Eagle Bulk Shipping Inc. Announces Two Shipbuilding Contracts

Eagle Bulk Shipping Inc. (Nasdaq:EGLE), a global marine transportation company specializing in the Supramax segment of the dry bulk shipping industry, today announced that it has signed contracts with IHI Marine United Inc., one of Japan’s pre-eminent shipyards, for the construction of two ‘Future-56’ class Supramax vessels. These 56,000 deadweight ton vessels have a contract price of approximately $33.5 million each and are expected to be delivered in January and February of 2010, respectively. Upon delivery of these vessels, Eagle Bulk’s fleet will include 18 vessels, 14 of which will be Supramax-class.