UNITED STATES
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 5, 2006
EAGLE BULK SHIPPING INC.
(Exact name of each Registrant as specified in its Charter)
Marshall Islands 000-51366 98-0453513
(State or other jurisdiction of (Commission (IRS employer
incorporation or organization) File Number) identification no.)
477 Madison Avenue 10022
New York, New York (Zip Code)
(Address of principal
executive offices)
(Registrant's telephone number, including area code): (212) 785-2500
(Former name or former address, if changed since last report.)
Not Applicable
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[_] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[_] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[_] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[_] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Item 7.01. Regulation FD
On July 5, 2006 the Company issued a press release announcing the
delivery of a Supramax dry bulk vessel. A copy of the press release is attached
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 6, 2006
EAGLE BULK SHIPPING INC.
By: /s/ Sophocles N. Zoullas
--------------------------------------
Sophocles N. Zoullas
Chief Executive Officer and President
Exhibit 99.1
Eagle Bulk Shipping Inc. Announces Delivery of Supramax Dry Bulk Vessel - Tern
is 11th Supramax Vessel to Join the Eagle Bulk Fleet
NEW YORK, July 5, 2006 (PRIMEZONE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE),
a global marine transportation company specializing in the Supramax segment
of the dry bulk shipping industry, today announced it has taken delivery of the
Tern, a 2003 built 50,209 dwt. Supramax dry bulk vessel. Eagle Bulk has now
taken on-schedule delivery of two of the three vessels that were part of an
acquisition agreement announced on June 23. The Company expects to take timely
delivery of the final of these three vessels later this month. The Tern will
immediately commence an 18- to 22-month time charter at a rate of $19,000 per
day. Upon delivery of the third vessel the Eagle Bulk Shipping Inc. fleet will
consist of 16 dry bulk vessels including 12 Supramax and 4 Handymax vessels,
with a cargo carrying capacity of 796,663 dwt., and a fleet average age of
approximately 5.5 years.
About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in New
York City. We are the largest U.S.-based owner of Handymax dry bulk vessels,
which are dry bulk vessels that range in size from 35,000 to 60,000 deadweight
tons, or dwt, and transport a broad range of major and minor bulk cargoes,
including iron ore, coal, grain, cement and fertilizer, along worldwide shipping
routes. Our strategy is to charter our modern fleet primarily pursuant to one-
to three-year time charters to allow us to take advantage of the stable cash
flow and high utilization rates that are associated with medium- to long-term
time charters.
Forward-Looking Statements
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 the
strength of world economies and currencies, general market conditions, including
changes in charterhire rates and vessel values, changes in demand that may
affect attitudes of time charterers to scheduled and unscheduled drydocking,
changes in our vessel operating expenses, including dry-docking and insurance
costs, or actions taken by regulatory authorities, ability of our counterparties
to perform their obligations under sales agreements and charter contracts on a
timely basis, potential liability from 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 reports filed by Eagle Bulk
Shipping Inc. with the U.S. Securities and Exchange Commission.
Visit our website at http://www.eagleships.com
Contact:
Eagle Bulk Shipping Inc.
Investors:
Alan Ginsberg
212-785-2500
Mandelbaum & Morgan
Media:
Jonathan Morgan
212-741-0014
Source: Eagle Bulk Shipping Inc.
SK 25083 0001 683700