Eagle Bulk Shipping Inc. Reports Third Quarter 2010 Results

Results Include Record Quarterly Revenue of $73 Million

EBITDA Increase of 65% Year-on-Year

NEW YORK, Nov. 8, 2010 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) today announced its results for the third quarter ended September 30, 2010.

Third quarter financial highlights include:

• Net Income of $8.2 million or $0.13 per share (based on a weighted average of 62,442,046 diluted shares outstanding for the quarter), compared to $0.5 million, or $0.01 per share, for the same period a year ago.
• Net revenues of $72.8 million, an increase of 75% compared to $41.6 million for the third quarter of last year. Gross time charter and freight revenues also increased 75%, to $76.4 million, compared to only time charter revenues of $43.7 million for the same period a year ago.
• EBITDA, as adjusted for exceptional items under the terms of the Company's credit agreement, was $41.1 million for the third quarter of 2010, a 65% increase compared to $25.0 million for the same period a year ago.

Third quarter operational highlights include:

• Fleet utilization rate of 99.9%.
• Took delivery of three newbuilding vessels, Jay, Kingfisher, and Martin, which immediately entered their respective time charters. Aggregate, minimum contracted revenues on the three vessels will be $156 million.
• Sold the oldest and smallest vessel in the fleet, the Griffon, realizing a $0.3 million gain.
• Launched Eagle Bulk Pte, Ltd., a freight trading operation with a new office in Singapore. Industry veteran Keith Denholm, formerly of Pacific Carriers Limited (Singapore) and Malaysian Bulk Carriers Berhad, has joined Eagle Bulk Pte, Ltd. to lead the trading capabilities.

Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, "Eagle Bulk reported record revenue in the third quarter, driven by 41% YTD growth in the fleet and balanced exposure to the market. Eagle Bulk's focus on the Supramax market continued to yield benefits during the quarter, as strong demand for minor bulks and grain contributed to relative outperformance. This trend should continue as we close the year, as the demand picture for coal, grains and minor bulk cargoes should remain strong in the medium and long term."