Exhibit 99.1

Eagle Bulk Shipping Inc. Reports Record Net Income for the SecondQuarter of2022

STAMFORD, CT, August 4, 2022 -- Eagle Bulk Shipping Inc. (NASDAQ: EGLE) (“Eagle Bulk,” “Eagle” or the “Company”), one of the world’s largest owner-operators within the midsize drybulk vessel segment, today reported financial results for the quarter ended June 30, 2022.

Quarter highlights:

•Generated Revenues, net of $198.7 million

◦Achieved TCE(1) of $30,207/day basis TCE Revenue(1) of $138.2 million

•Realized record net income of $94.5 million, or $7.27 per basic share

◦Adjusted net income(1) of $81.6 million, or $6.28per adjusted basic share(1)

•Generated EBITDA(1) of $113.9 million

◦Adjusted EBITDA(1) of $102.6 million

•Published 2022 ESG Sustainability Report

•Declared a quarterly dividend of $2.20 per share for the second quarter of 2022.

◦Dividend is payable on August 26, 2022 to shareholders of record at the close of business on August 16, 2022

Recent Developments:

•Coverage position for the third quarter 2022 is as follows:

◦72% of available days fixed at an average TCE of $29,024

Eagle's CEO Gary Vogel commented, “I am really proud of our team’s collective efforts this quarter which enabled us to achieve our best-ever results, with record net income of $94.5 million and a TCE of $30,207. Focused execution, including our ability to successfully trade our ships in a volatile commercial environment, contributed to this outperformance.

We believe our differentiated business model, combined with our exclusive focus on the midsize drybulk vessel segment and market-leading fleet scrubber position, has enabled us to generate outsized returns, as compared to the broader drybulk market.

Given our strong cash generation, solid balance sheet, and constructive outlook on the market, the Board of Directors declared a dividend of $2.20; equal to 30% of net income, which implies a yield of approximately 18% as of market close today.”

Fleet Operating Data 

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Ownership Days	4,823		4,511		9,593		8,710
Chartered in Days	1,142		497		2,102		1,155
Available Days	5,716		4,824		11,113		9,472
Operating Days	5,707		4,778		11,088		9,400
Fleet Utilization (%)	99.8	%	99.0	%	99.8	%	99.2	%

Fleet Development

Vessel sold and expected to be delivered in the third quarter of 2022

•Cardinal, a Supramax (55K DWT / 2004-built) for a total consideration of $15.8 million

1

Results of Operations for the three and six months ended June 30, 2022 and 2021

For the three months ended June 30, 2022, the Company reported net income of $94.5 million, or basic and diluted income of $7.27 per share and $5.77 per share, respectively. In the comparable quarter of 2021, the Company reported net income of $9.2 million, or basic and diluted income of $0.76 per share and $0.74 per share, respectively.

For the three months ended June 30, 2022, the Company reported adjusted net income of $81.6 million, which excludes unrealized gains on derivative instruments of $12.8 million, or basic and diluted adjusted net income of $6.28 per share and $4.98 per share, respectively. In the comparable quarter of 2021, the Company reported adjusted net income of $40.3 million, which excludes unrealized losses on derivative instruments of $31.0 million, or basic and diluted adjusted net income of $3.31 per share and $2.63 per share, respectively.

For the six months ended June 30, 2022, the Company reported net income of $147.5 million, or basic and diluted income of $11.36 per share and $9.01 per share, respectively. In the comparable period of 2021, the Company reported net income of $19.1 million, or basic and diluted income of $1.60 per share and $1.58 per share, respectively.

For the six months ended June 30, 2022, the Company reported adjusted net income of $146.1 million, which excludes unrealized gains on derivative instruments of $1.4 million, or basic and diluted adjusted net income of $11.26 per share and $8.93 per share, respectively. In the comparable period of 2021, the Company reported adjusted net income of $49.6 million, which excludes unrealized losses on derivative instruments of $30.5 million, or basic and diluted adjusted net income of $4.15 per share and $3.31 per share, respectively.

Revenues, net

Revenues, net for the three months ended June 30, 2022 were $198.7 million compared to $129.9 million in the comparable quarter in 2021. The increase in revenues was primarily attributable to higher charter rates as a result of the market recovery with increase in demand for drybulk products and an increase in available days due to an increase in owned days and chartered-in days.

Revenues, net for the six months ended June 30, 2022 and 2021 were $383.1 million and $226.4 million, respectively. The increase in revenues was primarily due to higher charter rates and an increase in available days due to an increase in owned days and chartered-in days.

Voyage expenses

Voyage expenses for the three months ended June 30, 2022 were $36.3 million compared to $24.5 million in the comparable quarter in 2021. The increase in voyage expenses was primarily due to an increase in bunker consumption expense as bunker fuel prices increased in the second quarter, an increase in port expenses and an increase in broker commission expense.

Voyage expenses for the six months ended June 30, 2022 were $79.9 million and $51.1 million in the comparable period in 2021. The increase in voyage expenses was primarily due to an increase in bunker consumption expense as bunker fuel prices increased in the current year compared to prior year, an increase in port expenses and an increase in broker commission expense.

Vessel operating expenses

Vessel operating expenses for the three months ended June 30, 2022 were $27.2 million compared to $23.7 million in the comparable quarter in 2021. The increase in vessel operating expenses was primarily attributable to higher owned days as well as an increase in crew expenses due to an increase in crewing costs, crew changes and expenses related to COVID-19 and the war in Ukraine. The Company also continues to face general inflationary pressures particularly impacting the cost of lubes, stores and spares. The ownership days for the three months ended June 30, 2022 and 2021 were 4,823 and 4,511, respectively.

Average daily vessel operating expenses excluding one-time, non-recurring expenses related to vessel acquisitions and charges relating to a change in the crewing manager on some of our vessels for the three months ended June 30, 2022 were $5,584 as compared to $5,020 for the three months ended June 30, 2021.

2

Vessel operating expenses for the six months ended June 30, 2022 and 2021 were $55.1 million and $45.2 million, respectively. The increase in vessel operating expenses was primarily attributable to higher owned days as well as an increase in crew expenses due to an increase in crewing costs, crew changes and expenses related to COVID-19 and the war in Ukraine. The Company also continues to face general inflationary pressures particularly impacting the cost of lubes, stores and spares. The ownership days for the six months ended June 30, 2022 and 2021 were 9,593 and 8,710, respectively.

Average daily vessel operating expenses excluding one-time non-recurring expenses related to vessel acquisitions and charges relating to a change in the crewing manager on some of our vessels for the six months ended June 30, 2022 and 2021 were $5,702 and $4,959, respectively.

Charter hire expenses

Charter hire expenses for the three months ended June 30, 2022 were $21.3 million compared to $6.2 million in the comparable quarter in 2021. The increase in charter hire expenses was principally due to an increase in chartered-in days as the Company took delivery of its fifth long term chartered-in vessel during the second quarter, and an increase in charter hire rates due to improvement in the charter hire market. The total chartered-in days for the three months ended June 30, 2022 were 1,142 compared to 497 for the comparable quarter in the prior year. The Company currently charters in five Ultramax vessels on a long-term basis as of the charter-in commencement date, with options to extend the charter period.

Charter hire expenses for the six months ended June 30, 2022 were $44.0 million compared to $14.6 million in the comparable period in 2021. The increase in charter hire expenses was primarily due to an increase in charter hire rates due to improvement in the charter hire market and an increase in the number of chartered-in days. The total chartered-in days for the six months ended June 30, 2022 and 2021 were 2,102 and 1,155, respectively.

Depreciation and amortization

Depreciation and amortization expense for the three months ended June 30, 2022 and 2021 was $15.3 million and $13.1 million, respectively. Total depreciation and amortization expense for the three months ended June 30, 2022 includes $11.9 million of vessel and other fixed asset depreciation and $3.4 million relating to the amortization of deferred drydocking costs. Comparable amounts for the three months ended June 30, 2021 were $11.0 million of vessel and other fixed asset depreciation and $2.1 million of amortization of deferred drydocking costs. The increase in depreciation expense is due to the acquisition of nine vessels in 2021, offset by the sale of one vessel in the third quarter of 2021. The increase in amortization of deferred drydock costs is related to completing fourteen drydocks since the second quarter of 2021.

Depreciation and amortization expense for the six months ended June 30, 2022 and 2021 was $29.8 million and $25.6 million, respectively. Total depreciation and amortization expense for the six months ended June 30, 2022 includes $23.6 million of vessel and other fixed asset depreciation and $6.3 million relating to the amortization of deferred drydocking costs. Comparable amounts for the six months ended June 30, 2021 were $21.5 million of vessel and other fixed asset depreciation and $4.1 million of amortization of deferred drydocking costs. The increase in depreciation expense is due to the acquisition of nine vessels in 2021, offset by the sale of one vessel in the third quarter of 2021. The increase in amortization of deferred drydock costs is related to completing fourteen drydocks since the second quarter of 2021.

General and administrative expenses

General and administrative expenses for the three months ended June 30, 2022 and 2021 were $9.9 million and $7.9 million, respectively. General and administrative expenses include stock-based compensation of $1.6 million and $0.6 million for the three months ended June 30, 2022 and 2021, respectively. The increase in general and administrative expenses was mainly attributable to an increase in consulting expenses, compensation and benefits, and stock-based compensation expense.

General and administrative expenses for the six months ended June 30, 2022 and 2021 were $19.9 million and $15.6 million, respectively. General and administrative expenses include stock-based compensation of $3.1 million and $1.5 million for the six months ended June 30, 2022 and 2021, respectively. The increase in general and administrative expenses was primarily attributable to an increase in consulting expenses, compensation and benefits, and stock-based compensation expense.

3

Other operating expense

Other operating expense for the three months ended June 30, 2022 and 2021 was $0.04 million and $0.6 million, respectively. In March 2021, the U.S. government began investigating an allegation that one of our vessels may have improperly disposed of ballast water that entered the engine room bilges during a repair. The Company posted a surety bond as security for any fines, penalties or associated costs that may be issued. Other operating expense consists of expenses relating to the incident, which include legal fees, surety bond expenses, vessel off-hire, crew changes and travel costs.

Other operating expense for the six months ended June 30, 2022 and 2021 was $0.2 million and $1.5 million, respectively.

Interest expense

Interest expense for the three months ended June 30, 2022 and 2021 was $4.3 million and $8.8 million, respectively. The decrease in interest expense is primarily due to a decrease in outstanding debt and lower interest rates due to the refinancing of the Company's debt in the fourth quarter of 2021.

Interest expense for the six months ended June 30, 2022 and 2021 was $8.8 million and $17.1 million, respectively. The decrease in interest expense was primarily due to a decrease in outstanding debt and lower interest rates due to the refinancing of the Company's debt in the fourth quarter of 2021.

The Company entered into interest rate swaps in October 2021 to fix the interest rate exposure on the Global Ultraco Debt Facility term loan. As a result of these swaps, which average 87 basis points, the Company’s interest rate exposure is fully fixed insulating the Company from the rising interest rate environment.

Realized and unrealized (gain)/loss on derivative instruments, net

Realized and unrealized gain on derivative instruments, net for the three months ended June 30, 2022 was $9.9 million compared to a realized and unrealized loss on derivative instruments, net of $35.9 million for the three months ended June 30, 2021. The $9.9 million gain is primarily related to $7.6 million in gains earned on our freight forward agreements as a result of the decrease in charter hire rates during the second quarter and $2.3 million in bunker swap gains for the three months ended June 30, 2022. For the three months ended June 30, 2021, the Company had $37.2 million in losses on our freight forward agreements due to the sharp increase in charter hire rates during the second quarter of 2021, and $1.3 million in bunker swap gains.

Realized and unrealized gain on derivative instruments, net for the six months ended June 30, 2022 was $2.0 million compared to a realized and unrealized loss on derivative instruments, net of $36.6 million for the six months ended June 30, 2021. The $2.0 million gain is primarily attributable to $6.9 million in bunker swap gains, offset by $4.9 million in losses incurred on our freight forward agreements as a result of the increase in charter hire rates in the current year. For the comparable period in the prior year, the Company had $38.9 million in losses on our freight forward agreements due to the sharp increase in charter hire rates in 2021, and $2.3 million in bunker swap gains. The non-cash unrealized losses on forward freight agreements (“FFA”) for the remaining six months of 2022 amounted to $1.1 million based on 3,045 days hedged at a weighted average FFA contract price of $22,893 per day.

The following table shows our open positions on FFAs as of June 30, 2022:

FFA Period	Number of Days Hedged	Average FFA Contract Price
Quarter ending September 30, 2022	1,305	$	23,653
Quarter ending December 31, 2022	1,740	22,322

4

Liquidity and Capital Resources

	Six Months Ended
(In thousands)	June 30, 2022		June 30, 2021
Net cash provided by operating activities (1)	$	140,214	$	30,585
Net cash used in investing activities (2)	(5,543)		(86,503)
Net cash (used in)/provided by financing activities (3)	(79,363)		50,868
Net increase/(decrease) in cash, cash equivalents and restricted cash	55,308		(5,050)
Cash, cash equivalents and restricted cash at beginning of period	86,222		88,849
Cash, cash equivalents and restricted cash at end of period	$	141,530	$	83,799

(1) Net cash provided by operating activities for the six months ended June 30, 2022 and 2021 was $140.2 million and $30.6 million, respectively. The increase in cash flows provided by operating activities resulted primarily from the increase in revenues due to higher charter hire rates.

(2) Net cash used in investing activities for the six months ended June 30, 2022 was $5.5 million, compared to $86.5 million in the comparable period in the prior year. During the six months ended June 30, 2022, the Company paid $4.8 million for the purchase of ballast water treatment systems (“BWTS”) on our fleet. Additionally, the Company paid $0.5 million for vessel improvements and $0.2 million for other fixed assets.

(3) Net cash used in financing activities for the six months ended June 30, 2022 was $79.4 million compared to net cash provided by financing activities of $50.9 million in the comparable period in 2021. During the six months ended June 30, 2022, the Company repaid $24.9 million of the Global Ultraco Debt Facility. The Company also paid $52.8 million in dividends and $1.9 million to settle net share equity awards.

As of June 30, 2022, our cash and cash equivalents including restricted cash was $141.5 million compared to $86.2 million as of December 31, 2021.

In addition, as of June 30, 2022, we had $100.0 million in an undrawn revolver facility available under the Global Ultraco Debt Facility.

As of June 30, 2022, the Company's outstanding debt of $376.8 million, which excludes debt discount and debt issuance costs, consisted of $262.7 million under the Global Ultraco Debt Facility and $114.1 million under the Convertible Bond Debt.

We continuously evaluate potential transactions that we believe will be accretive to earnings, enhance shareholder value or are in the best interests of the Company, including without limitation, business combinations, the acquisition of vessels or related businesses, repayment or refinancing of existing debt, the issuance of new securities, share repurchases or other transactions.

Capital Expenditures and Drydocking

Our capital expenditures relate to the purchase of vessels and capital improvements to our vessels, which are expected to enhance the revenue earning capabilities and safety of the vessels.

In addition to acquisitions that we may undertake in future periods, the Company's other major capital expenditures include funding the Company's program of regularly scheduled drydocking necessary to comply with international shipping standards and environmental laws and regulations. Although the Company has some flexibility regarding the timing of its drydocking, the costs are relatively predictable. Management anticipates that vessels are to be drydocked every two and a half years for vessels older than 15 years and five years for vessels younger than 15 years. Funding of these requirements is anticipated to be met with cash from operations. We anticipate that this process of recertification will require us to reposition these vessels from a discharge port to shipyard facilities, which will reduce our available days and operating days during that period.

Drydocking costs incurred are deferred and amortized to expense on a straight-line basis over the period through the date of the next scheduled drydocking for those vessels. In the six months ended June 30, 2022, seven of our vessels completed drydock and we incurred drydocking expenditures of $16.1 million. In the six months ended June 30, 2021, four of our vessels completed drydock and we incurred drydocking expenditures of $6.4 million.

5

The following table represents certain information about the estimated costs for anticipated vessel drydockings, BWTS, and vessel upgrades in the next four quarters, along with the anticipated off-hire days:

		Projected Costs (1) (in millions)
Quarter Ending	Off-hire Days(2)	BWTS		Drydocks		Vessel Upgrades(3)
September 30, 2022	232	$	0.6	$	1.4	$	0.2
December 31, 2022	169	0.3		1.0		—
March 31, 2023	158	0.7		4.4		0.6
June 30, 2023	113	—		3.8		0.4

(1) Actual costs will vary based on various factors, including where the drydockings are performed.

(2) Actual duration of off-hire days will vary based on the age and condition of the vessel, yard schedules and other factors.

(3) Vessel upgrades represents capex relating to items such as high-spec low friction hull paint which improves fuel efficiency and reduces fuel costs, NeoPanama Canal chock fittings enabling vessels to carry additional cargo through the new Panama Canal locks, as well as other retrofitted fuel-saving devices. Vessel upgrades are discretionary in nature and evaluated on a business case-by-case basis.

6

SUMMARY CONSOLIDATED FINANCIAL AND OTHER DATA

The following table summarizes the Company’s selected condensed consolidated financial and other data for the periods indicated below.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

For the Three and Six Months Ended June 30, 2022 and 2021

(In thousands, except share and per share data)

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Revenues, net	$	198,695	$	129,851	$	383,093	$	226,423
Voyage expenses	36,290		24,523		79,917		51,138
Vessel operating expenses	27,207		23,679		55,122		45,198
Charter hire expenses	21,285		6,170		43,996		14,650
Depreciation and amortization	15,254		13,111		29,834		25,617
General and administrative expenses	9,891		7,913		19,945		15,611
Other operating expense	41		559		174		1,520
Total operating expenses	109,968		75,955		228,988		153,734
Operating income	88,727		53,896		154,105		72,689
Interest expense	4,338		8,799		8,785		17,050
Interest income	(174)		(15)		(219)		(32)
Realized and unrealized (gain)/loss on derivative instruments, net	(9,890)		35,887		(1,988)		36,597
Total other expense, net	(5,726)		44,671		6,578		53,615
Net income	$	94,453	$	9,225	$	147,527	$	19,074
Weighted average shares outstanding:
Basic	12,988,200		12,168,180		12,981,202		11,950,048
Diluted	16,376,517		12,397,156		16,373,458		12,081,772
Per share amounts:
Basic net income	$	7.27	$	0.76	$	11.36	$	1.60
Diluted net income	$	5.77	$	0.74	$	9.01	$	1.58

7

CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2022 and December 31, 2021

(In thousands, except share data and par values)

	June 30, 2022		December 31, 2021
ASSETS:
Current assets:
Cash and cash equivalents	$	138,955	$	86,147
Accounts receivable, net of a reserve of $1,921 and $1,818, respectively	43,948		28,456
Prepaid expenses	4,524		3,362
Inventories	25,193		17,651
Vessel held for sale	5,592		—
Collateral on derivatives	16,770		15,081
Fair value of derivative assets - current	8,459		4,669
Other current assets	929		667
Total current assets	244,370		156,033
Noncurrent assets:
Vessels and vessel improvements, at cost, net of accumulated depreciation of $237,490 and $218,670, respectively	885,255		908,076
Operating lease right-of-use assets	35,370		17,017
Other fixed assets, net of accumulated depreciation of $1,521 and $1,403, respectively	380		257
Restricted cash - noncurrent	2,575		75
Deferred drydock costs, net	46,930		37,093
Fair value of derivative assets - noncurrent	7,746		3,112
Advances for ballast water systems and other assets	3,983		4,995
Total noncurrent assets	982,239		970,625
Total assets	$	1,226,609	$	1,126,658
LIABILITIES & STOCKHOLDERS' EQUITY:
Current liabilities:
Accounts payable	$	22,189	$	20,781
Accrued interest	3,008		2,957
Other accrued liabilities	17,766		17,994
Fair value of derivative liabilities - current	269		4,253
Current portion of operating lease liabilities	29,908		15,728
Unearned charter hire revenue	13,609		12,088
Current portion of long-term debt	49,800		49,800
Total current liabilities	136,549		123,601
Noncurrent liabilities:
Global Ultraco Debt Facility, net of debt issuance costs	205,221		229,290
Convertible Bond Debt, net of debt discount and debt issuance costs	113,253		100,954
Noncurrent portion of operating lease liabilities	5,455		1,282
Other noncurrent accrued liabilities	636		265
Total noncurrent liabilities	324,565		331,791
Total liabilities	461,114		455,392
Commitments and contingencies

8

Stockholders' equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized, none issued as of June 30, 2022 and December 31, 2021	—		—
Common stock, $0.01 par value, 700,000,000 shares authorized, 12,989,181 and 12,917,027 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	130		129
Additional paid-in capital	963,482		982,746
Accumulated deficit	(210,854)		(313,495)
Accumulated other comprehensive income	12,737		1,886
Total stockholders' equity	765,495		671,266
Total liabilities and stockholders' equity	$	1,226,609	$	1,126,658

9

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

For the Six Months Ended June 30, 2022 and 2021

(In thousands)

	Six Months Ended
	June 30, 2022		June 30, 2021
Cash flows from operating activities:
Net income	$	147,527	$	19,074
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	23,573		21,538
Amortization of operating lease right-of-use assets	12,664		6,201
Amortization of deferred drydocking costs	6,261		4,079
Amortization of debt discount and debt issuance costs	1,092		3,467
Net unrealized (gain)/loss on fair value of derivatives	(1,393)		30,541
Stock-based compensation expense	3,092		1,458
Drydocking expenditures	(16,098)		(6,429)
Changes in operating assets and liabilities:
Accounts payable	1,793		8,216
Accounts receivable	(15,492)		(10,390)
Accrued interest	51		(131)
Inventories	(7,542)		(4,274)
Operating lease liabilities current and noncurrent	(12,664)		(6,664)
Collateral on derivatives	(1,689)		(33,499)
Fair value of derivatives, other current and noncurrent assets	(453)		(41)
Other accrued liabilities	(868)		(1,779)
Prepaid expenses	(1,162)		(1,112)
Unearned charter hire revenue	1,522		330
Net cash provided by operating activities	140,214		30,585
Cash flows from investing activities:
Purchase of vessels and vessel improvements	(495)		(79,002)
Advances for vessel purchases	—		(5,340)
Purchase of scrubbers and ballast water systems	(4,807)		(2,385)
Proceeds from hull and machinery insurance claims	—		238
Purchase of other fixed assets	(241)		(14)
Net cash used in investing activities	(5,543)		(86,503)
Cash flows from financing activities:
Proceeds from New Ultraco Debt Facility	—		11,000
Repayment of Norwegian Bond Debt	—		(4,000)
Repayment of term loan under New Ultraco Debt Facility	—		(15,897)
Repayment of revolver loan under New Ultraco Debt Facility	—		(30,000)
Repayment of revolver loan under Super Senior Facility	—		(15,000)
Proceeds from revolver loan under New Ultraco Debt Facility	—		55,000
Proceeds from Holdco Revolving Credit Facility	—		24,000
Proceeds from issuance of shares under ATM Offering, net of commissions	—		27,372
Repayment of term loan under Global Ultraco Debt Facility	(24,900)		—
Cash received from exercise of stock options	85		22
Cash used to settle net share equity awards	(1,915)		(986)

10

Equity offerings issuance costs	201		(292)
Financing costs paid to lenders	(18)		(351)
Dividends paid	(52,816)		—
Net cash (used in)/provided by financing activities	(79,363)		50,868
Net increase/(decrease) in Cash, cash equivalents and restricted cash	55,308		(5,050)
Cash, cash equivalents and restricted cash at beginning of period	86,222		88,849
Cash, cash equivalents and restricted cash at end of period	$	141,530	$	83,799
SUPPLEMENTAL CASH FLOW INFORMATION
Cash paid during the period for interest	$	7,123	$	13,420
Accruals for vessel purchases and vessel improvements included in Other accrued liabilities	$	6	$	229
Accruals for scrubbers and ballast water treatment systems included in Accounts payable and Other accrued liabilities	$	3,010	$	3,346
Accruals for dividends payable included in Other accrued liabilities and Other noncurrent accrued liabilities	$	1,237	$	—
Accrual for issuance costs for ATM Offering included in Other accrued liabilities	$	—	$	89
Accruals for debt issuance costs included in Accounts payable and Other accrued liabilities	$	—	$	500

11

Supplemental Information - Non-GAAP Financial Measures

This release includes various financial measures that are non-GAAP financial measures as defined under the rules of the Securities and Exchange Commission (“SEC”). We believe these measures provide important supplemental information to investors to use in evaluating ongoing operating results. We use these measures, together with accounting principles generally accepted in the United States (“GAAP” or “U.S. GAAP”) measures, for internal managerial purposes and as a means to evaluate period-to-period comparisons. However, we do not, and you should not, rely on non-GAAP financial measures alone as measures of our performance. We believe that non-GAAP financial measures reflect an additional way of viewing aspects of our operations, that when taken together with GAAP results and the reconciliations to corresponding GAAP financial measures that we also provide in our press releases, provide a more complete understanding of factors and trends affecting our business. We strongly encourage you to review all of our financial statements and publicly-filed reports in their entirety and to not rely on any single financial measure.

Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures, even if they have similar names.

Non-GAAP Financial Measures

(1) Adjusted net income and Adjusted Basic and Diluted income per share

Adjusted net income and Adjusted Basic and Diluted income per share represents Net income and Basic and Diluted income per share, respectively, as adjusted to exclude non-cash unrealized losses/(gains) on derivatives and loss on debt extinguishment. The Company utilizes derivative instruments such as FFAs to partially hedge against its underlying long physical position in ships (as represented by owned and third-party chartered-in vessels).The Company does not apply hedge accounting, and, as such, the mark-to-market gains/(losses) on forward hedge positions impact current quarter results, causing timing mismatches in the Condensed Consolidated Statement of Operations. Additionally, we believe that loss on debt extinguishment is not representative of our normal business operations. We believe that Adjusted net income and Adjusted income per share are more useful to analysts and investors in comparing the results of operations and operational trends between periods and relative to other peer companies in our industry. Our Adjusted net income should not be considered an alternative to net income, operating income, cash flows provided by operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. As noted above, our Adjusted net income may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted net income in the same manner.

The following table presents the reconciliation of our Net income to Adjusted net income:

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Reconciliation of GAAP Net income to Adjusted Net income

For the Three and Six Months Ended June 30, 2022 and 2021

(In thousands, except share and per share data)

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net income	$	94,453	$	9,225	$	147,527	$	19,074
Adjustments to reconcile net income to Adjusted net income:
Unrealized (gain)/loss on derivatives	(12,842)		31,044		(1,393)		30,541
Adjusted Net income	$	81,611	$	40,269	$	146,134	$	49,615
Weighted average shares outstanding:
Basic	12,988,200		12,168,180		12,981,202		11,950,048
Diluted (1)	16,376,517		15,303,191		16,373,458		14,987,807
Per share amounts:
Basic adjusted net income	$	6.28	$	3.31	$	11.26	$	4.15
Diluted adjusted net income(1)	$	4.98	$	2.63	$	8.93	$	3.31

(1) The number of shares used in the Diluted income per share and Diluted adjusted net income per share calculation for the three and six months ended June 30, 2022 and 2021 includes 3,254,971 and 2,906,035, respectively, in dilutive shares related to the Convertible Bond Debt based on the if-converted method per U.S. GAAP in addition to the restricted stock awards, options, and restricted stock units based on the Treasury stock method.

(2) EBITDA and Adjusted EBITDA

We define EBITDA as net income under GAAP adjusted for interest, income taxes, depreciation and amortization.

Adjusted EBITDA is a non-GAAP financial measure that is used as a supplemental financial measure by our management and by external users of our financial statements, such as investors, commercial banks and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure or historical costs basis. Our Adjusted EBITDA should not be considered an alternative to net income, operating income, cash flows provided by operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA in the same manner. Adjusted EBITDA represents EBITDA adjusted to exclude the items which represent certain non-cash, one-time and other items such as vessel impairment, gain/(loss) on sale of vessels, impairment of operating lease right-of-use assets, unrealized (gain)/loss on derivatives, loss on debt extinguishment and stock-based compensation expenses that the Company believes are not indicative of the ongoing performance of its core operations.

The following table presents a reconciliation of our net income to EBITDA and Adjusted EBITDA:

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Reconciliation of GAAP Net income to EBITDA and Adjusted EBITDA

For the Three and Six Months Ended June 30, 2022 and 2021

(In thousands)

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Net income	$	94,453	$	9,225	$	147,527	$	19,074
Adjustments to reconcile net income to EBITDA:
Interest expense	4,338		8,799		8,785		17,050
Interest income	(174)		(16)		(219)		(33)
Income taxes	—		—		—		—
EBIT	98,617		18,008		156,093		36,091
Depreciation and amortization	15,254		13,111		29,834		25,617
EBITDA	113,871		31,119		185,927		61,708
Non-cash, one-time and other adjustments to EBITDA(1)	(11,237)		31,630		1,699		31,999
Adjusted EBITDA	$	102,634	$	62,749	$	187,626	$	93,707

(1) One-time and other adjustments to EBITDA for the three and six months ended June 30, 2022 includes stock-based compensation and unrealized (gains)/losses on derivatives. One-time and other adjustments to EBITDA for the three and six months ended June 30, 2021 includes stock-based compensation and unrealized losses on derivatives.

(3) TCE revenue and TCE

Time charter equivalent (“TCE”) is a non-GAAP financial measure that is commonly used in the shipping industry primarily to compare daily earnings generated by vessels on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on voyage charters are generally not expressed in per-day amounts while charter hire rates for vessels on time charters generally are expressed in such amounts. The Company defines TCE as shipping revenues less voyage expenses and charter hire expenses, adjusted for realized gains/(losses) on FFAs and bunker swaps, divided by the number of owned available days. TCE provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. The Company's calculation of TCE may not be comparable to that reported by other companies. The Company calculates relative performance by comparing TCE against the Baltic Supramax Index (“BSI”) adjusted for commissions and fleet makeup. Owned available days is the number of our ownership days less the aggregate number of days that our vessels are off-hire due to vessel familiarization upon acquisition, repairs, vessel upgrades or special surveys. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.

The following table presents the reconciliation of revenues, net to TCE:

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Reconciliation of Revenues, net to TCE

For the Three and Six Months Ended June 30, 2022 and 2021

(In thousands, except owned available days and TCE data)

	Three Months Ended				Six Months Ended
	June 30, 2022		June 30, 2021		June 30, 2022		June 30, 2021
Revenues, net	$	198,695	$	129,851	$	383,093	$	226,423
Less:
Voyage expenses	(36,290)		(24,523)		(79,917)		(51,138)
Charter hire expenses	(21,285)		(6,170)		(43,996)		(14,650)
Reversal of one legacy time charter (1)	—		(937)		—		(854)
Realized (loss)/gain on FFAs and bunker swaps	(2,952)		(4,843)		595		(6,056)
TCE revenue	$	138,168	$	93,378	$	259,775	$	153,725
Owned available days	4,574		4,327		9,011		8,317
TCE	$	30,207	$	21,580	$	28,829	$	18,483

(1) Prior to the third quarter of 2021, the Company adjusted for the impact of one legacy time charter in the TCE revenue and TCE financial measures.

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Glossary of Terms:

Ownership days: We define ownership days as the aggregate number of days in a period during which each vessel in our fleet has been owned by us. Ownership days are an indicator of the size of our fleet over a period and affect both the amount of revenues and the amount of expenses that we recorded during a period.

Chartered-in under operating lease days: We define chartered-in under operating lease days as the aggregate number of days in a period during which we chartered-in vessels. Periodically, the Company charters in vessels on a single trip basis.

Available days: We define available days as the number of our ownership days and chartered-in days less the aggregate number of days that our vessels are off-hire due to vessel familiarization upon acquisition, repairs, vessel upgrades or special surveys and other reasons which prevent the vessel from performing under the relevant charter party such as surveys, medical events, stowaway disembarkation, etc. The shipping industry uses available days to measure the number of days in a period during which vessels should be capable of generating revenues.

Operating days: We define operating days as the number of available days in a period less the aggregate number of days that our vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

Fleet utilization: We calculate fleet utilization by dividing the number of our operating days during a period by the number of our available days during the period. The shipping industry uses fleet utilization to measure a company’s efficiency in finding suitable employment for its vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades, special surveys or vessel positioning. Our fleet continues to perform at high utilization rates.

ATM Offering: In March 2021, the Company entered into an at market issuance sales agreement with B. Riley Securities, Inc., BTIG, LLC and Fearnley Securities, Inc., as sales agents, to sell shares of common stock, par value $0.01 per share, of the Company with aggregate gross sales proceeds of up to $50.0 million, from time to time through an “at-the-market” offering program.

Definitions of capitalized terms related to our Indebtedness

Global Ultraco Debt Facility: Global Ultraco Debt Facility refers to the senior secured credit facility entered into by Ultraco on October 1, 2021, along with certain of its vessel-owning subsidiaries as guarantors, with the lenders party thereto (the “Lenders”), Credit Agricole Corporate and Investment Bank (“Credit Agricole”), Skandinaviska Enskilda Banken AB (PUBL), Danish Ship Finance A/S, Nordea Bank ABP, Filial I Norge, DNB Markets Inc., Deutsche Bank AG, and ING Bank N.V., London Branch. The Global Ultraco Debt Facility provides for an aggregate principal amount of $400.0 million, which consists of (i) a term loan facility in an aggregate principal amount of $300.0 million and (ii) a revolving credit facility in an aggregate principal amount of $100.0 million. The Global Ultraco Debt Facility is secured by 49 of the Company's vessels. As of June 30, 2022, $100.0 million of the revolving credit facility remains undrawn.

Convertible Bond Debt: Convertible Bond Debt refers to $114.1 million that the Company raised from its issuance of 5.0% Convertible Senior Notes on July 29, 2019. They are due in 2024.

New Ultraco Debt Facility: New Ultraco Debt Facility refers to senior secured credit facility for $208.4 million entered into by Ultraco Shipping LLC (“Ultraco”), a wholly-owned subsidiary of the Company, as the borrower (the “New Ultraco Debt Facility”), with the Company and certain of its indirectly vessel-owning subsidiaries, as guarantors (the “Guarantors”), the lenders party thereto, the swap banks party thereto, ABN AMRO Capital USA LLC (“ABN AMRO”), Credit Agricole Corporate and Investment Bank, Skandinaviska Enskilda Banken AB (PUBL) and DNB Markets Inc., as mandated lead arrangers and bookrunners, and Credit Agricole Corporate and Investment Bank, as arranger, security trustee and facility agent. The New Ultraco Debt Facility was refinanced on October 1, 2021.

Norwegian Bond Debt: Norwegian Bond Debt refers to the Senior Secured Bonds issued by Eagle Bulk Shipco LLC, a wholly-owned subsidiary of the Company (“Shipco”), as borrower, certain wholly-owned vessel-owning subsidiaries of Shipco, as guarantors (“Shipco Vessels”), on November 28, 2017 for $200.0 million, pursuant to those certain Bond Terms, dated as of November 22, 2017, by and between Shipco, as issuer, and Nordic Trustee AS, a company existing under the laws of Norway

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(the “Bond Trustee”). The bonds outstanding under the Norwegian Bond Debt were repaid in full on October 18, 2021 after the expiry of the requisite notice period.

Super Senior Facility: Super Senior Facility refers to the credit facility for $15.0 million, by and among Shipco as borrower, and ABN AMRO Capital USA LLC, as original lender, mandated lead arranger and agent. During the third quarter of 2021, the Company cancelled the Super Senior Revolving Facility. There were no outstanding amounts under the facility.

Holdco Revolving Credit Facility: Holdco Revolving Credit Facility refers to the senior secured revolving credit facility for $35.0 million, by and among Eagle Bulk Holdco LLC (“Holdco”), a wholly-owned subsidiary of the Company, as borrower, the Company and certain wholly-owned vessel-owning subsidiaries of Holdco, as joint and several guarantors, the banks and financial institutions named therein as lenders and Crédit Agricole Corporate and Investment Bank, as lender, facility agent, security trustee and mandated lead arranger with Nordea Bank ABP, New York Branch. The Holdco Revolving Credit Facility was refinanced on October 1, 2021.

Conference Call Information

As previously announced, members of Eagle Bulk's senior management team will host a teleconference and webcast at 8:00 a.m. ET on Friday, August 5, 2022, to discuss the second quarter results.

A live webcast of the call will be available on the Investor Relations page of the Company's website at ir.eagleships.com. To access the call by phone, please register at https://register.vevent.com/register/BI942c4261331c44f1b09f9d991f2d27ed and you will be provided with dial-in details. A replay of the webcast will be available on the Investor Relations page of the Company's website.

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. (“Eagle” or the “Company”) is a U.S. based fully integrated, shipowner-operator providing global transportation solutions to a diverse group of customers including miners, producers, traders, and end users. Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Denmark, Eagle focuses exclusively on the versatile mid-size drybulk vessel segment and owns one of the largest fleets of Supramax/Ultramax vessels in the world. The Company performs all management services in-house (including: strategic, commercial, operational, technical, and administrative) and employs an active management approach to fleet trading with the objective of optimizing revenue performance and maximizing earnings on a risk-managed basis. For further information, please visit our website: www.eagleships.com.

Website Information 

We intend to use our website, www.eagleships.com, as a means of disclosing material non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in our website’s Investor Relations section. Accordingly, investors should monitor the Investor Relations portion of our website, in addition to following our press releases, filings with the SEC, public conference calls, and webcasts. To subscribe to our e-mail alert service, please click the “Investor Alerts” link in the Investor Relations section of our website and submit your email address. The information contained in, or that may be accessed through, our website is not incorporated by reference into or a part of this document or any other report or document we file with or furnish to the SEC, and any references to our website are intended to be inactive textual references only.

Disclaimer:Forward-Looking Statements

Matters discussed in this release may constitute forward-looking statements that may be deemed to be “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements reflect 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. These statements may include words such as “believe,” “estimate,” “project,” “intend,” “expect,” “plan,” “anticipate,” and similar expressions in connection with any discussion of the timing or nature of future operating or financial performance or other events.

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, examination of historical operating trends, data contained in our records and

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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 charter hire rates and vessel values, changes as a result of COVID-19, including the availability and effectiveness of vaccines on a widespread basis and the impact of any mutations of the virus, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in vessel operating expenses, including drydocking and insurance costs, or actions taken by regulatory authorities, ability of our counterparties to perform their obligations under sales agreements, charter contracts, and other agreements on a timely basis, potential liability from future litigation, domestic and international political conditions including the current conflict between Russia and Ukraine, which may impact our ability to retain and source crew, and in turn, could adversely affect our revenue, expenses and profitability, 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 SEC.

CONTACT

Company Contact:

Frank De Costanzo

Chief Financial Officer

Eagle Bulk Shipping Inc.

Tel. +1 203-276-8100

Email: investor@eagleships.com

Media:

ICR, Inc.

Tel. +1 203-682-8396

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Source: Eagle Bulk Shipping Inc.

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