Eagle Bulk Shipping Inc. Board Of Directors Issues Statement

NEW YORK, Feb. 25, 2015 /PRNewswire/ -- The Board of Directors of Eagle Bulk Shipping Inc. (Nasdaq: EGLE) (the "Company" or "Eagle Bulk") today issued the following statement:

On February 19, 2015, Eagle Bulk's Chief Executive Officer, Sophocles N. Zoullas, delivered a written notice to the Company that alleged to be a Notice of Termination for Good Reason of his Employment Agreement. Pursuant to the terms of the Employment Agreement, Eagle Bulk has 30 days to cure any event or circumstance that would constitute Good Reason for termination. 

As a result of these developments, the Board has: (1) commenced a review of these matters; and, (2) asked that Mr. Zoullas temporarily refrain from his day to day duties.

Paul M. Leand, Jr., Chairman of the Board, commented, "The Board is proceeding prudently – yet expeditiously – to resolve this matter with Mr. Zoullas. At the same time, Eagle Bulk's senior management, chartering and technical management professionals are focused on ongoing operational excellence while serving counterparties, business partners and other key stakeholders around the world."

Randee E. Day has been appointed as interim President of the Company, effective immediately. An experienced shipping industry veteran, Ms. Day has been a member of the Board since the Company's restructuring in October 2014, and will continue to serve on the Board. Ms. Day currently serves President and CEO of Day & Partners, LLC, a financial advisory and maritime consulting firm.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. is a Marshall Islands corporation headquartered in New York. The Company is a leading global owner of Supramax dry bulk vessels that range in size from 50,000 to 60,000 deadweight tons and transport a broad range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes.

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 charter hire 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, our ability to reach agreement with our lenders on restructuring terms for our credit facility,or actions taken by regulatory authorities, 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 US Securities and Exchange Commission.

Visit our website at www.eagleships.com

Contact:

Company Contact:
Adir Katzav
Chief Financial Officer
Eagle Bulk Shipping Inc.
Tel. +1 212-785-2500

Investor Relations / Media:
Jonathan Morgan
Perry Street Communications, New York
Tel. +1 212-741-0014

SOURCE Eagle Bulk Shipping Inc.

Related Links

http://www.eagleships.com