NEW YORK, Sept. 13, 2010 (GLOBE NEWSWIRE) -- Eagle Bulk Shipping Inc. (Nasdaq:EGLE) announced the launch of Eagle Bulk Pte, Ltd., a freight trading operation established under the leadership of Keith Denholm. Mr. Denholm brings more than 25 years of experience in dry bulk trading, serving most recently as Commercial Director at Pacific Carriers Limited (Singapore) and Malaysian Bulk Carriers Berhad. Eagle Bulk's trading capabilities will extend the Company's global presence, which includes a new office in Singapore, to capitalize on value creation strategies in spot trading, contracts of affreightment, and time charter in/out, among others.
Eagle Bulk Chairman and CEO, Sophocles N. Zoullas, commented, "During the past five years, Eagle Bulk has profitably established deep commercial and market relationships and a strong brand in global shipping markets. With the launch of freight trading capabilities and Keith's addition to the team, we are poised to optimize revenue from these assets throughout shipping cycles. In support of this effort, we have assembled a stellar, deeply-experienced team – a competitive advantage that will be instrumental to our success."
Mr. Denholm added, "I am delighted to join Eagle Bulk at the helm of this new venture, which comes at a particularly compelling time. Ongoing dry bulk market volatility and rapid changes in trading patterns have escalated the need for sophisticated freight and risk management capabilities. Eagle Bulk is ideally situated to capture the opportunity, which I believe will yield substantial value over time."
About Eagle Bulk Shipping Inc.
Eagle Bulk Shipping, Inc., headquartered in New York City, is a leading global owner of Supramax dry bulk vessels, which are dry bulk vessels that range in size from 50,000 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.
CONTACT: Eagle Bulk Shipping Inc. Investor Contact Alan Ginsberg, Chief Financial Officer (212) 785-2500 Perry Street Communications Media Contact Jonathan Morgan (212) 741-0014