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):
                       April 18, 2007 (April 16, 2007)

                           Eagle Bulk Shipping Inc.
            (Exact Name of Registrant as Specified in its Charter)


Marshall Islands               000-51366                       98-0453513
- --------------------------------------------------------------------------------
(State or Other              (Commission                    (I.R.S. Employer
Jurisdiction of               File Number)                  Identification No.)
Incorporation)

      477 Park Avenue
     New York, New York                                          10022
- --------------------------------------------------------------------------------
(Address of Principal Executive Offices)                      (Zip Code)

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

                                     None
         (Former Name or Former Address, if Changed Since Last Report)

     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 5.02 Departure of Directors of Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.

     (b) On April 16, 2007, each of Michael B. Goldberg and Frank J. Loverro
resigned from the board of directors (the "Board") of Eagle Bulk Shipping Inc.
(the "Company"). On April 16, 2007, Michael Mitchell declined to stand for
re-election when his current term as a director expires in May 2007. On April
16, 2007, upon the recommendation of the Nominating & Governance Committee of
the Board, the Board elected each of Jon Tomasson and Alexis P. Zoullas as
directors. Mr. Tomasson will serve as a Class I director and Mr. Zoullas will
serve as a Class III director. Mr. Zoullas is the brother of Sophocles N.
Zoullas, the Chief Executive Officer of the Company.

Item 8.01. Other Events.

     On April 18, 2007, the Company issued a press release announcing that the
Board has declared a cash dividend on its common stock for the first quarter
of 2007 of $0.50 per share payable on or about May 3, 2007, to all
shareholders of record as of April 30, 2007. A copy of the press release is
attached hereto as Exhibit 99.1 and is incorporated by reference herein.



Item 9.01. Financial Statements and Exhibits.

(d)  Exhibits

     Exhibit No.        Description
     -------------      ----------------------------------------------
     99.1               Press Release, dated April 18, 2007.


                                      2



                                   SIGNATURE

     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 hereunto duly authorized. EAGLE BULK SHIPPING INC.

                                    By:      /s/ Sophocles N. Zoullas
                                             -------------------------------
                                             Name:    Sophocles N. Zoullas
                                             Title:   Chief Executive Officer


Date: April 18, 2007


                                      3

EX-99

                                                                    Exhibit 99.1

                  Eagle Bulk Shipping Inc. Declares Dividend

NEW YORK, April 18, 2007 - Eagle Bulk Shipping Inc. today announced that its
Board of Directors has declared a cash dividend on its common stock for the
first quarter of 2007 of $0.50 per share, payable on or about May 3, 2007, to
all shareholders of record as of April 30, 2007.

For the remainder of the 2007 fiscal year, the Company's expected dividend
calendar is July and October 2007, and February 2008.

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 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, underlying
assumptions and other statements, which are other than statements of
historical facts, as well as the completion and acceptance of definitive
documentation. 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 U.S. Securities and Exchange Commission.

Visit our website at http://www.eagleships.com


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

          Mandelbaum & Morgan
          Media:
          Jonathan Morgan
          212-741-0014