(Eagle Bulk Shipping item updated with analysts' commentary and stock movements.)NEW YORK ( TheStreet) -- Eagle Bulk Shipping ( EGLE) bested Wall Street targets for fourth-quarter earnings, said it increased its exposure to spot-market rates for maritime freight services, and saw its share price jump on Wednesday. After Tuesday's closing bell, the New York-based but Greek-run shipper (its founder and CEO is Sophocles Zoullas), reported earnings of $2.2 million, or 4 cents a share, better than the consensus target for Eagle Bulk among analysts, which called for a penny a share, according to a survey of the sell side by Thomson Reuters. Eagle Bulk's year-over-year comparisons remain difficult -- Eagle's profit tumbled 76% from last year's $9.2 million, or 20 cents a share. But, as always, it's the outlook that matters, and a slight shift in strategy by the company appears to have garnered the cheers of investors and analysts. In early afternoon trading Wednesday, Eagle's stock price was gaining 5.9% , or 32 cents, to $5.76. Volume reached 2.4 million shares, surpassing the average daily turnover of 1.9 million. In January and February, Eagle took delivery of six new supramax-size vessels -- which, to one way of thinking at least, represents the leading edge of a looming ship oversupply that threatens to sink rates. (Back in the boom years, flush ship owners binged by ordering hundreds of vessels from shipyards, most of which are scheduled for delivery this year and next.) Eagle Bulk has 33 ships now operating on the seas, with seven more scheduled for delivery this year and seven in 2011. That aggressive fleet expansion has come at a cost: "Eagle is still operating under debt covenant waivers," Lazard Capital Markets analyst Urs Dur noted in a report to clients Wednesday. In other words, the vessels Eagle ordered during the boom years are worth less now than what the company agreed to pay for them.