Eagle Bulk Shipping Completes Greenship Bulk Fleet Acquisition with Delivery of Ninth Ultramax Vessel

9/5/17

STAMFORD, Conn., Sept. 05, 2017 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping, Inc. (Nasdaq:EGLE), one of the world’s largest owner-operators in the Supramax/Ultramax segment, today announced that it has taken delivery of the M/V Westport Eagle, the ninth and final Crown-63 Ultramax dry bulk vessel the Company acquired from Greenship Bulk Trust.

Gary Vogel, Eagle Bulk's CEO, commented, "The successful conclusion of the nine-vessel fleet acquisition from Greenship Bulk provides clear and unambiguous benefits for Eagle, chief among them a significantly expanded commercial footprint and a more modern and efficient fleet. These positive developments, in conjunction with the successful buildout of our active management model, should help ensure we generate both higher time charter equivalent (“TCE”) earnings and incremental shareholder value.”

With the addition of the M/V Westport Eagle, the Eagle Bulk fleet currently consists of 48 vessels on the water, comprised exclusively of Supramax/Ultramax vessels.

About Eagle Bulk Shipping
Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in Stamford, Connecticut. Eagle Bulk owns one of the largest fleets of Supramax/Ultramax dry bulk vessels in the world. Supramax/Ultramax vessels, which are constructed with on-board cranes, range in size from approximately 50,000 to 65,000 dwt. The Company transports a broad range of major and minor bulk cargoes, including but not limited to coal, grain, ore, pet coke, cement and fertilizer, along worldwide shipping routes.

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