SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): July 25, 2005
EAGLE BULK SHIPPING INC.
(Exact name of each Registrant as specified in its Charter)
Marshall Islands 000-51366 98-0453513
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(State or other jurisdiction (Commission File Number) (IRS employer
of incorporation or organization) identification no.)
29 Broadway, New York, New York 10006
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(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code): (212) 785-2500
Item 7.01. Regulation FD
On July 20, 2005, the Registrant issued a press release announcing the delivery
of its tenth vessel. A copy of the press release is attached hereto as Exhibit
99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
July 25, 2005
EAGLE BULK SHIPPING INC.
By: /s/ Sophocles N. Zoullas
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Sophocles N. Zoullas
Chief Executive Officer
and President
25083.0001 #589110
Exhibit 99.1
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Media and Investor Contact
Jon Morgan
Kekst and Company
212-521-4800
EAGLE BULK SHIPPING, INC. TAKES DELIVERY OF TENTH VESSEL
-- Handymax Carrier The Sparrow Joins Eagle Bulk Fleet --
New York, NY, July 20, 2005 -- Eagle Bulk Shipping Inc. (NASD: EGLE), the
largest U.S. based owner of Handymax dry bulk vessels, today announced that it
has taken delivery of its tenth vessel, the Sparrow, a 48,225 dwt Handymax dry
bulk carrier built 2000. The vessel will immediately begin service under a time
charter at the rate of $22,500 per day, expiring between November 2006 and
February 2007.
Sophocles N. Zoullas, Chairman and Chief Executive Officer, commented, "The
Sparrow is the second vessel Eagle has taken delivery of since its initial
public offering, as we continue to enhance our ability to benefit from the
growing global demand for dry bulk shipping. The addition of the Sparrow is
consistent with our strategy of managing and expanding our fleet in a manner
that enables us to deliver attractive returns and dividends to our
stockholders."
The addition of the Sparrow follows the company's previous delivery, on June 30,
2005, of the Peregrine, a 50,913 dwt Supramax bulk carrier built 2001, which
began service under a time charter rate of $24,000 per day, expiring between
October 2006 and January 2007.
Forward Looking Statement
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Matters discussed in this release may constitute forward-looking statements.
Forward-looking statements reflect our current views with respect to future
events and financial performance and may include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of historical
facts. The forward-looking statements in this release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating
trends, data contained in our records and other data available from third
parties. Although Eagle Bulk Shipping Inc. believes that these assumptions were
reasonable when made, because these assumptions are inherently subject to
significant uncertainties and contingencies which are difficult or impossible to
predict and are beyond our control, Eagle Bulk Shipping Inc. cannot assure you
that it will achieve or accomplish these expectations, beliefs or projections.
Important factors that, in our view, could cause actual results to differ
materially from those discussed in the forward- looking statements include
performance by our customers of their charter contracts with us, the strength of
world economies and currencies, general market conditions, including changes in
charter rates and vessel values, changes in demand that may affect attitudes of
time charterers to scheduled and unscheduled drydocking, changes in our
operating expenses, including drydocking and insurance costs, or actions taken
by regulatory authorities, potential liability from pending or future
litigation, domestic and international political conditions, potential
disruption of shipping routes due to accidents and political events or acts by
terrorists.
Risks and uncertainties are further described in the Registration Statement on
Form S-1, as amended, reports filed by Eagle Bulk Shipping Inc. with the United
States Securities and Exchange Commission.
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