Eagle Bulk Shipping Inc. Reports Third Quarter 2013 Results

         Eagle Bulk Shipping Inc. Reports Third Quarter 2013 Results

PR Newswire

NEW YORK, Nov. 13, 2013

NEW YORK, Nov. 13, 2013 /PRNewswire/ --Eagle Bulk Shipping Inc. (Nasdaq:
EGLE) today announced its results for the third quarter ended September 30,
2013.

For the Third Quarter:

  oNet reported loss of $37.6 million or $2.22 per share (based on a weighted
    average of 16,986,395 diluted shares outstanding for the quarter),
    compared with net loss of $29.8 million, or $1.77 per share, for the
    comparable quarter of 2012.
  oNet revenues of $39.0 million, compared to $46.9 million for the
    comparable quarter in 2012. Gross time charter and freight revenues of
    $40.7 million, compared with $48.9 million for the comparable quarter of
    2012.
  oEBITDA, as adjusted for exceptional items under the terms of the Company's
    credit agreement, was $3.0 million for the third quarter of 2013, compared
    with $12.5 million for the third quarter of 2012.
  oFleet utilization rate of 99.7%.

Sophocles N. Zoullas, Chairman and CEO, commented, "During the third quarter
the dry bulk market remained in a cyclical trough characterized by steady
demand offset by excess tonnage capacity. While we see signs that this
imbalance is improving over time, Eagle Bulk's focus remains unchanged:
operational excellence, a flexible and revenue-maximizing chartering strategy
and a diversified cargo mix that promotes stability through a range of market
conditions."

Results of Operations for the three-month period ended September 30, 2013 and
2012

For the third quarter of 2013, the Company reported net loss of $37,630,051 or
$2.22 per share, based on a weighted average of 16,986,395 diluted shares
outstanding. In the comparable third quarter of 2012, the Company reported net
loss of $29,837,360 or $1.77 per share, based on a weighted average of
16,821,024 diluted shares outstanding.

Gross time and voyage charter revenues in the quarter ended September 30, 2013
were $40,694,731 compared with $48,895,357 recorded in the comparable quarter
in 2012. The decrease in revenue is attributable to lower time charter rates
earned by the fleet. Gross revenues recorded in the quarter ended September
30, 2013 and 2012 include an amount of $0 and $1,139,972, respectively,
relating to the non-cash amortization of fair value below contract value time
charters acquired. Brokerage commissions incurred on revenues earned in the
quarter ended September 30, 2013 and 2012 were $1,716,313 and $2,040,686,
respectively. Net revenues during the quarter ended September 30, 2013 and
2012 were $38,978,418 and $46,854,671, respectively.

Total operating expenses for the quarter ended September 30, 2013 were
$48,235,359 compared with $54,718,097 recorded in the third quarter of 2012.
The Company operated 45 vessels in both third quarters of 2013 and 2012. The
decrease in operating expenses resulted partly from the gain realized on time
charter termination of $3,564,771 and partly from lower professional fee costs
and compensation costs resulting in lower general and administrative expenses.
In addition, there was a reduction in charter hire expenses as none were
incurred during the three-month period ended September 30, 2013.

EBITDA, adjusted for exceptional items under the terms of the Company's credit
agreement, was $3,028,674 for the third quarter of 2013, compared with
$12,523,686 for the third quarter of 2012. (Please see below for a
reconciliation of EBITDA to loss).

Other

The KLC stock held by the Company is designated as Available for sale and is
reported at fair value, with unrealized gains and losses recorded in
shareholders' equity as a component of accumulated other comprehensive income.
On September 30, 2013, the fair value of the KLC stock held by the Company was
$22.1 million. The change in the fair value of our KLC investment was
considered as other than temporary, and therefore the Company recorded a
non-cash loss of $7.3 million in Other expense in the third quarter of 2013.

Results of Operations for the nine-month period ended September 30, 2013 and
2012

For the nine months ended September 30, 2013, the Company reported net loss of
$39,294,848 or $2.32 per share, based on a weighted average of 16,973,813
diluted shares outstanding. In the comparable period of 2012, the Company
reported net loss of $70,377,128 or $4.36 per share, based on a weighted
average of 16,153,184 diluted shares outstanding.

Gross time and voyage charter revenues in the nine-month period ended
September 30, 2013 were $160,156,275 compared with $154,255,768 recorded in
the comparable period in 2012. The increase in revenue is attributable to the
settlement agreement with KLC, pursuant to which the Company recognized
revenue of approximately $32.8 million, offset by lower time charter rates
earned by the fleet. Gross revenues recorded in the period ended September 30,
2013 and 2012, include an amount of $10,280,559 and $3,574,012, respectively,
relating to the non-cash amortization of fair value below contract value of
time charters acquired of which $10,106,247 relates to the KLC settlement
agreement in the quarter ended March 31, 2013. Brokerage commissions incurred
on revenues earned in the period ended September 30, 2013 and 2012 were
$4,715,359 and $6,247,464, respectively. Net revenues during the period ended
September 30, 2013 and 2012, were $155,440,916 and $148,008,304, respectively.

Total operating expenses were $122,236,686 in the nine-month period ended
September 30, 2013 compared to $174,441,812 recorded in the same period of
2012. The Company operated 45 vessels in both nine-month periods of 2013 and
2012. The decrease in operating expenses resulted primarily from a gain
realized from the settlement agreement with KLC of $32,526,047. The decrease
in general and administrative expenses resulted primarily from a reduction in
allowance for accounts receivable, professional fee costs and compensation
expenses. The decrease in vessel expenses in the nine-month period is
attributable to efficiencies achieved through performing in-house technical
management by transferring nine additional vessels from one of our
unaffiliated third party managers. In addition, there was a reduction in
charter hire expenses as none were incurred during the nine-month period ended
September 30, 2013.

EBITDA, adjusted for exceptional items under the terms of the Company's credit
agreement, increased to $74,173,569 for the nine months ended September 30,
2013 from $36,307,368 for the same period in 2012. (Please see below for a
reconciliation of EBITDA to net loss).

Liquidity and Capital Resources

Net cash used in operating activities during the nine-month period ended
September 30, 2013 was $342,990, compared with net cash provided by operating
activities of $2,644,520 during the corresponding nine-month period ended
September 30, 2012. The decrease was primarily due to lower rates on charter
renewals offset by reductions in general and administrative expenses.

Net cash provided by investing activities during the nine-month period
endedSeptember 30, 2013, was $2,275,326, compared with $287,344 during the
corresponding nine-month period ended September 30, 2012. The increase was
primarily due to proceeds from sale of investment.

Net cash used in financing activities during the nine-month period ended
September 30, 2013 and 2012 was $126,535 and $9,447,930, respectively. The
financing activity during the nine-month period ended September 30, 2012,
related primarily to the additional expenses incurred related to the amendment
and restatement of the Company's credit agreement.

As of September 30, 2013, our cash balance was $19,925,769, compared to a cash
balance of $18,119,968 at December 31, 2012. As of September 30, 2013, our
Restricted Cash balance relating to our office lease was $66,243.

At September 30, 2013, the Company's debt consisted of $1,129,478,741 in term
loans and $37,112,217 paid-in-kind loans compared with the Company's debt at
December 31, 2012, which consisted of $1,129,478,741 in term loans and
$15,387,468 paid-in-kind loans.

We anticipate that our current financial resources, together with cash
generated from operations will be sufficient to fund the operations of our
fleet, including our working capital, throughout 2013. The general decline in
the dry bulk carrier charter market has resulted in lower charter rates for
vessels in the dry bulk market. However, if the current charter hire rates do
not improve significantly for the remainder of 2013 and in the first quarter
of 2014, the Company will not be in compliance with the maximum leverage ratio
and the minimum interest coverage ratio covenants under the Fourth Amended and
Restated Credit Facility at or after March 31, 2014; and, if charter hire
rates deteriorate from current levels or if we are unable to achieve our cost
cutting measures or if we realize additional losses on our Korea Lines
Corporation available for sale investment, the Company will not be in
compliance with the maximum leverage ratio covenant in the fourth quarter of
2013. Although there is no assurance that we will be successful in doing so,
we are evaluating asset sales, equity and debt financing alternatives that
could raise incremental cash.

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 requires 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            Nine Months Ended
                   September 30,  September 30,  September 30,  September 30,

                   2013           2012           2013           2012
                                                            
Net Loss                          $ (29,837,360)                  (70,377,128)
                   $ (37,630,051)                $ (39,294,848) $
Interest Expense     20,729,626     21,981,186     61,957,771     44,995,438
Depreciation and     19,366,495     19,389,042     57,463,027     58,250,356
Amortization
Amortization of                                   
fair value (below)
                                   (1,139,972)                  (3,574,012)
above market of
time charter         -                             (10,280,559)
acquired
EBITDA               2,466,070      10,392,896     69,845,391     29,294,654
Adjustments for
Exceptional Items
Non-cash                                          
Compensation                        2,130,790                     7,012,714
Expense (1)          562,604                       4,328,178
Credit Agreement   $ 3,028,674    $ $12,523,686  $ 74,173,569   $ 36,307,368
EBITDA
 (1) Stock based compensation related to stock options and 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
maintenance program of regularly scheduled drydocking necessary to preserve
the quality of our vessels as well as to comply with international shipping
standards and environmental laws and regulations. Although the Company has
some flexibility regarding the timing of its drydocking, 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 amortized to expense on a straight-line basis
over the period through the date of the next scheduled drydock. Two vessels
drydocked in the three months ended September 30, 2013. 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)
December 31, 2013          22                       $0.60 million
March 31, 2014             66                       $1.80 million
June 30, 2014              66                       $1.80 million
September 30, 2014         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

(UNAUDITED)
                                                  

                       Three Months Ended          Nine Months Ended
                       September 30, September 30, September 30, September 30,

                       2013          2012          2013          2012
Revenues, net of       $38,978,418   $46,854,671   $155,440,916  $148,008,304
commissions
Voyage expenses        7,683,180     6,480,233     23,288,739    20,370,857
Vessel expenses        21,804,188    21,246,653    63,132,366    67,557,977
Charter hire expenses  -             1,104,571     -             1,711,144
Depreciation and       19,366,495    19,389,042    57,463,027    58,250,356
amortization
General and
administrative         2,946,267     6,497,598     10,878,601    26,551,478
expenses
Gain on time charter                                          
agreement
                       (3,564,771)   —             (32,526,047)  —
 termination
 Total operating    48,235,359    54,718,097    122,236,686   174,441,812
expenses
Operating income       (9,256,941)   (7,863,426)   33,204,230    (26,433,508)
(loss)
Interest expense       20,729,626    21,981,186    61,957,771    44,995,438
Interest income        (3,321)       (7,252)       (71,775)      (23,443)
Other (Income) expense 7,646,805     -             10,613,082    (1,028,375)
 Total other        28,373,110    21,973,934    72,499,078    43,943,620
expense, net
Net loss               $(37,630,051) $(29,837,360) $(39,294,848) $(70,377,128)


Weighted average
shares outstanding:
Basic                  16,986,395    16,821,024    16,973,813    16,153,184
Diluted                16,986,395    16,821,024    16,973,813    16,153,184


Per share amounts:
Basic net loss         $(2.22)       $(1.77)       $(2.32)       $(4.36)
Diluted net loss       $(2.22)       $(1.77)       $(2.32)       $(4.36)



 Fleet Data
                       Three Months Ended          Nine Months Ended
                       September 30, September 30, September 30, September 30,

                       2013          2012          2013          2012
Ownership Days         4,140         4,140         12,285        12,330
Chartered-in under     -             58            -             90
operating lease Days
Available Days         4,109         4,198         12,193        12,372
Operating Days         4,096         4,172         12,133        12,275
Fleet Utilization      99.7%         99.4%         99.5%         99.2%



CONSOLIDATED BALANCE SHEETS

(UNAUDITED)
                                                September 30,   December 31,

                                                2013            2012
ASSETS:
Current assets:
Cash and cash equivalents                       $19,925,769     $18,119,968
Accounts receivable, net                        11,144,155      9,303,958
Prepaid expenses                                3,328,383       3,544,810
Inventories                                     12,111,008      12,083,125
Investment                                      22,110,249      197,509
Other assets and Fair value above contract      3,864,251       549,965
value of time charters acquired
  Total current assets                  72,483,815      43,799,335
Noncurrent assets:
Vessels and vessel improvements, at cost, net
of accumulated                                                  
                                                1,658,395,104
 depreciation of $370,705,330 and                             1,714,307,653
$314,700,681, respectively
Other fixed assets, net of accumulated
amortization of $640,374 and $515,896,         364,868         447,716
respectively
Restricted cash                                 66,243          276,056
Deferred drydock costs                          3,177,196       2,132,379
Deferred financing costs                        18,840,341      25,095,469
Fair value above contract value of time         -               2,491,530
charters acquired
Other assets                                    861,988         594,012
 Total noncurrent assets                1,681,705,740   1,745,344,815
Total assets                                    $1,754,189,555  $1,789,144,150
LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable                                $10,937,962     $10,235,007
Accrued interest                                268,430         2,430,751
Other accrued liabilities                       9,849,461       14,330,141
Deferred revenue and fair value below contract  -               3,237,694
value of time charters acquired
Unearned charter hire revenue                   4,383,930       3,755,166
Fair value of derivative instruments            -               2,243,833
  Total current liabilities              25,439,783      36,232,592
Noncurrent liabilities:
Long-term debt                                  1,129,478,741   1,129,478,741
Payment-in-kind loans                           37,112,217      15,387,468
Deferred revenue and fair value below contract  -               13,850,772
value of time charters acquired
 Total noncurrent liabilities           1,166,590,958   1,158,716,981
Total liabilities                               1,192,030,741   1,194,949,573
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, 16,658,417 and 16,638,092
shares                                                         
                                                166,581
issued                                                       166,378

 and outstanding, respectively
Additional paid‑in capital                      766,562,470     762,313,030
Retained earnings (net of historical dividends  (204,570,237)   (165,275,389)
declared of $262,118,388)
Accumulated other comprehensive loss            -               (3,009,442)
  Total stockholders' equity             562,158,814     594,194,577
Total liabilities and stockholders' equity      $1,754,189,555  $1,789,144,150



CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)
                                                  Nine Months Ended
                                                  September 30,  September 30,

                                                  2013           2012
Cash flows from operating activities:
Net loss                                          $(39,294,848)  $(70,377,128)
Adjustments to reconcile net loss to net cash
(used in) provided by operating

 activities:
Items included in net loss not affecting cash
flows:
Depreciation                                      56,129,127     56,388,161
Amortization of deferred drydocking costs         1,333,900      1,862,195
Amortization of deferred financing costs          6,271,128      4,428,572
Amortization of fair value below contract value   (10,280,559)   (3,574,012)
of time charter acquired
Payment-in-kind interest on debt                  21,724,749     8,101,953
Unrealized gain from forward freight agreements,  -              246,110
net
Investment                                        (4,925,952)    -
Realized loss from investment                     10,613,082     -
Gain on time charter agreement termination        (29,033,503)   -
Allowance for accounts receivable                 -              5,351,609
Non‑cash compensation expense                     4,328,178      7,012,714
Drydocking expenditures                           (2,378,717)    (1,085,541)
Changes in operating assets and liabilities:
Accounts receivable                               (1,840,197)    (5,185,340)
Other assets                                      (4,132,227)    2,089,633
Prepaid expenses                                  216,427        708,671
Inventories                                       (27,883)       269,672
Accounts payable                                  702,955        (1,169,678)
Accrued interest                                  (2,162,321)    (861,935)
Accrued expenses                                  (4,448,680)    505,953
Deferred revenue                                  (3,766,413)    (471,017)
Unearned revenue                                  628,764        (1,596,072)
Net cash provided by (used in) operating          (342,990)      2,644,520
activities
 Cash flows from investing activities:
Proceeds from sale of investment                  2,199,243      -
Vessels improvements                              (92,100)       (58,521)
Purchase of other fixed assets                    (41,630)       (48,497)
Changes in restricted cash                        209,813        394,362
Net cash provided by investing activities         2,275,326      287,344
Cash flows from financing activities:
Deferred financing costs                          (48,000)       (9,382,792)
Cash used to settle net share equity awards       (78,535)       (65,138)
Net cash used in financing activities             (126,535)      (9,447,930)
Net increase / (decrease) in cash                 1,805,801      (6,516,066)
Cash at beginning of period                       18,119,968     25,075,203
Cash at end of period                             $19,925,769    $18,559,137



We have employed all of our vessels in our operating fleet on time and voyage
charters. The following table represents certain information about our revenue
earning charters with respect to our operating fleet as of September 30, 2013:

                Year            Charter Expiration      Daily Charter Hire
Vessel                  Dwt     (1)                     Rate
                Built
Avocet          2010    53,462  Oct 2013              $ 8,000(2)
Bittern         2009    57,809  Nov 2013 to Jan 2014  $ 8,250
Canary          2009    57,809  Nov 2013 to Dec 2013  $ 10,250
Cardinal        2004    55,362  Nov 2013                Voyage(2)
Condor          2001    50,296  Oct 2013              $ 9,000(2)
Crane           2010    57,809  Nov 2013                Voyage (2)
Crested Eagle   2009    55,989  Nov 2013              $ 7,000
Crowned Eagle   2008    55,940  Nov 2013 to Dec 2013  $ 9,450
Egret Bulker   2010    57,809  Nov 2013              $ 8,750
Falcon          2001    50,296  Oct 2013              $ 8,500(2)
Gannet Bulker   2010    57,809  Dec 2013 to Feb 2014  $ 8,500
Golden Eagle    2010    55,989  Nov 2013 to Dec 2013  $ 9,250
Goldeneye       2002    52,421  Oct 2013                Voyage (2)
Grebe Bulker    2010    57,809  Oct 2013              $ 6,000(2)
Harrier         2001    50,296  Nov 2013              $ 10,750(2)
Hawk I          2001    50,296  Oct 2013              $ 10,000(2)
Ibis Bulker     2010    57,775  Oct 2013              $ 7,750(2)
Imperial Eagle  2010    55,989  Jul 2014 to Nov 2014    Index
Jaeger          2004    52,248  Nov 2013              $ 13,750(2)
Jay             2010    57,802  Nov 2013              $ 8,000
Kestrel I       2004    50,326  Oct 2013              $ 9,850(2)
 Kingfisher  2010    57,776  Nov 2013 to Dec 2013  $ 8,800
Kite            1997    47,195  Nov 2013              $ 7,500
Kittiwake       2002    53,146  Oct 2013              $ 6,500(2)
Martin          2010    57,809  Oct 2013                Voyage (5)
Merlin          2001    50,296  Oct 2013              $ 9,600(2)
Nighthawk       2011    57,809  Oct 2013              $ 9,000(2)
Oriole          2011    57,809  Dec 2013 to Feb 2014  $ 10,000
Osprey I        2002    50,206  Dec 2013              $ 10,000
Owl             2011    57,809  Oct 2013              $ 10,500(2)
Peregrine       2001    50,913  Nov 2013                Voyage (2)
Petrel Bulker   2011    57,809  May 2014 to Sep 2014    $17,650(4) (with 50%

                                                    profit share over
                                                        $20,000)
Puffin Bulker   2011    57,809  May 2014 to Sep 2014    $17,650(4) (with 50%

                                                    profit share over
                                                        $20,000)
Redwing         2007    53,411  Nov 2013              $ 6,000
Roadrunner      2011    57,809  Aug 2014 to Dec 2014    $17,650(4) (with 50%

Bulker                                              profit share over
                                                        $20,000)
Sandpiper       2011    57,809  Aug 2014 to Dec 2014    $17,650(4) (with 50%

Bulker                                              profit share over
                                                        $20,000)
Shrike          2003    53,343  Oct 2013              $ 7,850(2)
Skua            2003    53,350  Dec 2013              $ 8,500
Sparrow         2000    48,225  Oct 2013              $ 12,000(2)
Stellar Eagle   2009    55,989  Jan 2014 to Feb 2014    Index(3)
Tern            2003    50,200  Drydocking              — (6)
Thrasher        2010    53,360  Oct 2013              $ 8,300(2)
Thrush          2011    53,297  Oct 2013              $ 7,000(2)
 Woodstar   2008    53,390  Oct 2013              $ 5,000(2)
Wren            2008    53,349  Nov 2013              $ 6,000

     The date range provided represents the earliest and latest date on which
     the charterer may redeliver the vessel to the Company upon the
 (1) 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 or a spot voyage.
 (3) Index, an average of the trailing Baltic Supramax Index.
 (4) The charterer has an option to extend the charter by two periods of 11 to
     13 months each.
 (5) Upon conclusion of previous charter, the vessel will be entered into
     Navig8 Bulk Pool for 10 to 14 months.
 (6) Upon conclusion of the drydocking the vessel will commence a short term
     charter for up to six months.



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 Thursday, November 14^th 2013, to discuss the
results.

To participate in the teleconference, investors and analysts are invited to
call 866-515-2913 in the U.S., or 617-399-5127  outside of the U.S., and
reference participant code 34484228. 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 November
21^st, 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 43092392.

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