Eagle Bulk Shipping Inc. today announced that it has taken delivery of two vessels from its newbuild program, Golden Eagle and Egret Bulker, bringing Eagle Bulk’s total on-the-water fleet to 30 vessels. Both vessels have been placed on immediate time charters, bringing Eagle Bulk’s 2010 time charter coverage of its operating fleet to approximately 58% of available days, with additional revenue upside from the index and
profit-sharing charters.

The Golden Eagle, a 56,000 dwt Supramax dry bulk vessel, has been placed on a one year charter tied to the Baltic Supramax Index, which provides Eagle with the flexibility of earning strong rates in the spot market while retaining the stability of a one year charter.

The Egret Bulker has entered into a three year time charter at a base rate of $17,650 per day and includes profit sharing over $20,000 per day. In aggregate, the Egret Bulker will contribute approximately $19 million in minimum contracted revenue.

Separately, the Company also announced new charter employment for the following vessels in its fleet:

? –? Jaeger, a 52,248 dwt vessel has been chartered at $26,000 per day for 3 to 5 months duration.
? –? Crowned Eagle, a 56,000 dwt vessel has been chartered at $25,000 per day for 3 to 5 months duration.
? –? Osprey I, a 50,206 dwt vessel has been chartered at $18,000 per day for 4 to 6 months duration.

About Eagle Bulk Shipping

Eagle Bulk Shipping, Inc., headquartered in New York City, is a leading global owner of Supramax dry bulk vessels, which are dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons, or dwt, and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.

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Source: Globenewswire

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