Eagle Bulk Shipping Inc. Expands Fleet Scrubber Initiative

Declares options to purchase additional 15 scrubbers

Stamford, Conn. - Nov. 20, 2018

Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk” or the “Company”) announced that is has exercised its options to purchase 15 additional exhaust gas cleaning systems (“scrubbers”) which are to be retrofitted on vessels within its fleet. This follows the Company’s prior announcement that it had entered into a series of agreements for the purchase of up to 37 scrubbers, comprised of firm orders for 19 scrubbers and up to 18 additional units, at the Company’s option.

The Company intends to complete the 34 scrubber installations by January 1, 2020, the implementation date of the new sulphur emission cap regulation, as set forth by the International Maritime Organization. As previously disclosed, Eagle Bulk, in partnership with a global engineering firm, has developed a scrubber installation program whereby a significant amount of the required retrofit work will be carried out onboard the vessels while at sea and trading, thereby reducing off-hire time as compared with a typical shipyard installation.

Following the announcement, Eagle Bulk maintains options to purchase up to three additional scrubbers.

About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in Stamford, Connecticut. Eagle Bulk owns one of the largest fleets of Supramax/Ultramax dry bulk vessels in the world. Supramax/Ultramax vessels, which are constructed with on-board cranes, range in size from approximately 50,000 to 65,000 dwt. The Company transports a broad range of major and minor bulk cargoes, including but not limited to coal, grain, ore, pet coke, cement and fertilizer, along worldwide shipping routes.

For further information, please visit our website: www.eagleships.com.

Eagle Bulk Shipping Inc. press release