Eagle Bulk Shipping Inc. Secures Four Index Based Charters

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Thu Jul 30, 2009 5:18pm EDT 

NEW YORK, July 30, 2009 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc.
(Nasdaq:EGLE) today announced that it has chartered four of its Supramax vessels
at rates that are tied to the Baltic Supramax Index ("BSI") which provides Eagle
with the flexibility of earning strong rates in the spot market while retaining
the stability of a one year charter.

The Skua, Redwing, Kittiwake and the Goldeneye have been chartered for periods
ranging from 10-15 months at rates that are indexed to the BSI. For the first 45
days of their respective charters, the index rate for the Skua, Redwing and
Kittiwake is a maximum of $19,000 per day, and then uncapped thereafter. For the
first 50 days of the Goldeneye charter the rate is $15,000 per day, and uncapped
thereafter.

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

          Perry Street Communications
          Media Contact
          Jonathan Morgan
          (212) 741-0014
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