Eagle Bulk Shipping Inc. Reports Fourth Quarter and Fiscal Year 2012 Results

 Eagle Bulk Shipping Inc. Reports Fourth Quarter and Fiscal Year 2012 Results

PR Newswire

NEW YORK, April 1, 2013

NEW YORK, April 1, 2013 /PRNewswire/ --Eagle Bulk Shipping Inc. (Nasdaq:
EGLE) today announced its results for the fourth quarter and fiscal year ended
December 31, 2012.

For the Fourth Quarter:

  oNet reported loss of $32.4 million or $1.92 per share (based on a weighted
    average of 16,849,175 diluted shares outstanding for the quarter),
    compared to net loss of $1.7 million, or $0.11 per share, for the
    comparable quarter of 2011.
  oNet revenues of $42.8 million, compared to $70.0 million for the
    comparable quarter in 2011. Gross time charter and freight revenues of
    $44.6 million, compared to $71.7 million for the comparable quarter of
    2011.
  oEBITDA, as adjusted for exceptional items under the terms of the Company's
    credit agreement, was $9.7 million for the fourth quarter of 2012,
    compared to $30.0 million for the fourth quarter of 2011.
  oFleet utilization rate of 99.4%.

For the Fiscal Year 2012:

  oNet reported loss of $102.8 million or $6.30 per share (based on a
    weighted average of 16,328,132 diluted shares outstanding for the year),
    compared to net loss of $14.8 million, or $0.95 per share, for the
    comparable year of 2011.
  oNet revenues of $190.8 million, compared to $313.4 million for the
    comparable year of 2011. Gross time charter and freight revenues of $198.8
    million, compared to $327.2 million for the comparable year of 2011.
  oEBITDA, as adjusted for exceptional items under the terms of the Company's
    credit agreement, was $46.0 million for the year of 2012, compared to
    $108.9 million for the year of 2011.
  oFleet utilization rate of 99.3%.

Sophocles N. Zoullas, Chairman and CEO, commented, "Amid ongoing challenges in
the dry bulk market, Eagle Bulk continues to execute an opportunistic,
short-term chartering strategy. This approach maximizes revenue upside while
ensuring Eagle Bulk is well-positioned when the market improves. At the same
time, management has successfully reduced costs while maintaining operational
excellence across the board."

Subsequent Event

On January 3, 2013, a comprehensive termination agreement between the Company
and KLC became effective, pursuant to which we agreed to accept $63.7 million
on an installment note and 1,224,094 common shares of KLC stock as
compensation for the early termination of the 13 charters with KLC. Under the
termination agreement, a payment of approximately $10.0 million of the cash
settlement was paid in the first quarter of 2013, and the balance of $53.7
million is to be paid in cash installments through 2021, with the majority of
the payments to be paid in the last five years. The KLC stock certificates
were issued on February 7, 2013 and are now being secured at the Korean
Securities Depository until August 7, 2013, the date on which we would have
been able to take possession of the share certificates. On March 28, 2013, the
Korean court approved an amendment to KLC rehabilitation plan after receiving
a favorable vote from the concerned parties. The amendment reduced our long
term receivable from KLC to $5.5 million to be paid in cash installments
through 2021; discounted our existing shares by a 1 to 15 ratio; and converted
the remainder of the long term receivable to shares that bring our holding of
KLC shares after the amendment to approximately 5%.

Results of Operations for the three-month period ended December 31, 2012 and
2011

For the fourth quarter of 2012, the Company reported a net loss of $32,423,775
or $1.92 per share, based on a weighted average of 16,849,175 diluted shares
outstanding. In the comparable fourth quarter of 2011, the Company reported
net loss of $1,698,979 or $0.11 per share, based on a weighted average of
15,675,180 diluted shares outstanding.

The Company's revenues were earned from time and voyage charters. Gross time
and voyage charter revenues in the quarter ended December 31, 2012 were
$44,572,372 compared to $71,704,158 recorded in the comparable quarter in
2011. The decrease in gross revenues is attributable primarily to lower
charter rates and a decrease in voyage charter revenues in the quarter ended
December 31, 2012. Gross revenues recorded in the quarter ended December 31,
2012 and 2011, include an amount of $1,196,202 and $1,254,697, respectively,
relating to the non-cash amortization of fair value below contract value of
time charters acquired. Brokerage commissions incurred on revenues earned in
the quarter ended December 31, 2012 and 2011 were $1,769,417 and $1,693,259,
respectively. Net revenues during the quarter ended December 31, 2012 and
2011, were $42,802,955 and $70,010,899, respectively.

Total operating expenses for the quarter ended December 31, 2012 were
$53,587,700 compared with $60,857,843 recorded in the fourth quarter of 2011.
The Company operated 45 vessels in the fourth quarter of 2012 and 2011. The
decrease in operating expenses was primarily due to a reduction in
chartered-in days, and lower voyage expenses offset by the increase in vessels
crew cost, insurances and vessel depreciation expense. The decrease in General
and Administrative expenses is primarily attributable to a reduction in
professional consultants' fees and a reduction in compensation expense
compared to 2011.

EBITDA, adjusted for exceptional items under the terms of the Company's credit
agreement, was $9,727,017 for the fourth quarter of 2012, compared with
$29,989,681 for the fourth quarter of 2011. (Please see below for a
reconciliation of EBITDA to net loss).

Results of Operations for the twelve-month period ended December 31, 2012 and
2011

For the twelve months ended December 31, 2012, the Company reported net loss
of $102,800,903 or $6.30 per share, based on a weighted average of 16,328,132
diluted shares outstanding. In the comparable period of 2011, the Company
reported net loss of $14,819,749 or $0.95 per share, based on a weighted
average of 15,655,443 diluted shares outstanding.

The Company's revenues were earned from time and voyage charters. Gross
revenues for the twelve-month period ended December 31, 2012 were $198,828,140
compared to $327,210,063 recorded in the comparable period of 2011. The
decrease in gross revenues is attributable to lower time charter rates and a
decrease in voyage revenues in the year, offset marginally by operating a
larger fleet. Gross revenues recorded in the twelve-month period ended
December 31, 2012 and 2011, include an amount of $4,770,214 and $5,088,268,
respectively, relating to the non-cash amortization of fair value below
contract value of time charters acquired. Brokerage commissions incurred on
revenues earned in the twelve-month periods ended December 31, 2012 and 2011
were $8,016,881 and $13,777,632, respectively. Net revenues during the
twelve-month period ended December 31, 2012, decreased to $190,811,259 from
$313,432,431 in the comparable period of 2011.

Total operating expenses were $228,029,512 in the twelve-month period ended
December 31, 2012 compared to $281,764,140 recorded in the same period of
2011. The decrease in operating expenses was primarily due to a reduction in
chartered-in days and lower voyage expenses offset by the increase in
operating a larger fleet size which includes increases in vessels crew cost,
insurances and vessel depreciation expense. The decrease in General and
Administrative expenses is primarily attributable to a reduction in
professional consultants' fees and a reduction in compensation expense
compared to 2011.

EBITDA, adjusted for exceptional items under the terms of the Company's credit
agreement, was $46,034,385 for the twelve months ended December 31,
2012compared with$108,853,142 for the same period of 2011. (Please see below
for a reconciliation of EBITDA to net loss).

Liquidity and Capital Resources

Net cash provided by operating activities during the years ended December 31,
2012 and 2011 was $4,777,961 and $58,296,117, respectively. The change in
2012from 2011 was primarily due to lower charter rates on time charter
renewalsand from operatingthe fleet for 16,389 days in 2012, and 17,514 days
in 2011.

Net cash provided by investing activities during 2012 was $294,414, compared
with net cash used in of $157,786,210 in 2011. Investing activities in 2011
reflected the purchase of the last eight newly constructed vessels, the
Thrush, Nighthawk, Oriole, Owl, Petrel bulker, Puffin bulker, Roadrunner
bulker and Sandpiper bulker, respectively. In July 2011, the Company sold, the
Heron, for proceeds of $22,511,226, after brokerage commissions payable to a
third party. In November 2011, Korea Line Corporation issued stock to Eagle
Bulk at a fair value of $955,093, as part of our settlement with KLC.

Net cash used in financing activities in 2012 was $12,027,610, compared to net
cash used of $4,556,384 in 2011. On June 20, 2012 the Company entered into a
Fourth Amended and Restated Credit Agreement and incurred $11,788,295 of cash
charges related to this amendment. In 2011,the Companyrepaid$21,875,735
toward our facility, and as part of our sixth amendatory and commercial
framework agreement with our lenders we reduced our restricted cash by
$19,000,000.

As of December 31, 2012, our cash balance was $18,119,968 compared to a cash
balance of $25,075,203 at December 31, 2011. In addition, our Restricted cash
balance includes $276,056, for collateralizing letters of credit relating to
our office leases as of December 31, 2012. As of December 31, 2011, our
Restricted cash balance included $276,056, for collateralizing letters of
credit relating to our office leases and $394,362 which collateralizedour
derivatives positions.

At December 31, 2012, the Company's debt consisted of $1,129,478,741 in term
loans and $15,387,468 paid-in-kind loans.

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 U.S. 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 herein may not be comparable to that used by other companies due
to differences in methods of calculation.

Our term loan agreement require us to comply with financial covenants based on
debt and interest ratio with extraordinary or exceptional items, interest,
taxes, non-cash compensation, depreciation and amortization (Credit Agreement
EBITDA). Therefore, we believe that this non-U.S. GAAP measure is important
for our investors as it reflects our ability to meet our covenants. The
following table is a reconciliation of net loss, as reflected in the
consolidated statements of operations, to the Credit Agreement EBITDA:

                Three Months Ended             Twelve Months Ended
                December 31,    December 31,   December 31,     December 31,
                2012            2011           2012             2011
Net loss        $ (32,423,775)  $ (1,698,979)  $ (102,800,903)  $ (14,819,749)
Interest          21,647,858      11,370,603     66,643,296       46,769,965
Expense
Depreciation
and               19,338,072      19,624,596     77,588,428       73,084,105
Amortization
Amortization of
fair value
below contract    (1,196,202)     (1,254,697)    (4,770,214)      (5,088,268)
value of time
charter
acquired
EBITDA            7,365,953       28,041,523     36,660,607       99,946,053
Adjustments for
Exceptional
Items:
Non-cash
Compensation      2,361,064       1,948,158      9,373,778        8,907,089
Expense (1)
Credit
Agreement       $ 9,727,017     $ 29,989,681   $ 46,034,385     $ 108,853,142
EBITDA

(1) Stock based compensation related to stock options, restricted stock units.

Capital Expenditures and Drydocking

Our capital expenditures relate to the purchase of vessels and capital
improvements to our vessels which are expected to enhance the revenue earning
capabilities and safety of these vessels.

In addition to acquisitions that we may undertake in future periods, the
Company's other major capital expenditures include funding the Company's
program of regularly scheduled drydocking necessary to comply with
international shipping standards and environmental laws and regulations.
Although the Company has some flexibility regarding the timing of its dry
docking, the costs are relatively predictable. Management anticipates that
vessels are to be drydocked every two and a half years. Funding of these
requirements is anticipated to be met with cash from operations. We anticipate
that this process of recertification will require us to reposition these
vessels from a discharge port to shipyard facilities, which will reduce our
available days and operating days during that period.

Drydocking costs incurred are deferred and amortized to expense on a
straight-line basis over the period through the date of the next scheduled
drydocking for those vessels. In 2012 three of our vessels were drydocked and
we incurred $1,094,325 in drydocking related costs. In 2011, four of our
vessels were drydocked and we incurred $2,809,406 in drydocking related costs.
In 2010, five of our vessels were drydocked and we incurred $2,827,534 in
drydocking related costs. The following table represents certain information
about the estimated costs for anticipated vessel drydockings in the next four
quarters, along with the anticipated off-hire days:

Quarter Ending     Off-hire Days(1) Projected Costs(2)
March 31, 2013     22               $0.60 million
June 30, 2013      44               $1.20 million
September 30, 2013 22               $0.60 million
December 31, 2013  44               $1.20 million

(1) Actual duration of drydocking will vary based on the condition of the
    vessel, yard schedules and other factors.
(2) Actual costs will vary based on various factors, including where the
    drydockings are actually performed.

Summary Consolidated Financial and Other Data:

The following table summarizes the Company's selected consolidated financial
and other data for the periods indicated below.



CONSOLIDATED STATEMENTS OF OPERATIONS
                      Three Months Ended,
                      December 31,                Twelve Months Ended,
                                                  December 31,
                      (Unaudited)
                      2012          2011          2012           2011
Revenues, net of      $42,802,955   $70,010,899   $190,811,259   $313,432,431
commissions
Voyage expenses       5,739,734     8,403,814     26,110,591     44,345,774
Vessel expenses       22,995,951    22,285,822    90,551,655     85,049,671
Charter hire expenses -             3,202,586     1,713,417      41,215,875
Depreciation and      19,338,072    19,624,596    77,588,428     73,084,105
amortization
General and
administrative        5,513,943     7,341,025     32,065,421     37,559,639
expenses
Loss from sale of     -             -             —              509,076
vessel
 Total operating   53,587,700    60,857,843    228,029,512    281,764,140
expenses
Operating (loss)      (10,784,745)  9,153,056     (37,218,253)   31,668,291
income
Interest expense      21,647,858    11,370,603    66,643,296     46,769,965
Interest income       (8,828)       (7,077)       (32,271)       (130,007)
Other Income          -             (511,491)     (1,028,375)    (151,918)
 Total other       21,639,030    10,852,035    65,582,650     46,488,040
expense, net
Net loss              $(32,423,775) $(1,698,979)  $(102,800,903) $(14,819,749)
Weighted average
shares outstanding*:
Basic                 16,849,175    15,675,180    16,328,132     15,655,443
Diluted               16,849,175    15,675,180    16,328,132     15,655,443


Per share amounts:
Basic net loss        $(1.92)       $(0.11)       $(6.30)        $(0.95)
Diluted net loss      $(1.92)       $(0.11)       $(6.30)        $(0.95)

* Adjusted to give effect to the 1 for 4 reverse stock split that became
effective on May 22, 2012.



Fleet Operating Data
                          Three Months Ended         Twelve Months Ended
                          December 31, December 31,  December 31, December 31,

                          2012         2011          2012         2011
Ownership Days            4,140        4,122         16,470       15,290
Chartered-in under        -            182           90           2,421
operating lease Days
Total                     4,140        4,304         16,560       17,711
Available Days            4,140        4,283         16,512       17,619
Operating Days            4,114        4,272         16,389       17,514
Fleet Utilization         99.4%        99.7%         99.3%        99.4%



CONSOLIDATED BALANCE SHEETS
                                         December 31, 2012  December 31, 2011
ASSETS:
Current assets:
Cash and cash equivalents                $18,119,968         $   25,075,203
Accounts receivable, net                 9,303,958           13,960,777
Prepaid expenses                         3,544,810           3,969,905
Inventories                              12,083,125          11,083,331
Investment                               197,509             988,196
Fair value above contract value of time  549,965             567,315
charters acquired
Fair value of derivative instruments     —                   246,110
  Total current assets           43,799,335          55,890,837
Noncurrent assets:
Vessels and vessel improvements, at
cost, net of accumulated                                    

 depreciation of $314,700,681 and       1,714,307,653       1,789,381,046
$239,568,767, respectively
Other fixed assets, net of accumulated
amortization of $515,896 and $324,691,  447,716             605,519
respectively
Restricted cash                          276,056             670,418
Deferred drydock costs                   2,132,379           3,303,363
Deferred financing costs                 25,095,469          11,766,779
Fair value above contract value of time  2,491,530           3,041,496
charters acquired
Other assets                             594,012             2,597,270
 Total noncurrent assets         1,745,344,815       1,811,365,891
Total assets                             $1,789,144,150      $1,867,256,728
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable                         $10,235,007         $10,642,831
Accrued interest                         2,430,751           2,815,665
Other accrued liabilities                14,330,141          11,822,582
Current portion of long-term debt        —                   32,094,006
Deferred revenue and fair value below    3,237,694           5,966,698
contract value of time charters acquired
Unearned charter hire revenue            3,755,166           5,779,928
  Total current liabilities       33,988,759          69,121,710
Noncurrent liabilities:
Long-term debt                           1,129,478,741       1,097,384,735
Payment-in-kind loans                    15,387,468          —
Deferred revenue and fair value below    13,850,772          17,088,464
contract value of time charters acquired
Fair value of derivative instruments     2,243,833           9,486,116
 Total noncurrent liabilities    1,160,960,814       1,123,959,315
Total liabilities                        1,194,949,573       1,193,081,025
Commitment and contingencies
Stockholders' equity:
Preferred stock, $.01 par value,
25,000,000 shares authorized, none       —                   —
issued
Common stock, $.01 par value,                               
100,000,000 shares authorized,
16,638,092 and 15,750,796* shares issued 166,378             157,508
and outstanding, respectively
Additional paid‑in capital               762,313,030         745,945,694
Retained earnings (net of dividends
declared of $262,118,388 as of December  (165,275,389)       (62,474,486)
31, 2012 and December 31, 2011,
respectively)
Accumulated other comprehensive loss     (3,009,442)         (9,453,013)
  Total stockholders' equity      594,194,577         674,175,703
Total liabilities and stockholders'      $1,789,144,150      $1,867,256,728
equity

* Adjusted to give effect to the 1 for 4 reverse stock split that became
effective on May 22, 2012.



CONSOLIDATED STATEMENTS OF CASH FLOWS
                               Year Ended December 31,
                               2012             2011             2010
Cash flows from operating
activities:
Net income (loss)            $ (102,800,903)  $ (14,819,749)   $ 26,844,650
Adjustments to reconcile net
income (loss) to net cash
provided by operating
activities:
Items included in net income
not affecting cash flows:
Depreciation and               75,323,119       69,887,121       59,503,895
amortization
Amortization of deferred       2,265,309        3,196,984        3,441,583
drydocking costs
Amortization of deferred       6,542,727        4,172,604        3,202,455
financing costs
Amortization of fair value
(below) above contract value   (4,770,214)      (5,088,268)      (4,754,407)
of time charter acquired
Loss (gain) on sale of         —                509,076          (291,011)
vessel
Payment-in-kind interest on    15,387,468       —                —
loans
Unrealized (gain) loss on      246,110          (373,868)        127,758
derivatives, net
Allowance for accounts         5,351,609        1,811,320        —
receivable
Non-cash compensation          9,373,778        8,907,089        14,741,813
expense
Drydocking expenditures        (1,094,325)      (2,809,406)      (2,827,534)
Changes in operating assets
and liabilities:
Accounts receivable            (694,790)        (1,405,602)      (6,923,045)
Other assets                   2,003,258        (2,527,269)      (70,001)
Prepaid expenses               425,095          (510,184)        1,529,725
Inventories                    (999,794)        (7,893,279)      (3,190,052)
Accounts payable               (407,824)        4,553,558        3,799,940)
Accrued interest               (384,914)        (4,526,690)      (4,211,361)
Accrued expenses               1,666,181        5,972,108        2,022,756
Deferred revenue               (629,167)        (448,024)        159,467
Unearned charter hire          (2,024,762)      (311,404)        1,233,199
revenue
Net cash provided by           4,777,961        58,296,117       94,339,830
operating activities
Cash flows from investing
activities:
Vessels and vessel
improvements and Advances      (58,521)         (179,105,635)    (301,795,862)
for vessel construction
Purchase of other fixed        (33,402)         (356,631)        (255,713)
assets
Proceeds from sale of vessel   —                22,511,226       21,055,784
Investment                     (8,025)          (955,093)        —
Changes in restricted cash     394,362          119,923          —
Net cash provided by (used     294,414          (157,786,210)    (280,995,791)
in) investing activities
Cash flows from financing
activities:
Bank borrowings                —                —                251,183,596
Repayment of debt              —                (21,875,735)     —
Changes in restricted cash     —                19,000,000       (6,014,285)
Deferred financing costs       (11,788,295)     —                —
Cash used to settle net        (239,315)        (1,680,649)      (736,443)
share equity awards
Net cash provided by (used     (12,027,610)     (4,556,384)      244,432,868
in) financing activities
Net increase/(decrease) in     (6,955,235)      (104,046,477)    57,776,907
Cash
Cash at beginning of period    25,075,203       129,121,680      71,344,773
Cash at end of period        $ 18,119,968     $ 25,075,203     $ 129,121,680
Supplemental cash flow
information:
Cash paid during the period
for Interest (including
capitalized interest and
commitment fees              $ 45,098,012     $ 48,498,289     $ 57,480,100
of$209,883, $3,200,486 and
$13,725,858 in 2012, 2011
and 2010, respectively)



The following table represents certain information about our revenue earning
charters on our operating fleet as of December 31, 2012:

                   Year                                  Daily

Vessel              Built   Dwt      Charter Expiration(1) Charter Hire Rate
Avocet              2010    53,462   Jan 2013               Voyage(2)
Bittern             2009    57,809   Jan 2013               $10,000(2)
Canary              2009    57,809   Jan 2013               $13,000(2)
Cardinal            2004    55,362   Jan 2013               $9,750 (2)
Condor              2001    50,296   Jan 2013               Voyage
Crane               2010    57,809   Jan 2013               $8,000
Crested Eagle       2009    55,989   Feb 2013 to May 2013   $11,000
Crowned Eagle       2008    55,940   —                      Spot(2)
Egret Bulker        2010    57,809   Jan 2013               $13,000(2)
Falcon              2001    50,296   Jan 2013               $8,000(2)
                                                            $17,650 (with 50%
Gannet Bulker       2010    57,809   Jan 2013
                                                            profit share over
                                                            $20,000)
Golden Eagle        2010    55,989   Jan 2013 to Feb 2013   $7,250
Goldeneye           2002    52,421   Feb 2013 to May 2013   Index(3)
                                                            $17,650 (with 50%
Grebe Bulker        2010    57,809   Feb 2013 to Jun 2013
                                                            profit share over
                                                            $20,000)
Harrier             2001    50,296   Jan 2013               $7,250(2)
Hawk I              2001    50,296   Jan 2013               $6,500(2)
                                                            $17,650 (with 50%
Ibis Bulker         2010    57,775   Mar 2013 to Jul 2013
                                                            profit share over
                                                            $20,000)
Imperial Eagle      2010    55,989   Jan 2013 to Feb 2013   $8,250
Jaeger              2004    52,248   —                      Spot
Jay(2)              2010    57,802   Jan 2013               Voyage
Kestrel I           2004    50,326   Mar 2013 to May 2013   $9,500
Kingfisher          2010    57,776   Jan 2013 to Mar 2013   $8,900
Kite                1997    47,195   —                      Spot(2)
Kittiwake           2002    53,146   Jan 2013               $10,500(2)
Martin              2010    57,809   Jan 2013               $8,000
Merlin              2001    50,296   Jan 2013               $8,500(2)
Nighthawk           2011    57,809   Feb 2013               Voyage(2)
Oriole              2011    57,809   Jan 2013               $10,250(2)
Osprey I            2002    50,206   Apr 2013 to Aug 2013   $8,000(2)
Owl                 2011    57,809   —                      Spot(2)
Peregrine           2001    50,913   Jun 2013 to Sep 2013   $8,250(2)
                                                            $17,650(4) (with
                                                            50%
Petrel Bulker       2011    57,809   Jul 2014-Nov 2014
                                                            profit share over
                                                            $20,000)
                                                            $17,650(4) (with
                                                            50%
Puffin Bulker       2011    57,809   May 2014-Sep 2014
                                                            profit share over
                                                            $20,000)
Redwing             2007    53,411   Jan 2013               $7,500(2)
                                                            $17,650(4) (with
                                                            50%
Roadrunner Bulker   2011    57,809   Aug 2014-Dec 2014
                                                            profit share over
                                                            $20,000)
                                                            $17,650(4) (with
                                                            50%
Sandpiper Bulker    2011    57,809   Jul 2014-Nov 2014
                                                            profit share over
                                                            $20,000)
Shrike              2003    53,343   Jan 2013               $11,300(2)
Skua                2003    53,350   Jan 2013               $10,000(2)
Sparrow             2000    48,225   Mar 2013 to May 2013   $7,500(2)
Stellar Eagle       2009    55,989   Mar 2013 to Jun 2013   Index(3)
Tern                2003    50,200   Jan 2013               $8,000(2)
Thrasher            2010    53,360   —                      Spot(2)
Thrush              2011    53,297   Jan 2013               $12,300(2)
Woodstar            2008    53,390   Jan 2013               Voyage
Wren                2008    53,349   Jan 2013               $6,250(2)
(1) 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. The time charter hire rates presented are gross daily charter
rates before brokerage commissions, ranging from 0.625% to 5.00%, to third
party ship brokers.
(2) Upon conclusion of the previous charter the vessel will commence a short
term charter for up to six months.
(3) Index, an average of the trailing Baltic Supramax Index.
(4) The charterer has an option to extend the charter by 2 periods of 11 to 13
months each.

Glossary of Terms:

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.

Chartered-in under operating lease days: The Company defines chartered-in
under operating lease days as the aggregate number of days in a period during
which the Company chartered-in vessels.

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.

Fleet utilization: The Company calculates fleet utilization by dividing the
number of our operating days during a period by the number of our available
days during the period. The shipping industry uses fleet utilization to
measure a company's efficiency in finding suitable employment for its vessels
and minimizing the amount of days that its vessels are off-hire for reasons
other than scheduled repairs or repairs under guarantee, vessel upgrades,
special surveys or vessel positioning. Our fleet continues to perform at very
high utilization rates.

Conference Call Information

Members of Eagle Bulk's senior management team will host a teleconference and
webcast at 8:30 a.m. ET on Tuesday, April 2nd to discuss the results.

To participate in the teleconference, investors and analysts are invited to
call 877-703-6102 in the U.S., or 857-244-7301 outside of the U.S., and
reference participant code 91106673. A simultaneous webcast of the call,
including a slide presentation for interested investors and others, may be
accessed by visiting http://www.eagleships.com.

A replay will be available following the call until 11:59 PM ET on April 9^th,
2013. To access the replay, call 888-286-8010  in the U.S., or 617-801-6888
outside of the U.S., and reference passcode 36113886.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in
New York. The Company is a leading global owner of Supramax dry bulk vessels
that range in size from 50,000 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



SOURCE Eagle Bulk Shipping Inc.

Website: http://www.eagleships.com
Contact: Company: Adir Katzav, Chief Financial Officer, Eagle Bulk Shipping
Inc., +1-212-785-2500; Investor Relations / Media: Jonathan Morgan, Perry
Street Communications, New York, +1-212-741-0014