Eagle Bulk Extends Its Waiver Agreement

Eagle Bulk Shipping Inc. has entered into a second amendment to its previously reported Waiver and Forbearance Agreement in order to facilitate continued discussions between the company and the lenders under its Fourth Amended and Restated Credit Facility (the Credit Agreement).

The second amendment to the Waiver, which was originally announced on March 20, 2014, extends from April 30, 2014 to May 15, 2014 the milestone requiring the company and the lenders constituting “Majority Lenders” under the Credit Agreement to:

(i) agree on terms of a restructuring of the obligations outstanding under the Credit Agreement and

(ii) execute a binding restructuring support agreement or similar agreement documenting such agreed-upon terms.

Under the terms of the Waiver, the lenders agreed to waive until June 30, 2014 certain potential events of default, subject to the company’s compliance with certain terms, conditions and milestones as set forth in the Waiver. The Waiver remains in effect on substantially the same terms and conditions, with certain modifications as set forth in the amendments.

While Eagle Bulk is continuing discussions with its lenders as part of the Waiver, the company cautioned that there is no assurance such discussions will result in a comprehensive resolution.

Additional discussion regarding the impact of a failure to reach a consensual resolution with the lenders can be found in the company’s Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission on March 31, 2014.

Eagle Bulk, May 2, 2014

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