Cardinal Shipping POSASR Automatic shelf registration (post-effective amendment)

EXHIBIT 12

Eagle Bulk Shipping
Ratio of Earnings to Fixed Charges Worksheet	Period from January 26, 2005 (inception) to December 31, 2005		Year Ended December 31,
Earnings			2006			2007			2008
Net Income		6,653,400		33,801,540			52,243,981			61,632,809
Fixed Charges (as per below)		7,208,641		10,808,196			22,141,394			44,117,890
Capitalized Interest (as per below)		-		(259,580	)		(9,400,288	)		(26,211,616	)
Total Earnings		13,862,041		44,350,156			64,985,087			79,539,083
Fixed Charges
Interest Expense		5,979,864		10,370,370			12,498,749			15,571,734
Amortization of Debt Issuance Costs		98,065		178,246			242,357			244,839
Write-Off of Debt Issuance Costs		1,130,712		-			-			2,089,701
Capitalized Interest		-		259,580			9,400,288			26,211,616
Total		7,208,641		10,808,196			22,141,394			44,117,890
Ratio of earnings to fixed charges		1.9		4.1			2.9			1.8