UPDATE 1-Eagle Bulk Shipping posts wider loss

* Q1 loss/shr $0.28 vs $0.09 last year

* Q1 rev down 39 pct to $52.6 mln

May 9 (Reuters) - Drybulk shipper Eagle Bulk Shipping Inc posted a wider quarterly loss as the oversupply-hit sector continues to be plagued by depressed rates.

January-March net loss widened to $17.4 million, or 28 cents per share, from $5.8 million, or 9 cents per share, a year ago.

Revenue fell 39 percent to $52.6 million.

Analysts on average had expected a loss of 33 cents per share on revenue of $46 million, according to Thomson Reuters I/B/E/S.

Eagle Bulk Shipping's fleet utilization fell to 98.7 percent from 99 percent a year earlier.

The company's shares, which have gained about 37 percent of their value over the past four months, closed at $1.20 on Wednesday on the Nasdaq.