Press Release

Eagle Bulk Shipping Inc. Reports Third Quarter 2005 and
Year-to-Date 2005 Results

NEW YORK, NY, Nov. 14, 2005 -- Eagle Bulk Shipping Inc. (NASDAQ: EGLE), a global
marine transportation company specializing in the Handymax segment of the
dry-bulk shipping industry, today announced its results for the third quarter of
2005 and for the year to date (which represents the period from the Company's
inception on January 26, 2005 through September 30, 2005).

The Company reported net time charter revenues of $21.1 million for the third
quarter of 2005. Year to date net time charter revenues were $31.7 million.

For the third quarter of 2005, the Company reported net income of $7.4 million
or $0.27 per share, based on a weighted average of 27,150,000 basic and diluted
shares outstanding for the period. The results for the quarter include a
non-cash, non-dilutive compensation expense of $3.7 million. Excluding this
charge, net income for the quarter was $11.1 million or $0.41 per share.

EBITDA for the third quarter of 2005, as adjusted for exceptional items under
the terms of the Company's credit agreement, was $16.8 million. Please see below
in this press release for a reconciliation of EBITDA, as so adjusted, to net
income.

On October 31, 2005, the Company paid to its shareholders a 3Q 2005 dividend of
$0.54 per share amounting to $14,661,000. The Company also expects to declare a
4Q 2005 dividend of $0.57 per share which will be payable to shareholders in
February 2006.

Highlights :

o Completed deployment of its initial 11 vessels on time charters with
minimal turnaround time
o Exceeded Q3 dividend projection of $0.53 per share and paid a dividend of
$0.54 per share
o Reaffirmed Q4 dividend guidance of $0.57 per share
o Expanded fleet with accretive acquisitions which increased charter cover
and earnings visibility

Fleet Expansion

o Acquired two Supramax vessels, the first of which was delivered in October
and the second is expected to be delivered in December 2005
o Each newly acquired Supramax vessel chartered for 24-26 months at $24,000
per day
o 2006 contract coverage increases from 74% to 78% of available days
o Number of vessels in the fleet increases from 11 to 13
o Cargo carrying capacity expands by 19% to 643,980 dwt
o Fleet's average age decreases from 5.8 to 5.5 years
o Increases number of sister ships from 5 to 6 providing operational
efficiency

Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, "We are
pleased with our third quarter results, and believe they underscore Eagle Bulk's
progress in executing our growth strategy. Notably, we are steadily expanding
our fleet to meet the growing demand in the dry bulk sector, and deploying that
fleet at very attractive, medium to long term charter rates. We're also very
pleased with our fleet utilization rate of 99.7% for the quarter, which affirms
that we are managing our assets efficiently, with an eye towards increasing
profitability.

"Additionally, we continue to manage costs very aggressively with the goal of
achieving one of the lowest cash break-even points in the dry bulk shipping
industry. We believe we are on pace - with the right people, assets, and
strategic focus - to build a premiere franchise in the dry bulk shipping
sector."

Results of Operations

The Company commenced vessel operations in April 2005. Accordingly, no
comparisons can be made with previous periods.

Year-to-date, from inception on January 26, 2005 to September 30, the Company
reported a net loss of $5.5 million or $0.30 per share, based on a weighted
average of 18,498,387 basic and diluted shares outstanding for the period. The
year-to-date net loss includes a non-cash, non-dilutive compensation expense of
$11.4 million and non-recurring fees to affiliates of $6.2 million. Excluding
the non-cash charge, year-to-date net income was $5.9 million or $0.32 per
share.

Fleet Operating Days
Period from January
Three Months ended 26, 2005 (inception)
September 30, 2005 to September 30, 2005
------------------ ---------------------
Ownership Days............ 932 1,422
Available Days............ 929 1,408
Operating Days............ 926 1,403
Fleet Utilization......... 99.7% 99.6%

Revenues

Net revenues, for the quarter ended September 30, 2005, of $21,137,615 included
deductions for brokerage commissions of $1,054,346 and $123,500 in amortization
of prepaid charter revenue. Year-to-date net revenues, from inception on January
26, 2005 to September 30, 2005, were $31,753,494 and included deductions for
brokerage commissions of $1,719,878 and $328,500 in amortization of prepaid
charter revenue.

Net revenues during the third quarter increased by $10.5 million from the $10.6
million recorded during the quarter ended June 30, 2005. This increase is
attributable to a 450 day increase in fleet available days compared to 479
available days in the second quarter.

All of the Company's revenues for the period from inception on January 26, 2005
to September 30, 2005 were earned from time charters. As is common in the
shipping industry, the Company pays commissions ranging from 1.25% to 6.25% of
the total daily charter hire rate of each charter to unaffiliated ship brokers
and in-house brokers associated with the charterers, depending on the number of
brokers involved with arranging the charter.

Vessel Expenses

Vessel expenses during the third quarter of 2005 increased by $0.7 million from
$3.1 million in the second quarter of 2005 as a result of the increase in the
number of vessels under operation in the Company's fleet. For the quarter ended
September 30, 2005, total vessel expenses incurred amounted to $3,732,726. These
expenses included $3,420,859 in vessel operating costs, $275,383 in delivery and
pre-operating costs associated with the acquisition of the three vessels, M/V
Peregrine, M/V Sparrow and M/V Osprey, including providing these newly acquired
vessels with initial provisions and stores, and $36,484 in costs associated with
vessel onboard inventory stocks.

Year-to-date, from inception January 26, 2005 to September 30, 2005, total
vessel expenses incurred amounted to $6,848,124. These expenses include
$4,983,409 in vessel operating costs, $1,462,933 in delivery and pre-operating
costs associated with the acquisition of the eleven vessels of the Company's
fleet including providing these newly acquired vessels with initial provisions
and stores, and $401,782 in costs associated with vessel onboard inventory
stocks.

Vessel operating expenses include crew wages and related costs, the cost of
insurance, expenses relating to repairs and maintenance, the cost of spares and
consumable stores, tonnage taxes, other miscellaneous expenses, and technical
management fees. With regard to vessel operating expenses, the Company has
entered into technical management agreements for each of its vessels with V.
Ships Management Ltd, an independent technical manager. In conjunction with
management, V. Ships has established an operating expense budget for each vessel
and performs the technical management of our vessels. All deviations from the
budgeted amounts are for the Company's account. The Company pays its technical
manager, V. Ships, a fixed management fee of $8,333 per month for each vessel in
the operating fleet in respect of which it provides technical management
services. These fees are included in vessel operating costs.

Depreciation and Amortization

The cost of the Company's vessels is depreciated on a straight-line basis over
the expected useful life of each vessel. Depreciation is based on the cost of
the vessel less its estimated residual value. The Company estimates the useful
life of its vessels to be 28 years from the date of initial delivery from the
shipyard to the original owner. Furthermore, the Company estimates the residual
values of its vessels to be $150 per lightweight ton, which we believe is common
in the dry bulk shipping industry. Depreciation charges will increase as the
fleet is enlarged which will also lead to an increase of ownership days.

Total depreciation charges recorded for the quarter ended September 30, 2005 and
for the period from inception January 26, 2005 to September 30, 2005 amounted to
$3,858,943 and $5,879,515, respectively.

Amortization expense for the quarter ended September 30, 2005 and the period
from inception in January 26, 2005 to September 30, 2005 amounted to $64,743 and
$1,195,456, respectively. These expenses relate to amortization of financing
costs associated with the Company's credit facilities and are included in
Interest Expense.

General and Administrative Expenses

General and administrative expenses for the quarter ended September 30, 2005 and
year-to-date from inception January 26, 2005 to September 30, 2005 amounted to
$833,384 and $2,253,421, respectively.

General and administrative expenses include recurring administrative costs and
non-recurring formation and advisory costs. Recurring costs include onshore
vessel administration related expenses such as legal and professional expenses
and administrative and other expenses including payroll and expenses relating to
the Company's executive officers and office staff, office rent and expenses, and
directors and officers insurance.

For the quarter ended September 30, 2005 and year-to-date from inception January
26, 2005 to September 30, 2005, recurring administrative costs amounted to
$833,384 and $1,443,154, respectively. Non-recurring costs include costs
relating to the formation of the company and related advisory costs. For the
quarter ended September 30, 2005 there were no non-recurring costs incurred.
Year-to-date from inception January 26, 2005 to September 30, 2005,
non-recurring costs amounted to $810,267. The Company expects general and
administrative expenses to increase as its fleet is enlarged.

Non-Cash Compensation Expense

For the quarter ended September 30, 2005 and year-to-date from inception January
26, 2005 to September 30, 2005, non-cash compensation expense was $3,735,705 and
$11,376,552, respectively. Non-cash compensation relates to profits interests
awarded to members of the Company's management by the Company's principal
shareholder Eagle Ventures LLC. The profits interests dilute only the interests
of the owners of Eagle Ventures LLC, and not holders of the Company's common
stock. However, Generally Accepted Accounting Principles require that
share-based awards to an employee of the Company by a shareholder (such as Eagle
Ventures LLC) be accounted for as compensation for services provided to the
Company. Consequently, the Company's income statement reflects such non-cash
charges for compensation related to the profits interests in Eagle Ventures LLC.

Interest Expense

Interest expense for the third quarter of 2005 was $1,727,416 and included
$1,467,773 in loan interest, $194,900 in commitment fees and $64,743 in
amortization of financing costs. Year-to-date interest expense was $4,961,012
and this amount included $2,821,079 in loan interest, $336,255 in commitment
fees, $608,222 in interest on a promissory note, and $1,195,456 in amortization
and write-off of debt financing costs. For the third quarter of 2005, interest
rates on outstanding debt ranged from 4.12% to 5.49%, including a margin of
0.95% over the London Interbank Offered Rate (LIBOR). The weighted average
effective interest rate during the quarter was 4.65%. From the first draw down
of the Company's debt of its loans through September 30, 2005, interest rates
ranged from 4.10% to 5.49%, including a margin of 0.95% over LIBOR. The weighted
average effective interest rate was 4.39%.

The Company has entered into interest rate swaps to effectively convert a
portion of its debt from a floating to a fixed-rate basis. The swaps are
designated and qualify as cash flow hedges. In September 2005, the Company
entered into interest rate swap contracts for notional amounts of $100,000,000
and $30,000,000. These contracts mature in September 2010. Exclusive of a margin
of 0.95%, the Company will pay fixed-rate interest of 4.22% and 4.54%
respectively, and receive floating-rate interest amounts based on three month
LIBOR settings (for a term equal to the swaps' reset periods). The Company
records the fair value of the interest rate swap as an asset or liability in its
financial statements. The effective portion of the swap is recorded in
accumulated other comprehensive income (loss). Accordingly, $1,504,748 has been
recorded in Other Assets in the financial statements as of September 30, 2005.

Disclosure of Non-GAAP Financial Measures

EBITDA represents operating earnings before extraordinary items,
depreciation and amortization, interest expense, and income taxes, if any.
EBITDA is included because it is used by certain investors to measure a
company's financial performance. EBITDA is not an item recognized by GAAP and
should not be considered a substitute for net income, cash flow from operating
activities and other operations or cash flow statement data prepared in
accordance with accounting principles generally accepted in the United States or
as a measure of profitability or liquidity. EBITDA is presented to provide
additional information with respect to the Company's ability to satisfy its
obligations including debt service, capital expenditures, and working capital
requirements. While EBITDA is frequently used as a measure of operating results
and the ability to meet debt service requirements, the definition of EBITDA used
here may not be comparable to that used by other companies due to differences in
methods of calculation.

The Company's new credit facility permits it to pay dividends in amounts up
to its earnings before extraordinary or exceptional items, interest, taxes,
depreciation and amortization (Credit Agreement EBITDA), less the aggregate
amount of interest incurred and net amounts payable under interest rate hedging
agreements during the relevant period and an agreed upon reserve for
dry-docking, provided that there is not a default or breach of loan covenant
under the credit facility and the payment of the dividends would not result in a
default or breach of a loan covenant. Therefore, the Company believes that this
non-GAAP measure is important for its investors as it reflects its ability to
pay dividends. The following table is a reconciliation of net income, as
reflected in the condensed consolidated statements of operations, to the Credit
Agreement EBITDA for the three-month period ended September 30, 2005 and
year-to-date to September 30, 2005:

Period from January
Three Months ended 26, 2005 (inception)
September 30, 2005 to September 30, 2005
------------------ ---------------------

Net Income........................................ $ 7,394,289 $ (5,500,468)
Interest Expense.................................. 1,727,416 4,961,012
Depreciation...................................... 3,858,943 5,879,515
Amortization of Prepaid Revenue................... 123,500 328,500
------------------ ---------------------
EBITDA............................................ 13,104,148 5,668,559
Adjustments for Exceptional Items:
Management and Other Fees to Affiliates (1) ...... -- 6,175,046
Non-cash Compensation Expense (2) ................ 3,735,705 11,376,552
------------------ ---------------------
Credit Agreement EBITDA .......................... $ 16,839,853 $ 23,220,157
================== =====================

(1) One time charge
(2) Management's participation in profits interests in Eagle Ventures LLC

Liquidity and Capital Resources

As of September 30, 2005, the Company's cash balance was $21.2 million with an
additional $5.5 million in restricted cash deposits maintained with its lender
for loan compliance purposes. For the next 18 months, the Company also has
access to a $10 million working capital facility which is part of a ten-year
$330 million revolving credit facility which the Company entered into in July
2005. As of September 30, 2005, the Company had borrowed $157,000,000 under this
credit facility to (i) refinance its $88,500,000 of outstanding indebtedness
under its original term loan facility, (ii) pay the balance of the purchase
price for its tenth and eleventh vessels, M/V Sparrow and M/V Osprey I, acquired
in July and August 2005, which amounted to $61,500,000, and (iii) fund
$7,000,000 in deposits representing 10% of the purchase prices for its twelfth
and thirteenth vessels, M/V Merlin and M/V Heron, which were contracted for
during the third quarter of 2005. The M/V Merlin was delivered on October 26,
2005 and the Company funded the balance of the purchase price of $31,500,000 for
the vessel with borrowings from its revolving credit facility. The M/V Heron is
expected to be delivered in the fourth quarter of 2005.

As of September 30, 2005, the Company's debt consisted of $157,000,000 in
borrowings under the credit facility. After taking delivery of the M/V Merlin on
October 26, 2005, the Company's debt consisted of $188,500,000 in borrowings
under the credit facility. Subsequently, the Company repaid $38,500,000 of the
outstanding debt with a portion of the proceeds from the sale of common stock
(see Sale of Common Stock below in this press release) reducing its outstanding
debt to $150,000,000 and providing the Company with undrawn amounts of $180
million under the revolving credit facility to fund future acquisitions. The
facility matures in 2015 and has no principal repayment obligations until 2010.

Capital Expenditures

The Company's current commitments for capital expenditures for vessel
acquisitions relate to its acquisitions of two Supramax dry bulk vessels for
which it entered into purchase agreements in the quarter ended September 30,
2005. As of September 30, 2005 the Company had paid deposits of $7,000,000
towards the purchase price for the two vessels aggregating $70,000,000.

One vessel, the M/V Merlin, was delivered in October 2005 and the acquisition
was funded in full through borrowings of $31,500,000 under the revolving credit
facility. The other vessel, the M/V Heron, is expected to be delivered in
December 2005 and the Company intends to finance the balance $31,500,000 of the
purchase price for that vessel from a portion of the proceeds from the sale of
common stock in October 2005.

In addition to the vessel acquisitions, in the quarter ended September 30, 2005
the Company spent $180,904 on capital improvements to some of its vessels. The
Company advanced $640,000 towards such improvements in the quarter ended June
30, 2005. These improvements totaling $820,904 for the period from January 26,
2005 to September 30, 2005 are expected to enhance the revenue earning
capabilities of these vessels.

Dry Docking

In addition to acquisitions that the Company may undertake in future periods,
other major capital expenditures include funding the Company's maintenance
program of regularly scheduled dry docking necessary to preserve the quality of
its vessels as well as to comply with international shipping standards and
environmental laws and regulations. Funding of these requirements is anticipated
to be met with cash from operations. The Company anticipates that this process
of recertification will require it to reposition these vessels from a discharge
port to shipyard facilities, which will reduce available days and operating days
during that period.

The following table represents certain information about the estimated dry dock
costs until December 2007 along with the allocation of anticipated off-hire
days:

-------------------------------------------------------------------
Quarter Ending
--------------
Off-hire Days Projected Costs
------------- ---------------
December 31, 2005................. -- --
March 31, 2006 *.................. 60 $1.00 million
June 30, 2006..................... 15 $0.25 million
September 30, 2006................ 15 $0.25 million
December 31, 2006................. 15 $0.25 million
March 31, 2007.................... 30 $0.50 million
June 30, 2007..................... -- --
September 30, 2007................ 30 $0.50 million
December 31, 2007................. 15 $0.25 million

-------------------------------------------------------------------
* includes M/V Merlin and M/V Heron - vessels acquired or to be
acquired subsequent to September 30, 2005

Q3 Dividend

On October 5, 2005 the Company's board of directors voted to declare a cash
dividend on its common stock of $0.54 per share, based on 27,150,000 shares of
common stock outstanding, payable on October 31, 2005 to all holders of record
as of October 17, 2005. The aggregate amount of the cash dividend paid to the
Company's shareholders on October 31, 2005 was $14,661,000.

Sale of Common Stock

On October 28, 2005, the Company sold 5,500,000 shares of its common stock in a
public offering at a price of $14.50 per share, raising gross proceeds of
$79,750,000 before deduction of underwriting discounts, commissions and expenses
of $5,187,500. The Company used $38,500,000 of the net proceeds from the
offering to repay a portion of its outstanding indebtedness under its revolving
credit facility which reduced its outstanding debt to $150 million. The Company
intends to use $31,500,000 of the net proceeds to pay the balance of the
purchase price for the M/V Heron which the Company expects to acquire in
December 2005. The remainder of the net proceeds from the offering, an amount
equal to $4,562,500, will be used for general corporate purposes. In addition,
the Company has granted the underwriters of the offering a 30 day option to
purchase up to an additional 500,000 shares of common stock at the public
offering price to cover over-allotments and the Company's principal shareholder
has granted the underwriters of the offering a 30 day option to purchase up to
an additional 325,000 shares of common stock at the public offering price to
cover over-allotments.

Summary Consolidated Financial and Other Data

Condensed Consolidated Statements of Operations:

Period from January
Three Months ended 26, 2005 (inception)
September 30, 2005 to September 30, 2005

Revenues, net of commissions..................................... $21,137,615 $31,753,494

Vessel Expenses.................................................. 3,732,726 6,848,124
Depreciation .................................................... 3,858,943 5,879,515
General and Administrative Expenses ............................. 833,384 2,253,421
Management and Other Fees to Affiliates.......................... -- 6,175,046
Non-cash Compensation Expense.................................... 3,735,705 11,376,552
------------------ ---------------------
Total Operating Expenses ...................................... 12,160,758 32,532,658
------------------ ---------------------
Operating Income/(Loss) ......................................... 8,976,857 (779,164)

Interest Expense ................................................ 1,727,416 4,961,012
Interest Income.................................................. (144,848) (239,708)
------------------ ---------------------
Net Interest Expense .......................................... 1,582,568 4,721,304
------------------ ---------------------
------------------ ---------------------
Net Income/(Loss) ............................................... $ 7,394,289 $ (5,500,468)
================== =====================
Income/(Loss) per Common Share - Basic and Diluted............... $ 0.27 $ (0.30)
================== =====================
Weighted Average Shares Outstanding - Basic and Diluted ......... 27,150,000 18,498,387
================== =====================

Condensed Consolidated Balance Sheet:
September 30, 2005
------------------
(Unaudited)
ASSETS:
Current Assets:
Cash and cash equivalents.............................. $21,175,132
Accounts Receivable.................................... 54,153
Interest Receivable.................................... 49,278
Prepaid Charter Revenue ............................... 824,000
Prepaid Expenses....................................... 783,946
------------------
Total Current Assets................................ 22,886,509

Fixed Assets:
Advances for Vessel Acquisitions....................... 7,000,000
Vessels at cost, net of Accumulated
Depreciation of $5,879,515 at September 30...... 360,674,668
------------------
Total Fixed Assets.................................. 367,674,668
Restricted Cash.......................................... 5,500,000
Other Assets and Deferred Charges........................ 2,812,399
------------------
Total Assets............................................. $398,873,576
==================
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable....................................... $1,906,956
Accrued Liabilities.................................... 985,411
Deferred Revenue....................................... 1,720,000
Unearned Charter Hire Revenue.......................... 2,507,425
------------------
Total Current Liabilities........................... 7,119,792
Long-term Debt........................................... 157,000,00
------------------
Total Liabilities........................................ 164,119,792
Stockholders' Equity :
Common stock........................................... 271,500
Additional Paid-In Capital............................. 238,478,004
Accumulated Deficit.................................... (5,500,468)
Accumulated Other Comprehensive Income................. 1,504,748
------------------
Total Stockholders' Equity.......................... 234,753,784
------------------
Total Liabilities & Stockholders' Equity................. $398,873,576
==================

Condensed Consolidated Statement of Cash Flows:

Period from January
26, 2005 (inception)
to September 30, 2005
---------------------
Net Cash Provided by Operating Activities............... $ 18,359,470
Cash Flows from Investing Activities :
Advances for Vessel Acquisition....................... (7,000,000)
Purchase of Vessels................................... (365,733,279)
Vessel Improvements................................... (820,904)
Net Cash Used in Investing Activities................... (373,554,183)
Net Cash Provided by Financing Activities............... 376,369,845
---------------------
Net Increase in Cash.................................... $ 21,175,132
=====================

The Fleet

As of September 30, 2005, the Company owned and operated a fleet of 11 vessels
with a combined carrying capacity of 540,816 deadweight tons. During the third
quarter of 2005, the Company entered into agreements to purchase two Supramax
vessels which are to be renamed the M/V Merlin and the M/V Heron. The Company
took delivery of one of the Supramaxes on October, 26 2005 and expects to take
delivery of the other Supramax in December 2005. All of the Company's vessels
are employed on long term time charters. Including the M/V Heron, the average
age of the Company's fleet as of November 1, 2005, is 5.5 years.

Vessel dwt Vessel Age Daily Time Charter
- ------ --- ---------- -------------------
in Years Vessel Acquired Hire Rate (1) Time Charter Expiration (2)
-------- ---------------- ------------- ------------------------------
Supramax Vessels
----------------

Cardinal 55,408 1.0 April 18, 2005 $26,500 March 2007 to June 2007
Osprey I (3) 50,206 3.0 Aug 31, 2005 $21,000 July 2008 to November 2008
Condor 50,296 4.0 April 29, 2005 $24,000 November 2006 to March 2007
Falcon 50,296 4.0 April 21, 2005 $20,950 February 2008 to June 2008
Harrier 50,296 4.0 April 19, 2005 $23,750 March 2007 to June 2007
Hawk I 50,296 4.0 April 26, 2005 $23,750 March 2007 to June 2007
Merlin 50,296 4.0 October 26, 2005 $24,000 October 2007 to December 2007
Peregrine 50,913 4.0 June 30, 2005 $24,000 October 2006 to January 2007
Heron 52,827 4.0 Expected in $24,000 December 2007 to February 2008
December 2005
Handymax Vessels
----------------
Sparrow 48,220 5.0 July 19, 2005 $22,500 November 2006 to Feb 2007
Kite 47,195 8.0 May 9, 2005 $25,000 March 2006 to May 2006
Griffon 46,635 10.0 June 1, 2005 $28,000 February 2006 to April 2006
Shikra 41,096 21.0 April 29, 2005 $22,000 July 2006 to November 2006
- --------------------------------------------------------------------------------------------------------------

(1) The time charter rates are gross daily charter hire rates before
unaffiliated ship-broker commissions ranging from 1.25% to 6.25% of the
charter hire rate. As all our vessels are employed on time charters, the
charterer is responsible for voyage expenses such as port and canal
charges, bunker (fuel oil) costs and port and canal agents costs and other
voyage related costs.
(2) The date range provided represents the earliest and latest date on which
the charterer may redeliver the vessel to the Company upon the termination
of the charter.
(3) The charterer of the Osprey I has an option to extend the charter period by
up to 26 months at a daily time charter hire rate of $25,000.

Commercial and strategic management of the fleet is carried out by a
wholly-owned subsidiary of the Company, Eagle Shipping International (USA) LLC,
a Marshall Islands limited liability company with offices in New York City.

Glossary of Terms :

Average number of vessels: This is the number of vessels that constituted the
Company's fleet, for the relevant period, as measured by the sum of the number
of days each vessel was a part of the fleet during the period divided by the
number of calendar days in that period.

Ownership days: The Company defines ownership days as the aggregate number of
days in a period during which each vessel in its fleet has been owned. Ownership
days are an indicator of the size of the fleet over a period and affect both the
amount of revenues and the amount of expenses that is recorded during a period.

Available days: The Company defines available days as the number of ownership
days less the aggregate number of days that its vessels are off-hire due to
vessel familiarization upon acquisition, scheduled repairs or repairs under
guarantee, vessel upgrades or special surveys and the aggregate amount of time
that we spend positioning our vessels. The shipping industry uses available days
to measure the number of days in a period during which vessels should be capable
of generating revenues.

Operating days: The Company defines operating days as the number of its
available days in a period less the aggregate number of days that the vessels
are off-hire due to any reason, including unforeseen circumstances. The shipping
industry uses operating days to measure the aggregate number of days in a period
during which vessels actually generate revenues.

Conference Call Information

As previously announced, members of Eagle Bulk's senior management team will
host a teleconference and webcast at 8:30 a.m. ET on Monday, November 14th to
discuss the results.

To participate in the teleconference, investors and analysts are invited to call
866-770-7051 in the U.S., or 617-213-8064 outside of the U.S., and reference
participant code 76587892. A simulcast webcast can be accessed by visiting the
Company's website at: www.eagleships.com.

A replay will be available following the call until 12:00 a.m. ET on November
21, 2005. To access the replay, call 888-286-8010 in the U.S., or 617-801-6888
outside of the U.S., and reference the code 60302936.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in New
York. The Company is the largest U.S. based owner of Handymax dry bulk vessels.
Handymax vessels range in size from 35,000 to 60,000 deadweight tons and
transport a broad range of major and minor bulk cargoes, including iron ore,
coal, grain, cement and fertilizer, along worldwide shipping routes.

Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements.
Forward-looking statements reflect our current views with respect to future
events and financial performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of historical
facts.

The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in our records and other data available from third
parties. Although Eagle Bulk Shipping Inc. believes that these assumptions were
reasonable when made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or impossible to
predict and are beyond our control, Eagle Bulk Shipping Inc. cannot assure you
that it will achieve or accomplish these expectations, beliefs or projections.

Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward-looking statements include the
strength of world economies and currencies, general market conditions, including
changes in charter hire rates and vessel values, changes in demand that may
affect attitudes of time charterers to scheduled and unscheduled drydocking,
changes in our vessel operating expenses, including dry-docking and insurance
costs, or actions taken by regulatory authorities, potential liability from
future litigation, domestic and international political conditions, potential
disruption of shipping routes due to accidents and political events or acts by
terrorists.

Risks and uncertainties are further described in reports filed by Eagle Bulk
Shipping Inc. with the US Securities and Exchange Commission.

Visit our website at www.eagleships.com

Contact:
Company Contact:
Alan Ginsberg
Chief Financial Officer
Eagle Bulk Shipping Inc.
Tel. +1 212-785-2500

Investor Relations / Media:
Jon Morgan or Blake Kohn
Kekst & Company, New York
Tel. +1 212-521-4800

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Source: Eagle Bulk Shipping Inc.