Eagle Bulk Shipping Inc. Declares Dividend

July 17, 2007

Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced that its Board of Directors has declared a cash dividend on its common stock for the second quarter of 2007 of $0.47 per share, payable on or about August 7th, 2007, to all shareholders of record as of August 1st, 2007.