NEW YORK, July 26, 2010 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) has taken delivery of the Jay, a 58,000 dwt Supramax dry bulk vessel.  The Jay has entered into an 8.5 year time charter at a base rate of $18,500 per day.  The charter also includes a 50% profit sharing which initiates in 2015.  In aggregate, the Jay will contribute over $56 million in minimum contracted revenue.

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