Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Files An 8-K Entry into a Material Definitive Agreement

Item 1.01

On February 28, 2017, Eagle Bulk Ultraco LLC, a wholly owned
subsidiary of Eagle Bulk Shipping Inc. (the
Company), entered into a framework
agreement (the Agreement) with
Greenship Bulk Manager Pte. Ltd., as Trustee-Manager of Greenship
Bulk Trust, a Norwegian OTC-listed entity (the
Sellers), for the purchase of nine
modern sister vessels built between 2012 and 2015 (each a
Vessel, and collectively, the
Vessels). Of the nine Vessels, three
Vessels are subject to certain customary conditions as well as
the approval of the requisite majority of the unitholders of the
Sellers (the Contingent Vessels). The
aggregate purchase price for the nine Vessels is $153.0 million.
The allocated purchase price for each Vessel is $17.0 million
(Allocated Purchase Price). The
Allocated Purchase Price for each of the first six Vessels shall
be reduced by the amount of $500,000 to $16.5 million per Vessel
such that the total purchase price for the first six Vessels
shall be $99.0 million if, for any reason, the conditions set out
in this Agreement in relation to the Contingent Vessels have not
been satisfied on or prior March 31, 2017.

After the satisfaction of the conditions set forth in the
Agreement, the sale of each Vessel will be made to a separate
memorandum of agreement as set forth in the Agreement. The
Vessels are expected to be delivered charter free between April
and September 2017.

On February 28, 2017, the Company issued a press release
announcing the execution of the Agreement. A copy of the press
release is attached hereto as Exhibit 99.1 and is hereby
incorporated by reference.

The information in this Item 7.01 of this Current Report on Form
8-K, including the exhibit, shall not be deemed filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the Exchange Act), or
otherwise subject to the liabilities of such section, nor shall
it be deemed incorporated by reference in any filing under the
Securities Act of 1933, as amended (the Securities
Act), or the Exchange Act, except as expressly set
forth by specific reference in such a filing. By filing this
Current Report on Form 8-K and furnishing this information, the
Company makes no statement or admission as to the materiality of
any information in this Item 7.01 or the exhibit attached hereto.

Cautionary Statement Regarding Forward-Looking
Statements

This report contains forward-looking statements within the
meaning of Section 27A of the Securities Act, Section 21E of the
Exchange Act and the Private Securities Litigation Reform Act of
1995, and are intended to be covered by the safe harbor provided
for under these sections. These statements may include words such
as believe, estimate, project, intend, expect, plan, anticipate,
and similar expressions in connection with the timing of delivery
of the Vessels as indicated above. Forward-looking statements
reflect managements current expectations and observations with
respect to future events and financial performance. Where the
Company expresses an expectation or belief as to future events or
results, such expectation or belief is expressed in good faith
and believed to have a reasonable basis. However, the Companys
forward-looking statements are subject to risks, uncertainties,
and other factors, which could cause actual results to differ
materially from future results expressed, projected, or implied
by those forward-looking statements.

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) Recent Trading Information

Eagle Bulk Shipping Inc. (NASDAQ:EGLE) closed its last trading session down -0.12 at 5.34 with 241,776 shares trading hands.