UPDATE 1-Eagle Bulk Q3 earnings beat estimates

* Q3 adj EPS $0.06 vs est $0.03

* Q3 rev down 19 pct

Nov 4 (Reuters) - Eagle Bulk Shipping Inc (EGLE.O) reported better-than-expected quarterly earnings, helped by strong utilization and higher spot charter rates for its fleet.

For the third quarter, net income was $0.5 million, or 1 cent a share, compared with $23.2 million, or 49 cents a share, in the year-ago quarter. Excluding items, it earned 6 cents a share.

Net revenue for the quarter fell 19 percent to $41.6 million.

Analysts, on average, were expecting earnings of 3 cents a share, before special items, on revenue of $41.6 million, according to Thomson Reuters I/B/E/S.

"Eagle Bulk's third-quarter performance highlights steady cash flow and continued solid operating performance, with a utilization rate of 99.7 percent," Chief Executive Sophocles Zoullas said in a statement.

Spot charter rates have also been stabilizing after a prolonged slowdown, and dry bulk day rates during the third quarter were better than most forecasts.

Shares of the company closed at $4.78 Wednesday on the Nasdaq. (Reporting by Hezron Selvi in Bangalore; Editing by Pradeep Kurup)