Note 1 - Basis of Presentation and General Information	6 Months Ended
Jun. 30, 2017
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	Note 1. Basis of Presentation and General Information The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the “Company,” “we,” “our” or similar terms). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, charter and operation of dry bulk vessels. The Company’s fleet is comprised of Supramax and Ultramax dry bulk carriers and the Company operates its business in one business segment. As of June 30, 2017, the Company owned and operated a modern fleet of 46 oceangoing vessels, 38 Supramax and 8 Ultramax vessels with a combined carrying capacity of 2,600,542 dwt and an average age of approximately 7.7 years excluding vessels held for sale . Additionally, the Company chartered-in a 37,000 dwt newbuilding Japanese vessel that was delivered in October 2014 for seven years with an option for one additional year. On May 10, 2017, the Company signed an agreement to cancel this existing time charter contract. The Company agreed to pay a lump sum termination fee of $1.5 million relating to the cancellation. At the same time, the Company entered into an agreement with the same lessor, effective April 28, 2017, to charter in a 61,400 dwt, 2013 built Japanese vessel for approximately four years (having the same redelivery dates as the aforementioned canceled charter) with options for two additional years. The hire rate for the first four years is $12,800 per day and the hire rate for the first optional year is $13,800 per day and $14,300 per day for the second optional year. The $1.5 million early termination fee was accounted for as a reduction of fair value below time charters acquired in the condensed consolidated balance sheet as of June 30, 2017. For the three and six -month periods ended June 30, 2017 and 2016, the Company’s charterers did not individually account for more than 10% of the Company’s gross charter revenue during those periods. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the SEC which apply to interim financial statements and with the instructions to Form 10 -Q and Article 10 of Regulation S- X. Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s 2016 Annual Report on Form 10 -K, filed with the SEC on March 31, 2017. The accompanying condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of its condensed consolidated financial position and results of operations for the interim periods presented. Certain reclassifications have been made to the prior year condensed consolidated financial statements to conform to current period's presentation. Specifically, reclassifications were made in the prior year's condensed consolidated statement of operations for three and six -month periods ended June 30, 2016 to combine the captions loss on vessels held for sale of $115,000 and loss on sale of vessels of $286,210 . The unrealized loss on derivatives on the condensed consolidated statement of cash flows for the six months ended June 30, 2016 has been separately presented in the adjustments to reconcile net loss to net cash used in operating activities. The results of operations for the interim periods are not necessarily indicative of the results that may be expected for the entire year. We adopted the provisions of Accounting Standard Update (“ASU”) 2015 - 11 “Simplifying the Measurement of Inventory”, issued by the Financial Accounting Standards Board (“FASB”) as of January 1, 2017. Accordingly, we report our bunker inventory at lower of cost and net realizable value. There is no impact on the condensed consolidated financial statements because of the adoption of the new accounting standard. The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are useful lives of fixed assets, the period of amortization, asset impairment, and stock-based compensation.

Note

Basis of Presentation and General Information

The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its wholly-owned subsidiaries (collectively, the “Company,” “we,” “our” or similar terms). The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, charter and operation of dry bulk vessels. The Company’s fleet is comprised of Supramax and Ultramax dry bulk carriers and the Company operates its business in

one

business segment.

As of

June

30,

2017,

the Company owned and operated a modern fleet of

oceangoing vessels,

Supramax and

Ultramax vessels with a combined carrying capacity of

2,600,542

dwt and an average age of approximately

7.7

years

excluding vessels held for sale

Additionally, the Company chartered-in a

37,000

dwt newbuilding Japanese vessel that was delivered in

October 2014

for

seven

years with an option for

one

additional year. On

May 10, 2017,

the Company signed an agreement to cancel this existing time charter contract. The Company agreed to pay a lump sum termination fee of

$1.5

million relating to the cancellation. At the same time, the Company entered into an agreement with the same lessor, effective

April 28, 2017,

to charter in a

61,400

dwt,

2013

built Japanese vessel for approximately

four

years (having the same redelivery dates as the aforementioned canceled charter) with options for

two

additional years. The hire rate for the

first

four

years is

$12,800

per day and the hire rate for the

first

optional year is

$13,800

per day and

$14,300

per day for the

second

optional year. The

$1.5

million early termination fee was accounted for as a reduction of fair value below time charters acquired in the condensed consolidated balance sheet as of

June 30, 2017.

For the

three

and

six

-month periods ended

June

30,

2017

and

2016,

the Company’s charterers did

not

individually account for more than

10%

of the Company’s gross charter revenue during those periods.

The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), and the rules and regulations of the SEC which apply to interim financial statements and with the instructions to Form

-Q and Article

of Regulation S-

Accordingly, they do

not

include all of the information and footnotes normally included in consolidated financial statements prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s

2016

Annual Report on Form

-K, filed with the SEC on

March

31,

2017.

The accompanying condensed consolidated financial statements are unaudited and include all adjustments (consisting of normal recurring adjustments) that management considers necessary for a fair presentation of its condensed consolidated financial position and results of operations for the interim periods presented. Certain reclassifications have been made to the prior year condensed consolidated financial statements to conform to current period's presentation. Specifically, reclassifications were made in the prior year's condensed consolidated statement of operations for

three

and

six

-month periods ended

June 30, 2016

to combine the captions loss on vessels held for sale of

$115,000

and loss on sale of vessels of

$286,210

The unrealized loss on derivatives on the condensed consolidated statement of cash flows for the

six

months ended

June 30, 2016

has been separately presented in the adjustments to reconcile net loss to net cash used in operating activities.

The results of operations for the interim periods are

not

necessarily indicative of the results that

may

be expected for the entire year.

We adopted the provisions of Accounting Standard Update (“ASU”)

2015

“Simplifying the Measurement of Inventory”, issued by the Financial Accounting Standards Board (“FASB”) as of

January 1, 2017.

Accordingly, we report our bunker inventory at lower of cost and net realizable value. There is

impact on the condensed consolidated financial statements because of the adoption of the new accounting standard.

The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company are useful lives of fixed assets, the period of amortization, asset impairment, and stock-based compensation.