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) execute 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 Marshall  Islands
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 managing  member of 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 23rd day of November, 2005.

KEP VI, LLC

By:   /s/ Philip E. Berney
      -------------------------------
      Name:   Philip E. Berney
      Title:  Managing Member