Eagle Bulk Shipping Announces Delivery of Newbuilding Supramax (USA)

Eagle Bulk Shipping Inc. today announced that it has taken delivery of the Sandpiper, a 58,000 dwt newbuilding Supramax. This delivery marks the successful completion of the Company’s 27-vessel Supramax newbuilding program. Eagle Bulk’s fleet now totals 45 vessels with an average age of 4.4 years.

The Sandpiper has entered into a three-year time charter at a rate of $17,650 per day plus profit share and is expected to contribute over $19 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, November 1, 2011