Eagle Bulk Shipping Inc. Declares Dividend

Eagle Bulk Shipping Inc. said that its Board of Directors has declared a cash dividend on its common stock for the second quarter of 2007 of $0.47 per share, payable on or about August 7th, 2007, to all shareholders of record as of August 1st, 2007. For the remainder of the 2007 fiscal year, the Company's expected dividend calendar is October 2007 and February 2008.