Eagle Bulk Shipping Inc. (NASDAQ: EGLE) today announced that certain funds and separate accounts managed by GoldenTree Asset Management LP (collectively, the “Selling Shareholders”) intend to offer an aggregate of 1,500,000 shares of the Company’s common stock in an underwritten secondary public offering. In connection with this offering, the Selling Shareholders expect to grant the underwriter a 30-day option to purchase up to 225,000 additional shares of the Company’s common stock.

Before giving effect to this offering, funds affiliated with GoldenTree Asset Management LP beneficially own 3,040,707 shares of the Company’s common stock, or approximately 22.6% of the Company’s outstanding shares.

The Selling Shareholders will receive all of the net proceeds from this transaction. The Company is not selling any shares of common stock in this offering and will not receive any proceeds from such offering.

Morgan Stanley is acting as the sole book runner for the offering.

The Company has filed a registration statement (including a prospectus and related preliminary prospectus supplement) with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates. Before you invest, you should read the preliminary prospectus supplement and the accompanying prospectus for more complete information about the Company and the offering. You may obtain copies of these documents for free on the SEC’s website at www.sec.gov. Alternatively, copies of the preliminary prospectus supplement relating to the underwritten secondary public offering and the accompanying prospectus may be obtained from Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attn: Prospectus Department.

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction. These securities will be offered only by means of a prospectus, including a prospectus supplement relating to the shares of common stock, meeting the requirements of Section 10 of the Securities Act of 1933, as amended.