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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 IOd60/2bS7fXq34yOFUl4eALSp7wx12l2NHzk7kFE0lRDde5L/jWn1rAgl0aR842
 pM6Za2trvVUIPsThAwUSCA==

<SEC-DOCUMENT>0000919574-06-001925.txt : 20060425
<SEC-HEADER>0000919574-06-001925.hdr.sgml : 20060425
<ACCEPTANCE-DATETIME>20060425173733
ACCESSION NUMBER:		0000919574-06-001925
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060317
FILED AS OF DATE:		20060425
DATE AS OF CHANGE:		20060425

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Eagle Bulk Shipping Inc.
		CENTRAL INDEX KEY:			0001322439
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				980450435

	BUSINESS ADDRESS:	
		STREET 1:		477 MADISON AVENUE
		STREET 2:		SUITE 1405
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-785-2500

	MAIL ADDRESS:	
		STREET 1:		477 MADISON AVENUE
		STREET 2:		SUITE 1405
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HILEY DAVID B
		CENTRAL INDEX KEY:			0001197869

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51366
		FILM NUMBER:		06779014

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		9142327225

	MAIL ADDRESS:	
		STREET 1:		508 MT HOLLY ROAD
		CITY:			KATONAH
		STATE:			NY
		ZIP:			10536
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>p662782_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2006-03-17</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001322439</issuerCik>
        <issuerName>Eagle Bulk Shipping Inc.</issuerName>
        <issuerTradingSymbol>EGLE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001197869</rptOwnerCik>
            <rptOwnerName>HILEY DAVID B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>63 OLD COACH ROAD</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW LONDON</rptOwnerCity>
            <rptOwnerState>NH</rptOwnerState>
            <rptOwnerZipCode>03257</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Non-qualified Stock Option (right to purchase)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>13.23</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2006-03-17</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>13333</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>0</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2006-03-17</value>
            </exerciseDate>
            <expirationDate>
                <value>2016-03-17</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>13333</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>13333</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <ownerSignature>
        <signatureName>/s/ David B. Hiley</signatureName>
        <signatureDate>2006-04-25</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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