Eagle Bulk Shipping Inc. Takes Delivery of Imperial Eagle
Final Newbuild From IHI Marine United Expands Fleet to 33
NEW YORK, Mar 2, 2010 (GlobeNewswire via COMTEX) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced that it has taken delivery of Imperial Eagle, a 'Future-56' class, 56,000 dwt Supramax dry bulk vessel. The vessel has entered into a one-year time charter tied to the Baltic Supramax Index ("BSI"), ensuring Eagle participates directly in strong rates in the spot market while retaining the stability of a one-year charter.

The Imperial Eagle represents the final of five newbuilds constructed under contract with IHI Marine United, Inc., one of Japan's pre-eminent shipyards. Commenting on the milestone, Eagle Bulk's Chairman and CEO Sophocles Zoullas said, "We have been honored to work in partnership with IHI Marine United, which has delivered vessels of impeccable quality and performance."

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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