading global owner of Supramax dry bulk vessels, which are dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons, or dwt, and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.

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SOURCE: Eagle Bulk Shipping Inc. 

CONTACT:  Eagle Bulk Shipping Inc.
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Alan Ginsberg, Chief Financial Officer
(212) 785-2500
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