-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 UzrBiGW+1+lC4xmD4mRlBNoELJaW3VpZYEPQry3fFUGp7rnYIgWgnboPb2CvnuQD
 Ao5rvasU4P6SiaU75957sA==

<SEC-DOCUMENT>0000919574-05-004067.txt : 20051128
<SEC-HEADER>0000919574-05-004067.hdr.sgml : 20051128
<ACCEPTANCE-DATETIME>20051128192823
ACCESSION NUMBER:		0000919574-05-004067
CONFORMED SUBMISSION TYPE:	4/A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051122
FILED AS OF DATE:		20051128
DATE AS OF CHANGE:		20051128

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			GOLDBERG MICHAEL B
		CENTRAL INDEX KEY:			0001034434

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51366
		FILM NUMBER:		051229595

	BUSINESS ADDRESS:	
		STREET 1:		KELSO & CO
		STREET 2:		320 PARK AVENUE 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2127513939

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WAHRHAFTIG DAVID I
		CENTRAL INDEX KEY:			0001055858
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51366
		FILM NUMBER:		051229601

	BUSINESS ADDRESS:	
		STREET 1:		320 PARK AVE., 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2127513939

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Loverro Frank J
		CENTRAL INDEX KEY:			0001300363

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51366
		FILM NUMBER:		051229604

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		212-751-3939

	MAIL ADDRESS:	
		STREET 1:		320 PARK AVENUE, 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Connors James J II
		CENTRAL INDEX KEY:			0001323752

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51366
		FILM NUMBER:		051229596

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		212-751-3939

	MAIL ADDRESS:	
		STREET 1:		C/O KELSO & COMPANY
		STREET 2:		320 PARK AVENUE, 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

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:		29 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10006
		BUSINESS PHONE:		212-785-2500

	MAIL ADDRESS:	
		STREET 1:		29 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10006

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			NICKELL FRANK T
		CENTRAL INDEX KEY:			0001034431

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51366
		FILM NUMBER:		051229602

	BUSINESS ADDRESS:	
		STREET 1:		350 PARK AVENUE
		STREET 2:		24FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2127513939

	MAIL ADDRESS:	
		STREET 1:		C/O KELSO CO
		STREET 2:		320 PARK AVENUE 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MATELICH GEORGE E
		CENTRAL INDEX KEY:			0001034432

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51366
		FILM NUMBER:		051229603

	BUSINESS ADDRESS:	
		STREET 1:		KELSO & CO
		STREET 2:		350 PARK AVENUE 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2127513939

	MAIL ADDRESS:	
		STREET 1:		C/O KELSO & CO
		STREET 2:		320 PARK AVENUE 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			WALL THOMAS R IV
		CENTRAL INDEX KEY:			0001034433

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51366
		FILM NUMBER:		051229600

	BUSINESS ADDRESS:	
		STREET 1:		KELSO & CO
		STREET 2:		350 PARK AVENUE 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2127513939

	MAIL ADDRESS:	
		STREET 1:		C/O KELSO & CO
		STREET 2:		320 PARK AVENUE 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BYNUM FRANK K
		CENTRAL INDEX KEY:			0001034435

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51366
		FILM NUMBER:		051229597

	BUSINESS ADDRESS:	
		STREET 1:		KELSO & CO
		STREET 2:		350 PARK AVENUE 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2127513939

	MAIL ADDRESS:	
		STREET 1:		C/O KELSO & CO
		STREET 2:		320 PARK AVENUE 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BERNEY PHILIP E
		CENTRAL INDEX KEY:			0001079290

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51366
		FILM NUMBER:		051229598

	BUSINESS ADDRESS:	
		STREET 1:		KELSO & CO
		STREET 2:		320 PARK AVE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		2127513939

	MAIL ADDRESS:	
		STREET 1:		KELSO & COMPANY
		STREET 2:		320 PARK AVE 24TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Kelso GP VII, LLC
		CENTRAL INDEX KEY:			0001331364
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-51366
		FILM NUMBER:		051229599

	BUSINESS ADDRESS:	
		STREET 1:		320 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-751-3939

	MAIL ADDRESS:	
		STREET 1:		320 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
</SEC-HEADER>
<DOCUMENT>
<TYPE>4/A
<SEQUENCE>1
<FILENAME>p621302-a_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4/A</documentType>

    <periodOfReport>2005-11-22</periodOfReport>

    <dateOfOriginalSubmission>2005-11-23</dateOfOriginalSubmission>

    <notSubjectToSection16>0</notSubjectToSection16>

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

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001331364</rptOwnerCik>
            <rptOwnerName>Kelso GP VII, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KELSO &amp; COMPANY</rptOwnerStreet1>
            <rptOwnerStreet2>320 PARK AVENUE, 24TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001079290</rptOwnerCik>
            <rptOwnerName>BERNEY PHILIP E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KELSO &amp; COMPANY</rptOwnerStreet1>
            <rptOwnerStreet2>320 PARK AVENUE, 24TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001034435</rptOwnerCik>
            <rptOwnerName>BYNUM FRANK K</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KELSO &amp; COMPANY</rptOwnerStreet1>
            <rptOwnerStreet2>320 PARK AVENUE, 24TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001323752</rptOwnerCik>
            <rptOwnerName>Connors James J II</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KELSO &amp; COMPANY</rptOwnerStreet1>
            <rptOwnerStreet2>320 PARK AVENUE, 24TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001034434</rptOwnerCik>
            <rptOwnerName>GOLDBERG MICHAEL B</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KELSO &amp; COMPANY</rptOwnerStreet1>
            <rptOwnerStreet2>320 PARK AVENUE, 24TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001300363</rptOwnerCik>
            <rptOwnerName>Loverro Frank J</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KELSO &amp; COMPANY</rptOwnerStreet1>
            <rptOwnerStreet2>320 PARK AVENUE, 24TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001034432</rptOwnerCik>
            <rptOwnerName>MATELICH GEORGE E</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KELSO &amp; COMPANY</rptOwnerStreet1>
            <rptOwnerStreet2>320 PARK AVENUE, 24TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001034431</rptOwnerCik>
            <rptOwnerName>NICKELL FRANK T</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KELSO &amp; COMPANY</rptOwnerStreet1>
            <rptOwnerStreet2>320 PARK AVENUE, 24TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001055858</rptOwnerCik>
            <rptOwnerName>WAHRHAFTIG DAVID I</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KELSO &amp; COMPANY</rptOwnerStreet1>
            <rptOwnerStreet2>320 PARK AVENUE, 24TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001034433</rptOwnerCik>
            <rptOwnerName>WALL THOMAS R IV</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O KELSO&amp; COMPANY</rptOwnerStreet1>
            <rptOwnerStreet2>320 PARK AVENUE, 24TH FLOOR</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common stock, par value $.01 per share</value>
            </securityTitle>
            <transactionDate>
                <value>2005-11-22</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>301039</value>
                    <footnoteId id="F1"/>
                </transactionShares>
                <transactionPricePerShare>
                    <value>14.50</value>
                    <footnoteId id="F8"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>10755864</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Eagle Ventures LLC</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F5"/>
                    <footnoteId id="F6"/>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">Numbers are reflective of beneficial ownership of Eagle Ventures LLC common interests.</footnote>
        <footnote id="F2">Kelso Investment Associates VII, L.P. (KIA VII) may be deemed to share beneficial ownership of shares of Common Stock owned
 of record by Eagle Ventures LLC by virtue of its status as a member of Eagle Ventures LLC. KIA VII shares investment and
 voting power along with the other members of Eagle Ventures LLC with respect to securities owned by Eagle Ventures LLC, but
 disclaims beneficial ownership of such securities except to the extent of its pecuniary interest therein, if any, and the
 inclusion of these securities in this report shall not be deemed to be an admission that KIA VII has beneficial ownership of
 such securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended (Exchange Act), or for any
 other purposes.</footnote>
        <footnote id="F3">KEP VI, LLC (KEP VI) may be deemed to share beneficial ownership of shares of Common Stock owned of record by Eagle Ventures
 LLC by virtue of its status as a member of Eagle Ventures LLC. KEP VI shares investment and voting power along with the
 other members of Eagle Ventures LLC with respect to securities owned by Eagle Ventures LLC, but disclaims beneficial
 ownership of such securities except to the extent of its pecuniary interest therein, if any, and the inclusion of these
 securities in this report shall not be deemed to be an admission that KEP VI has beneficial ownership of such securities for
 purposes of Section 16 of the Exchange Act or for any other purposes.</footnote>
        <footnote id="F4">KIA VII and KEP VI, due to their common control, could be deemed to beneficially own each of the other's securities. KIA VII
 and KEP VI each disclaim such  beneficial ownership and the inclusion of these securities in this report shall not be deemed
 to be an admission of beneficial ownership of such securities for purposes of Section 16 of the Exchange Act or for any
 other purposes.</footnote>
        <footnote id="F5">Kelso GP VII, LLC (GP VII, LLC) is the general partner of Kelso GP VII, L.P. (GP VII, L.P.). GP VII, L.P.  is the general
 partner of KIA VII.  GP VII, LLC and GP VII, L.P. disclaim beneficial ownership of all of the securities reported herein
 except to the extent of its pecuniary interest therein, if any, and the inclusion of these securities in this report shall
 not be deemed to be an admission of beneficial ownership of such securities for purposes of Section 16 of the Exchange Act
 or for any other purposes.</footnote>
        <footnote id="F6">GP VII, LLC and GP VII, L.P., due to their common control, could be deemed to beneficially own each of the other's
 securities. GP VII, LLC and GP VII, L.P. each disclaim beneficial ownership of all of the securities beneficially owned by
 the other or directly by Eagle Ventures LLC and the inclusion of these securities in this report shall not be deemed to be
 an admission of beneficial ownership of such securities for purposes of Section 16 of the Exchange Act or for any other
 purposes.</footnote>
        <footnote id="F7">Messrs. Nickell, Wall, Matelich, Goldberg, Warhaftig, Bynum, Berney, Loverro and Connors may be deemed to share beneficial
 ownership of securities owned of record by Eagle Ventures LLC or indirectly by KIA VII and KEP VI, by virtue of their status
 as managing members of KEP VI and of GP VII, LLC, but disclaim beneficial ownership of such securities, and this report
 shall not be deemed to be an admission that any of Messrs. Nickell, Wall, Matelich, Goldberg, Warhaftig, Bynum, Berney,
 Loverro and Connors is the beneficial owner of these securities for purposes of Section 16 of the Exchange Act or for any
 other purpose.</footnote>
        <footnote id="F8">Before underwriting discounts and commissions of $0.725.</footnote>
    </footnotes>

    <remarks>(+) Because an electronically filed joint filing is limited to a maximum of ten reporting persons, this Form 4 is one of two
 filed today reporting on the same securities by the following joint filers: Kelso GP VII, LLC; Kelso Investment Associates
 VII, L.P.; KEP VI, LLC; Kelso GP VII, L.P.; Philip E. Berney; Frank K. Bynum, Jr.; Michael B. Goldberg; Frank J. Loverro;
 George E. Matelich; Frank T. Nickell; David I. Wahrhaftig; Thomas R. Wall, IV; and James J. Connors, II.

(++) This amendment (&quot;Amendment Number 1&quot;) of the Form 4 filed on November 23, 2005 (the &quot;Form 4&quot;) by each of the
 reporting persons named herein is being filed for the purposes of (1) correcting a typographical error on the Form 4
 which incorrectly listed Kelso GP VII, LLC, one of the reporting persons, as Kelso GP VII, L.P., (2) clarifying that the
 Form 4 was executed on behalf of each reporting person named on the Form 4 by Howard A. Matlin, their respective
 attorney-in-fact, pursuant to a limited power of attorney dated June 24, 2005 and (3) properly reflecting the address for
 each of the reporting persons named herein.  No other changes to the Form 4 are being made by this Amendment Number 1.

(+++) Member of the board of directors of Eagle Bulk Shipping Inc.</remarks>

    <ownerSignature>
        <signatureName>Kelso GP VII, LLC (+) (++), By: /s/ Howard A. Matlin, Attorney-in-Fact</signatureName>
        <signatureDate>2005-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Philip E. Berney (+) (++) (+++), By: /s/ Howard A. Matlin, Attorney-in-Fact</signatureName>
        <signatureDate>2005-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Frank K. Bynum Jr. (+) (++), By: /s/ Howard A. Matlin, Attorney-in-Fact</signatureName>
        <signatureDate>2005-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>James J. Connors II (+) (++), By: /s/ Howard A. Matlin, Attorney-in-Fact</signatureName>
        <signatureDate>2005-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Michael B. Goldberg (+) (++) (+++), By: /s/ Howard A. Matlin, Attorney-in-Fact</signatureName>
        <signatureDate>2005-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Frank J. Loverro (+) (++) (+++), By: /s/ Howard A. Matlin, Attorney-in-Fact</signatureName>
        <signatureDate>2005-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>George E. Matelich (+) (++), By: /s/ Howard A. Matlin, Attorney-in-Fact</signatureName>
        <signatureDate>2005-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Frank T. Nickell (+) (++), By: /s/ Howard A. Matlin, Attorney-in-Fact</signatureName>
        <signatureDate>2005-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>David I. Wahrhaftig (+) (++), By: /s/ Howard A. Matlin, Attorney-in-Fact</signatureName>
        <signatureDate>2005-11-28</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>Thomas R. Wall IV (+) (++),  By: /s/ Howard A. Matlin, Attorney-in-Fact</signatureName>
        <signatureDate>2005-11-28</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----