LIMITED POWER OF ATTORNEY FOR
                        SECTION 16 REPORTING OBLIGATIONS

     Know all by these present that each of the undersigned hereby makes,
constitutes and appoints James J. Connors, II, Howard A. Matlin and Rosanna T.
Leone, and each of them, with full power of substitution and resubstitution, as
such undersigned's true and lawful attorneys-in-fact, with full power and
authority as hereinafter described on behalf of and in the name, place and stead
of the undersigned to:

     (1) executed and deliver for and on behalf of the undersigned (i) any and
all Forms 3, 4 and 5 relating to Eagle Bulk Shipping Inc., a Marshalls Island
corporation (the "Company") and required to be filed in accordance with Section
16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act")
and the rules thereunder and (ii) any and all schedules relating to the company
required to be filed in accordance with Section 13(d) of the Exchange Act and
the rules thereunder (together, the "Forms and Schedules"), in the undersigned's
capacity as a director and/or controlling person of the Company and/or as an
officer, managing member of Kelso GP VII, LLC., and/or KEP VI, LLC, and in and
all other capacities pursuant to which such Forms and Schedules may be required
to be filed by the undersigned;

     (2) do and perform any and all acts and on behalf of the undersigned which
may be necessary or desirable to complete and execute any such Forms and timely
file such Forms and Schedules with the United States Securities and Exchange
Commission and any stock exchange or similar authority; and

     (3) take any other action of any type whatsoever in connection with the
foregoing which, in the opinion of such attorney-in-fact, may be of benefit to,
in the best interest of, or legally required by, the undersigned, it being
understood that the documents executed by such attorney-in-fact on behalf of the
undersigned pursuant to this Power of Attorney shall be in such form and shall
contain such terms and conditions as such attorney-in-fact may approve in such
attorney-in-fact's discretion.

     The undersigned acknowledges that:

     (1) this Power of Attorney authorizes, but does not require, such
attorney-in-fact to act in their discretion on information provided to such
attorney-in-fact without independent verification of such information;

     (2) any documents prepared and/or executed by such attorney-in-fact on
behalf of the undersigned pursuant to this Power of Attorney will be in such
form and will contain such information and disclosure as such attorney-in-fact,
in his or her discretion, deems necessary or desirable;

     (3) neither the Company nor such attorney-in-fact assumes (i) any liability
for the undersigned's responsibility to comply with the requirement of the
Exchange Act, (ii) any liability of the undersigned for any failure to comply
with such requirements, or (iii) any obligation or liability of the undersigned
for profit disgorgement under Section 16(b) of the Exchange Act; and

     (4) this Power of Attorney does not relieve the undersigned from
responsibility for compliance with the undersigned's obligations under the
Exchange Act, including without limitation the reporting requirements under
Section 16 of the Exchange Act.

     The undersigned hereby gives and grants the foregoing attorney-in-fact full
power and authority to do and perform all and every act and thing whatsoever
requisite, necessary or appropriate to be done in and about the foregoing
matters as fully to all intents and purposes as the undersigned might or could
do if present, hereby ratifying all that such attorney-in-fact of, for an on
behalf of he undersigned, shall lawfully do or cause to be done by virtue of
this Limited Power of Attorney.

     This Power of Attorney shall remain in full force and effect until revoked
by the undersigned in a signed writing delivered to such attorney-in-fact.



IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be
executed as of this 24th day of June, 2005.

KELSO INVESTMENT ASSOCIATES VII, L.P.
By:  Kelso GP VII, L.P., its General Partner
By:  Kelso GP VII, LLC, its General Partner

By:  /s/ James J. Connors
     ---------------------------------------
     James J. Connors, II
     Managing Member


KELSO GP VII, L.P.
By:  Kelso GP VII, LLC, its General Partner

By:  /s/ James J. Connors
     ---------------------------------------
     James J. Connors, II
     Managing Member

Kelso GP VII, LLC

By:  /s/ James J. Connors
     ---------------------------------------
     James J. Connors, II
     Managing Member


/s/ Philip E. Berney
- --------------------------------------------
Philip E. Berney


/s/ Frank K. Bynum, Jr.
- --------------------------------------------
Frank K. Bynum, Jr.


/s/ James J. Connors, II
- --------------------------------------------
James J. Connors, II


/s/ Michael B. Goldberg
- --------------------------------------------
Michael B. Goldberg


/s/ Frank J. Loverro
- --------------------------------------------
Frank J. Loverro


/s/ George E. Matelich
- --------------------------------------------
George E. Matelich


/s/ Frank T. Nickell
- --------------------------------------------
Frank T. Nickell


/s/ David I. Wahrhaftig
- --------------------------------------------
David I. Wahrhaftig


/s Thomas R. Wall, IV
- --------------------------------------------
Thomas R. Wall, IV

25083.0001 #582157