Eagle Bulk Shipping Takes Delivery of Two Additional Newbuildings

Thursday, Feb 11, 2010

31st and 32nd Vessels Add US$118mm in Minimum Contracted Revenue

Eagle Bulk Shipping Inc. today announced that it has taken delivery of two additional vessels, Thrasher and Avocet, from its newbuild program. The addition of these two vessels brings Eagle Bulk's total on-the-water fleet to 32 vessels.

The Thrasher and Avocet have each entered into nine year time charters. The rate for each charter is $18,400 per day through February 2016 and March 2016 respectively; thereafter the contracts convert to a profit-sharing charter with a base rate of $18,000 per day. In aggregate, the Thrasher and Avocet will each contribute approximately $59 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.

Source: Eagle Bulk