8-K

                                  UNITED STATES
                       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): June 28, 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 File Number)    (IRS employer
  incorporation or organization)                             identification no.)

      477 Madison Avenue                                            10022
      New York, New York                                          (Zip Code)

(Address of principal executive
           offices)


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


         (Former name or former address, if changed since last report.)
                                 Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[_]     Written communications pursuant to Rule 425 under the Securities Act (17
        CFR 230.425)

[_]     Soliciting  material  pursuant to Rule 14a-12 under the Exchange Act (17
        CFR 240.14a-12)

[_]     Pre-commencement  communications  pursuant  to Rule  14d-2(b)  under the
        Exchange Act (17 CFR 240.14d-2(b))

[_]     Pre-commencement  communications  pursuant  to Rule  13e-4(c)  under the
        Exchange Act (17 CFR 240.13e-4(c))



Item 3.02.  Unregistered Sales of Equity Securities

       On June 28, 2006,  Eagle Bulk  Shipping Inc.  (the  "Company")  issued an
aggregate of 2,750,000  shares of its common stock, par value $0.01 (the "Common
Shares"), to certain  institutional  investors pursuant to a securities purchase
agreement dated June 22, 2006 (the "Agreement"), for an aggregate purchase price
of $33 million, or $12.00 per Common Share.

       The Common  Shares were sold pursuant to an exemption  from  registration
afforded by Section 4(2) of the Securities Act of 1933, as amended, and Rule 506
of Regulation D promulgated thereunder.

Item 7.01.  Regulation FD

       In connection with the issuance described in Item 3.02 above, the Company
issued a press  release on June 29, 2006, a copy of which is attached as Exhibit
99.1.

Item 9.01    Financial Statements and Exhibits

       99.1 Press Release of Eagle Bulk Shipping Inc. dated June 29, 2006


                                   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.


June 29, 2006
                            EAGLE BULK SHIPPING INC.


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


SK 25083 0001 682653

EX-99.1

                                                                 Exhibit 99.1


                 Eagle Bulk Shipping, Inc. Announces Closing of
                     Previously Announced Private Placement

New York,  New York,  June 29, 2006 - Eagle Bulk  Shipping Inc.  (Nasdaq:  EGLE)
today  announced  that it has closed the  issuance of an  aggregate of 2,750,000
shares of its common stock,  par value $0.01 (the "Common  Shares"),  to certain
institutional  investors.  The  issuance,  which was  previously  announced,  is
pursuant  to a  securities  purchase  agreement  dated  June  22,  2006,  for an
aggregate purchase price of $33 million, or $12.00 per Common Share.

The Common Shares were sold pursuant to an exemption from registration  afforded
by Section  4(2) of the  Securities  Act of 1933,  as  amended,  and Rule 506 of
Regulation D promulgated thereunder.

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 Supramax  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 Statements

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.

The Company's website is at http://www.eagleships.com

CONTACT:
Investors:
Eagle Bulk Shipping Inc.
Alan Ginsberg
+1 212-785-2500

Mandelbaum & Morgan
Investor Relations/Media
Jon Morgan
+1 212-741-0014