Eagle Bulk Shipping Inc. Takes Delivery of Martin

NEW YORK, Aug. 31, 2010 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) announced that it has taken delivery of the Martin, a 58,000 dwt Supramax drybulk vessel. The Martin has entered into a 6.5 year time charter at a rate of $18,400 per day and will contribute over $44 million in contracted revenue.

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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.

CONTACT: Eagle Bulk Shipping Inc. Investor Contact Alan Ginsberg, Chief Financial Officer (212) 785-2500 Perry Street Communications Media Contact Jonathan Morgan (212) 741-0014