SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 8-K


                                 CURRENT REPORT
                       PURSUANT TO SECTION 13 OR 15(d) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

         Date of Report (Date of earliest event reported): March 6, 2006


                            EAGLE BULK SHIPPING INC.
           (Exact name of each Registrant as specified in its Charter)


       Marshall Islands                000-51366              98-0453513
(State or other jurisdiction of       (Commission           (IRS employer
incorporation or organization)        File Number)        identification no.)

477 Madison Avenue                                                 10022
Suite 1405                                                      (Zip Code)
New York, New York
(Address of principal executive offices)


(Registrant's telephone number, including area code): (212) 785-2500






Item 8.01 - Other Events

On April 18,  2006 Eagle  Bulk  Shipping  Inc.  (the  "Company")  issued a press
release  announcing that it has declared a cash dividend on its common stock for
the first  quarter of 2006.  A copy of the press  release is attached  hereto as
Exhibit 1.




                                                                       Exhibit 1

                   Eagle Bulk Shipping, Inc. Declares Dividend

New York,  NY, April 18, 2006 -- Eagle Bulk Shipping Inc.  (Nasdaq:  EGLE) today
announced  that its Board of Directors  has voted to declare a cash  dividend on
its common stock for the first  quarter of 2006 of $0.50 per share payable on or
about May 3, 2006, to all shareholders of record as at April 28, 2006.

About Eagle Bulk Shipping Inc.
- ------------------------------

Eagle Bulk Shipping Inc. is a Marshall Islands corporation  headquartered in New
York City.  We are the largest U.S.  based owner of Handymax  dry bulk  vessels,
which are dry bulk vessels  that range in size from 35,000 to 60,000  deadweight
tons,  or dwt,  and  transport  a broad  range of major and minor bulk  cargoes,
including iron ore, coal, grain, cement and fertilizer, along worldwide shipping
routes.  Our strategy is to charter our modern fleet primarily  pursuant to one-
to  three-year  time  charters to allow us to take  advantage of the stable cash
flow and high  utilization  rates that are associated  with medium- to long-term
time charters.

Forward-Looking Statement
- -------------------------

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  charterhire  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, or actions taken by regulatory authorities, ability of our counterparties
to perform their  obligations  under sales agreements and charter contracts on a
timely  basis,   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 http://www.eagleships.com

CONTACT:
Investors:
Eagle Bulk Shipping Inc.
Alan Ginsberg, 212-785-2500

Media:
Mandelbaum & Morgan
Jon Morgan, 646-325-3503

- --------------------------------------------------------------------------------
Source: Eagle Bulk Shipping Inc.



                                   SIGNATURES


     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

April 18, 2006
                                      Eagle Bulk Shipping Inc.



                                    By: /s/ Sophocles N. Zoullas
                                       ----------------------------
                                         Sophocles N. Zoullas
                                         Chief Executive Officer and President


SK 25083 0001 662440