STAMFORD, Conn., Dec. 17, 2020 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (NASDAQ: EGLE), one of the world’s largest owner-operators within the Supramax / Ultramax drybulk segment, today announced that it has commenced an underwritten public offering of its common stock. Concurrently with this offering of common stock and by means of a prospectus supplement and accompanying prospectus, the Company is offering to sell its common stock directly to an institutional investor that is a current shareholder, in a registered direct offering in an aggregate amount equal to what is not sold in this offering. The Company intends to use the net proceeds from the offerings to finance the acquisition of modern Ultramax vessels and/or general corporate purposes. In connection with the underwritten public offering, the Company expects to grant the underwriters a 30-day option to purchase additional shares of the Company’s common stock.

DNB Markets, Inc., and Fearnley Securities are acting as joint book runners for the underwritten public offering.

About Eagle Bulk Shipping Inc.

Eagle Bulk is a U.S. based fully integrated shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Denmark, Eagle Bulk focuses exclusively on the versatile mid-size drybulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels in the world. The Company performs all management services in-house (including: strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis. For further information, please visit our website: www.eagleships.com.