Eagle Bulk Shipping, Inc. Declares Dividend

Eagle Bulk Shipping Inc. announced that its Board of Directors has voted to declare a cash dividend on its common stock for the fourth quarter of 2005 of $0.57 per share payable on or about February 24, 2006, to all shareholders of record as at February 15, 2006. The company expects investors to receive their Form 1099-DIV this week. The form 1099-DIV covers the Company's dividend for the third quarter of 2005, which was paid on October 31, 2005, and reports ordinary income for that dividend. As discussed in our public filings, Company dividends may be eligible for qualified dividend treatment. The Company expects that a portion of dividends paid in 2006, including the $0.57 dividend announced today, will include an element of return of capital.