NEW YORK, Jul 26, 2010 (GlobeNewswire via COMTEX) --

Eagle Bulk Shipping Inc. (Nasdaq:EGLE) has taken delivery of the Jay, a 58,000 dwt Supramax dry bulk vessel. The Jay has entered into an 8.5 year time charter at a base rate of $18,500 per day. The charter also includes a 50% profit sharing which initiates in 2015. In aggregate, the Jay will contribute over $56 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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