Eagle Bulk Shipping, Inc. Announces Public Offering of Common Shares

Eagle Bulk Shipping, Inc. (Nasdaq:EGLE) announced today that on September 18, 2007 it agreed to issue and sell 5,000,000 of its common shares to Jefferies & Company, Inc. The shares will be delivered concurrently with the closing of the offering on or about September 21, 2007. The shares are being offered through Jefferies & Company, Inc., which proposes to offer the shares initially at a price to the public of $25.90 per share.