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New CEO for Eagle Bulk Shipping

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World Coal,

The Board of Directors of Eagle Bulk Shipping has appointed Gary Vogel as the CEO of Eagle Bulk Shipping, succeeding Stanley H. Ryan. This is effective 1 September 2015. Following this new role, Vogel will also join the Board of Directors.

Paul M. Leand, Jr, Chairman of the Board of the company, commented: "Gary Vogel brings over 25 years of experience as an operator in the geared dry bulk sector and has a proven track record of success, most recently as the CEO of Clipper Group. Bringing him to Eagle Bulk enhances our company by adding a world-class commercial operator and expands our skill platform. Looking forward, Eagle Bulk can now grow from being a tonnage provider to creating value in multiple dimensions – most importantly by focusing on value-added performance and above index returns.

"With Gary's arrival, we are pleased that Stan's service as an independent director can continue,"Leand added. "Stan has been a successful agent of change for the organisation and is responsible for Eagle Bulk being in the position to take advantage of the opportunities now afforded us. Stan's strong focus on leadership and end-to-end operational excellence has noticeably uplifted the company. We're grateful for the acceleration of business improvements and momentum going forward."

Current CEO, Stanley H. Ryan, commented: "This is a significant step forward for Eagle Bulk. We are fortunate to have Gary and the deep commercial experience he brings. I am looking forward to working with him in his role as CEO and a fellow director."

Vogel stated: "Eagle Bulk's fleet of 44 supramax bulk carriers makes it one of the largest operators of geared tonnage and I look forward to working with the Eagle Bulk team to create meaningful value through active operating, arbitrage and risk management, as well as best in class operations. Eagle Bulk is also uniquely positioned to take advantage of current market opportunities and I am excited to begin to renew and grow the fleet and to solidify Eagle Bulk's position as the premier public dry bulk geared owner/operator."

Edited from Press Release by Harleigh Hobbs

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