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| UNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549                                                                                                   |
|  ________________                                                                                                                                              |
| FORM 10-Q                                                                                                                                                                |
| (Mark One)                                                                                                                                                               |
| [X]           QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934             |
|  For the quarterly period ended June 30, 2009                                                                                                                  |
|  OR                                                                                                                                                            |
| [  ]           TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|  For the transition period from                    to           |
|  ________________                                                                                                                                              |
| Commission File Number 001–33831                                                                                                                              |
| EAGLE BULK SHIPPING INC.                                                                                                                                                 |
|  (Exact name of Registrant as specified in its charter)                                                                                                             |

| Republic of the Marshall Islands                              |   | 98–0453513                    |
|---------------------------------------------------------------|--------|-------------------------------------|
| (State or other jurisdiction ofincorporation or organization) |   | (I.R.S. EmployerIdentification No.) |

| 477 Madison AvenueNew York, New York 10022(Address of principal executive offices)(Zip Code) |
|----------------------------------------------------------------------------------------------|

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days.
 

| YES    X      |     NO           |
|-------------------------------------------------------|-----------------------------------------------------------------------------------|

| YES         |     NO           |
|-------------------------------------------|-----------------------------------------------------------------------------------|

| YES                                                                                                   |     NO    X     |
|-------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------------|
|  Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. |
| Common Stock, par value $0.01 per share, 61,968,034 shares outstanding as of August 7, 2009.                                        |
|                                                                                                                                |

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| TABLE OF CONTENTS |
|-------------------|
|              |   |   |
|              |   | Page |
| PART I            | FINANCIAL INFORMATION |   |
| Item 1.           | Financial Statements |   |
|              | Consolidated Balance Sheets as of June 30, 2009 (unaudited) andDecember 31, 2008 |  3 |
|              |   |   |
|              | Consolidated Statements of Operations (unaudited) for the three and six months ended June 30, 2009 and 2008 |  4 |
|              |   |   |
|              | Consolidated Statement of Stockholders' Equity (unaudited) for the six months ended June 30, 2009 |  5 |
|              |   |   |
|              | Consolidated Statements of Cash Flows (unaudited) for the six months ended  June 30, 2009 and 2008 |  6 |
|              |   |   |
|              |       Notes to Consolidated Financial Statements (unaudited) | 7 |
|              |   |   |
| Item 2.           | Management's Discussion and Analysis of Financial Conditionand Results of Operations |  16 |
|              |   |   |
| Item 3.           | Quantitative and Qualitative Disclosures about Market Risks |   29 |
|              |   |   |
| Item 4.           | Controls and Procedures |   29 |
|              |   |   |
| PART II           | OTHER INFORMATION |   |
| Item 1.           | Legal Proceedings | 30 |
| Item 1A.          | Risk Factors | 30 |
| Item 2.           | Unregistered Sales of Equity Securities and Use of Proceeds | 30 |
| Item 3.           | Defaults upon Senior Securities | 30 |
| Item 4.           | Submission of Matters to a Vote of Security Holders | 30 |
| Item 5.           | Other Information | 31 |
| Item 6.           | Exhibits | 31 |
|              | Signatures | 32 |
|              |   |   |
|              |   |   |

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|                                                                                                                         |   | June 30, 2009                 |          |   | December 31, 2008 |   |
|------------------------------------------------------------------------------------------------------------------------------|--------|-------------------------------|---------------|--------|-----------------------------|--------|
| ASSETS:                                                                                                                      |   | (Unaudited)    |          |   |                        |   |
| Current assets:                                                                                                              |   |                          |          |   |                        |   |
| Cash and cash equivalents                                                                                                    |   | $                             | 129,259,673   |   |                        | $      | 9,208,862 |   |
| Accounts receivable                                                                                                          |   |                          | 5,373,408     |   |                        |   | 4,357,837 |   |
| Prepaid expenses                                                                                                             |   |                          | 3,509,698     |   |                        |   | 3,297,801 |   |
| Other assets                                                                                                                 |   |                          | 1,901,716     |   |                        |   | — |   |
|   Total current assets                                                                                             |   |                          | 140,044,495   |   |                        |   | 16,864,500 |   |
| Noncurrent assets:                                                                                                           |   |                          |          |   |                        |   |   |   |
|  Vessels and vessel improvements, at cost, net of accumulateddepreciation of $104,123,826 and $84,113,047, respectively |   |                          | 929,255,162   |   |                        |   | 874,674,636 |   |
|                                                                                                                         |   |                          |          |   |                        |   |   |   |
| Advances for vessel construction                                                                                             |   |                          | 397,350,804   |   |                        |   | 411,063,011 |   |
| Other assets, net of accumulated amortization of $13,689 and  $4,556, respectively                                 |   |                          | 271,801       |   |                        |   | 219,245 |   |
| Restricted cash                                                                                                              |   |                          | 12,776,056    |   |                        |   | 11,776,056 |   |
| Deferred drydock costs, net of accumulated amortization of   $6,236,900 and $5,022,649, respectively          |   |                          | 3,851,375     |   |                        |   | 3,737,386 |   |
| Deferred financing costs                                                                                                     |   |                          | 23,312,392    |   |                        |   | 24,270,060 |   |
| Fair value above contract value of time charters acquired                                                                    |   |                          | 4,531,115     |   |                        |   | 4,531,115 |   |
| Fair value of derivative instruments                                                                                         |   |                          | 5,973,180     |   |                        |   | 15,039,535 |   |
|   Total noncurrent assets                                                                                          |   |                          | 1,377,321,885 |   |                        |   | 1,345,311,044 |   |
| Total assets                                                                                                                 |   | $                             | 1,517,366,380 |   |                        | $      | 1,362,175,544 |   |
|  LIABILITIES & STOCKHOLDERS' EQUITYCurrent liabilities:                                                             |   |                          |          |   |                        |   |   |   |
| Accounts payable                                                                                                             |   | $                             | 2,787,392     |   |                        | $      | 2,037,060 |   |
| Accrued interest                                                                                                             |   |                          | 6,708,273     |   |                        |   | 7,523,057 |   |
| Other accrued liabilities                                                                                                    |   |                          | 8,154,492     |   |                        |   | 3,021,975 |   |
| Deferred revenue and fair value below contract value of time charters acquired                                               |   |                          | 10,773,151    |   |                        |   | 2,863,184 |   |
| Unearned charter hire revenue                                                                                                |   |                          | 5,678,084     |   |                        |   | 5,958,833 |   |
|   Total current liabilities                                                                                        |   |                          | 34,101,392    |   |                        |   | 21,404,109 |   |
| Noncurrent liabilities:                                                                                                      |   |                          |          |   |                        |   |   |   |
| Long-term debt                                                                                                               |   |                          | 809,106,403   |   |                        |   | 789,601,403 |   |
| Fair value below contract value of time charters acquired                                                                    |   |                          | 26,549,512    |   |                        |   | 29,205,196 |   |
| Fair value of derivative instruments                                                                                         |   |                          | 40,605,203    |   |                        |   | 50,538,060 |   |
|   Total noncurrent liabilities                                                                                     |   |                          | 876,261,118   |   |                        |   | 869,344,659 |   |
| Total liabilities                                                                                                            |   |                          | 910,362,510   |   |                        |   | 890,748,768 |   |
| Commitment and contingencies                                                                                                 |   |                          |          |   |                        |   |   |   |
| Stockholders' equity:                                                                                                        |   |                          |          |   |                        |   |   |   |
| Preferred stock, $.01 par value, 25,000,000 shares authorized, none issued                                                   |   |                          | —       |   |                        |   | — |   |
| Common shares, $.01 par value, 100,000,000 shares authorized, 61,968,034 and 47,031,300 shares issued and outstanding        |   |                          | 619,680       |   |                        |   | 470,313 |   |
| Additional paid-in capital                                                                                                   |   |                          | 718,218,555   |   |                        |   | 614,241,646 |   |
| Retained earnings (net of dividends declared of $262,188,388)                                                                |   |                          | (77,202,342   | )      |                        |   | (107,786,658 | ) |
| Accumulated other comprehensive loss                                                                                         |   |                          | (34,632,023   | )      |                        |   | (35,498,525 | ) |
|    Total stockholders' equity                                                                                 |   |                          | 607,003,870   |   |                        |   | 471,426,776 |   |
| Total liabilities and stockholders' equity                                                                                   |   | $                             | 1,517,366,380 |   |                        | $      | 1,362,175,544 |   |

|   |   |   |
|--------|--------|--------|

----

|                                             |   | Three Months Ended |       |   | Six Months Ended |   |
|--------------------------------------------------|--------|--------------------|------------|--------|------------------|--------|
|                                             |   | June 30, 2009      |       |   | June 30, 2008    |   |   | June 30, 2009 |   |   | June 30, 2008 |   |
|                                             |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Revenues, net of Commissions                     |   | $                  | 53,021,338 |   |             | $      | 37,223,200 |   |   | $ | 108,999,004 |   |   | $ | 73,909,216 |   |
|                                             |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Vessel Expenses                                  |   |               | 12,933,808 |   |             |   | 7,596,479 |   |   |   | 26,005,005 |   |   |   | 15,587,740 |   |
| Depreciation and Amortization                    |   |               | 10,943,247 |   |             |   | 7,390,982 |   |   |   | 21,234,163 |   |   |   | 14,727,021 |   |
| General and Administrative Expenses              |   |               | 9,041,185  |   |             |   | 4,762,933 |   |   |   | 17,944,213 |   |   |   | 9,812,092 |   |
|     Total Operating Expenses |   |               | 32,918,240 |   |             |   | 19,750,394 |   |   |   | 65,183,381 |   |   |   | 40,126,853 |   |
|                                             |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Operating Income                                 |   |               | 20,103,098 |   |             |   | 17,472,806 |   |   |   | 43,815,623 |   |   |   | 33,782,363 |   |
|                                             |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Interest Expense                                 |   |               | 6,815,853  |   |             |   | 3,449,217 |   |   |   | 13,302,170 |   |   |   | 6,799,470 |   |
| Interest Income                                  |   |               | (60,290    | )      |             |   | (882,541 | ) |   |   | (70,863 | ) |   |   | (2,269,047 | ) |
|     Net Interest Expense     |   |               | 6,755,563  |   |             |   | 2,566,676 |   |   |   | 13,231,307 |   |   |   | 4,530,423 |   |
|                                             |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Net Income                                       |   | $                  | 13,347,535 |   |             | $      | 14,906,130 |   |   | $ | 30,584,316 |   |   | $ | 29,251,940 |   |
|                                             |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Weighted Average Shares Outstanding :            |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
|                                             |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Basic                                            |   |               | 52,252,714 |   |             |   | 46,763,160 |   |   |   | 49,656,431 |   |   |   | 46,757,849 |   |
| Diluted                                          |   |               | 52,295,221 |   |             |   | 47,123,585 |   |   |   | 49,686,359 |   |   |   | 47,047,552 |   |
| Per Share Amounts:                               |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
|                                             |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |
| Basic Net Income                                 |   | $                  | 0.26       |   |             | $      | 0.32 |   |   | $ | 0.62 |   |   | $ | 0.63 |   |
| Diluted Net Income                               |   | $                  | 0.26       |   |             | $      | 0.32 |   |   | $ | 0.62 |   |   | $ | 0.62 |   |
| Cash Dividends Declared and Paid                 |   |               | —    |   |             | $      | 0.50 |   |   |   | — |   |   | $ | 1.00 |   |
|                                             |   |               |       |   |             |   |   |   |   |   |   |   |   |   |   |   |

|   |   |   |
|--------|--------|--------|

----

|                                                      |   |         |       |   |               |   |    |                     |   |   |        |   |   |                |       |   |                              |         |
|-----------------------------------------------------------|--------|--------------|------------|--------|--------------------|--------|---------|--------------------------|--------|--------|-------------|--------|--------|---------------------|------------|--------|-----------------------------------|--------------|
|                                                      |   | CommonShares |       |   | CommonSharesAmount |   |    | AdditionalPaid-InCapital |   |   | Net Income  |   |   | Accumulated Deficit |       |   | Other Comprehensive Income (Loss) |         |   | Total Stockholders' Equity |   |
|                                                      |   |         |       |   |               |   |    |                     |   |   |        |   |   |                |       |   |                              |         |   |   |   |
| Balance at December 31, 2008                              |   |         | 47,031,300 |   |               | $      | 470,313 |                     |   | $      | 614,241,646 |   |   |                |       |   | $                                 | (107,786,658 | ) |   | $ | (35,498,525 | ) |   | $ | 471,426,776 |   |
| Comprehensive income :                                    |   |         |       |   |               |   |    |                     |   |   |        |   |   |                |       |   |                              |         |   |   |   |   |   |   |   |   |   |
|    Net income                              |   |         | —    |   |               |   | — |                     |   |   | —     |   |   | $                   | 30,584,316 |   |                              |         | 30,584,316 |   |   |   | — |   |   |   | 30,584,316 |   |
|    Net unrealized gain on derivatives |   |         | —    |   |               |   | — |                     |   |   | —     |   |   |                | —    |   |                              |         | — |   |   |   | 866,502 |   |   |   | 866,502 |   |
| Comprehensive income                                      |   |         | —    |   |               |   | — |                     |   |   | —     |   |   |                | —    |   |                              |         | — |   |   |   | — |   |   |   | 502,877,594 |   |
| Issuance of common shares, net of issuance costs          |   |         | 14,847,493 |   |               |   | 148,475 |                     |   |   | 97,142,571  |   |   |                |       |   |                              |         | — |   |   |   |   |   |   |   | 97,291,046 |   |
| Issuance of restricted shares                             |   |         | 89,241     |   |               |   | 892     |                     |   |   | (407,379    | )      |   |                | —    |   |                              |         | — |   |   |   | — |   |   |   | (406,487 | ) |
| Non-cash compensation                                     |   |         | —    |   |               |   | — |                     |   |   | 7,241,717   |   |   |                | —    |   |                              |         | — |   |   |   | — |   |   |   | 7,241,717 |   |
|                                                      |   |         |       |   |               |   |    |                     |   |   |        |   |   |                |       |   |                              |         |   |   |   |   |   |   |   |   |   |   |
| Balance at June 30, 2009                                  |   |         | 61,968,034 |   |               | $      | 619,680 |                     |   | $      | 718,218,555 |   |   |                |       |   |                              | $            | (77,202,342 | ) |   | $ | (34,632,023 | ) |   | $ | 607,003,870 |   |

|   |   |   |
|--------|--------|--------|

----

|                                                                              |   | Six Months Ended |        |
|-----------------------------------------------------------------------------------|--------|------------------|-------------|
|                                                                              |   | June 30, 2009    |        |   | June 30, 2008 |   |
| Cash flows from operating activities:                                             |   |             |        |   |   |   |
| Net income                                                                        |   | $                | 30,584,316  |   |   | $ | 29,251,940 |   |
| Adjustments to reconcile net income to net cash provided by operating activities: |   |             |        |   |   |   |   |   |
| Items included in net income not affecting cash flows:                            |   |             |        |   |   |   |   |   |
| Depreciation and amortization                                                     |   |             | 20,019,912  |   |   |   | 13,477,780 |   |
| Amortization of deferred drydocking costs                                         |   |             | 1,214,251   |   |   |   | 1,249,241 |   |
| Amortization of deferred financing costs                                          |   |             | 509,514     |   |   |   | 123,219 |   |
| Amortization of fair value below contract value of time charter acquired          |   |             | (1,297,180  | ) |   |   | — |   |
| Non-cash compensation expense                                                     |   |             | 7,241,717   |   |   |   | 4,571,943 |   |
| Changes in operating assets and liabilities:                                      |   |             |        |   |   |   |   |   |
| Accounts receivable                                                               |   |             | (1,015,571  | ) |   |   | (906,383 | ) |
| Other assets                                                                      |   |             | (1,901,716  | ) |   |   | — |   |
| Prepaid expenses                                                                  |   |             | (211,897    | ) |   |   | (961,110 | ) |
| Accounts payable                                                                  |   |             | 750,332     |   |   |   | (1,847,186 | ) |
| Accrued interest                                                                  |   |             | 487,835     |   |   |   | 3,752,504 |   |
| Accrued expenses                                                                  |   |             | 4,990,685   |   |   |   | 983,705 |   |
| Drydocking expenditures                                                           |   |             | (1,186,408  | ) |   |   | (1,499,764 | ) |
| Deferred revenue                                                                  |   |             | 6,551,463   |   |   |   | — |   |
| Unearned charter hire revenue                                                     |   |             | (280,749    | ) |   |   | 1,619,229 |   |
|                                                                              |   |             |        |   |   |   |   |   |
| Net cash provided by operating activities                                         |   |             | 66,456,504  |   |   |   | 49,815,118 |   |
|                                                                              |   |             |        |   |   |   |   |   |
|   Cash flows from investing activities:                                 |   |             |        |   |   |   |   |   |
| Vessels and vessel improvements and advances for vessel construction              |   |             | (60,436,569 | ) |   |   | (159,809,658 | ) |
| Purchase of other assets                                                          |   |             | (61,689     | ) |   |   | (69,674 | ) |
|                                                                              |   |             |        |   |   |   |   |   |
| Net cash used in investing activities                                             |   |             | (60,498,258 | ) |   |   | (159,879,332 | ) |
|                                                                              |   |             |        |   |   |   |   |   |
| Cash flows from financing activities:                                             |   |             |        |   |   |   |   |   |
| Issuance of Common Stock                                                          |   |             | 99,999,997  |   |   |   | 237,327 |   |
| Equity issuance costs                                                             |   |             | (2,708,951  | ) |   |   | — |   |
| Bank borrowings                                                                   |   |             | 19,505,000  |   |   |   | 68,451,753 |   |
| Changes in restricted cash                                                        |   |             | (1,000,000  | ) |   |   | (1,151,440 | ) |
| Deferred financing costs                                                          |   |             | (1,296,994  | ) |   |   | (616,685 | ) |
| Cash used to settle net share equity awards                                       |   |             | (406,487    | ) |   |   | — |   |
| Cash dividends                                                                    |   |             | —     |   |   |   | (46,763,820 | ) |
|                                                                              |   |             |        |   |   |   |   |   |
| Net cashprovided by financing activities                                          |   |             | 114,092,565 |   |   |   | 20,157,135 |   |
|                                                                              |   |             |        |   |   |   |   |   |
| Net increase/(decrease) in cash                                                   |   |             | 120,050,811 |   |   |   | (89,907,079 | ) |
| Cash at beginning of period                                                       |   |             | 9,208,862   |   |   |   | 152,903,692 |   |
|                                                                              |   |             |        |   |   |   |   |   |
| Cash at end of period                                                             |   | $                | 129,259,673 |   |   | $ | 62,996,613 |   |

|   |   |   |
|--------|--------|--------|

----

|  No. of Vessels    |  Dwt | VesselType                   |  Delivery |  Employment                                    |
|-------------------------|-----------|------------------------------|----------------|-----------------------------------------------------|
|                    |      |                         |           |
| Vessels in Operation    |      |                         |           |
| 25 Vessels              | 1,296,917 | 22 Supramax                  |           | Time Charter                                        |
|                    |      |    3 Handymax |           | Time Charter                                        |
|                    |      |                         |           |                                                |
| Vessels to be delivered |      |                         |           |
| 3 Vessels               | 159,300   | 53,100 dwt series Supramax   | 2009-2010      | 2 Vessels on Time Charter and 1 Vessel Charter Free |
| 2 Vessels               | 112,000   | 56,000 dwt series Supramax   | 2010           | 2 Vessels Charter Free                              |
| 17 Vessels              | 986,000   | 58,000 dwt series Supramax   | 2009-2011      | 17 Vessels on Time Charter                          |
|                    |      |                         |           |                                                |

|        | % of Consolidated Time Charter Revenue |
|-------------|----------------------------------------|
|        | Three Months Ended                     | Six Months Ended |
|        | June 30, 2009                          | June 30, 2008 | June 30, 2009 | June 30, 2008 |
| Charterer   |                                   |   |   |   |
| Charterer B | 14%                                    | 26% | 17% | 26% |
| Charterer H | 12%                                    | 18% | 12% | 17% |
| Charterer J | 7%                                     | 10% | 7% | 11% |
| Charterer L | 17%                                    | 19% | 17% | 19% |
| Charterer M | 20%                                    | 11% | 19% | 11% |

----

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Note 3.  Vesselsa. Vessel and Vessel ImprovementsAt June 30, 2009, the Company's operating fleet consisted of 25 dry bulk vessels. In January and March 2009, the Company took delivery of the Crested Eagle and Stellar Eagle, respectively.Vessel and vessel improvements:      Vessels and Vessel Improvements, at December 31, 2008 $874,674,636    Purchase of Vessel and Vessel Improvements  2,681,861    Delivery of Newbuild Vessels  71,909,444    Depreciation Expense  (20,010,779)Vessels and Vessel Improvements, at June 30, 2009 $929,255,162             b. Advances for Vessel ConstructionThe Company took delivery of the Crested Eagle and Stellar Eagle, two Japanese built vessels, in January and March 2009, respectively. In 2008, the Company took delivery of two Chinese built vessels and one Japanese built vessel.As of June 30, 2009, the total contract cost of the remaining two Supramax vessels under construction in Japan is approximately $67,044,070, these vessels' construction contracts are Japanese yen denominated. As of June 30, 2009, the Company had advanced an equivalent of $24,798,118in progress payments towards these contracts. The remaining two vessels are expected to be delivered in 2010. The Company will incur additional costs relating to the construction of these vessels, including capitalized interest, insurance, legal, and technical supervision costs.As of June 30, 2009, the Company had twenty Supramax vessels under construction at the shipyard in China. The total contract cost of the construction project in China is approximately $859,098,055, of which the Company has advanced $317,298,055 in payments towards the constructionof these vessels. These vessels are expected to be delivered between 2009 and 2011. The Company will incur additional costs relating to the construction of these vessels, including capitalized interest, insurance, legal, and technical supervision costs.Advances for Vessel Construction:      Advances for Vessel Construction, at December 31, 2008 $411,063,011 Progress Payments  41,065,996 Capitalized Interest  13,512,415 Legal and Technical Supervision Costs  3,618,826 Delivery of Newbuild Vessels  (71,909,444)Advances for Vessel Construction, at June 30, 2009 $397,350,804  9 Note 4.  Long-Term DebtAt June 30, 2009, the Company's debt consisted of $809,106,403 in net borrowings under the amended revolving credit facility. These borrowings consisted of $424,721,218 for the 25 vessels currently in operation and $384,385,185 to fund the Company's newbuilding program.On August 4, 2009, the Company entered into a third Amendatory Agreement to its revolving credit facility dated October 19, 2007. Among other things, the credit facility reduces the amount of the credit facility to $1,200,000,000 with maturity in July 2014. The agreement also modifies the minimum security covenant, the minimum networth covenant, and the minimum interest coverage ratio covenant, until such time as the Company can comply with the original covenants for two consecutive accounting periods. In the interim, the measurement of the three covenants at the end of each accounting period has been amended as follows: (a) the minimum security covenant has been suspended, (b) the minimum net worth covenant has been amended to a threshold minimum of $400 million plus an amount equal to fifty percent of any equity received by the Company,with the determination of net worth to utilize book value of vessel assets as stated in the financial statements rather than the market value, and (c) until reinstatement of the original minimum security and net worth covenants, for 24 months from July 1, 2009 to June 30, 2011, at each accounting period, the Company's cumulative EBITDA (EBITDA as defined in the credit agreement) will at all times be not less than 120% of the cumulative loan interest incurred on a trailing four quarter basis, and for each accountingperiod after June 30, 2011, the Company's cumulative EBITDA will at all times be not less than 130% of the cumulative loan interest incurred on a trailing four quarter basis. The amendment also requires, that until the Company is in compliance with the original covenants for two consecutive accounting periods, the Company will use half the net proceeds from any equity issuance to reduce the facility, including approximately $48.6 million from the equity raised during the second quarter to be paid by September30, 2009. These payments will reduce the available amount of the credit facility. The Company will continue to be able to borrow the undrawn portion of the facility and the amounts borrowed will bear interest at LIBOR plus 2.50%. Undrawn portions of the facility will bear a commitment fee of 0.7%. The facility is available in full until July 2012 when availability will begin to decline in four semi-annual reductions of $56,250,000 with a full repayment at maturity. As a result of this amendment, in the third quarter of 2009, the Company will incur a fee of 0.25% of the revised facility amount and will record a charge of approximately $3.4 million relating to the write-off deferred financing fees.On December 17, 2008, the Company entered into a second amendatory agreement to its $1,600,000,000 revolving credit facility. Among other things, the agreement reduces the amount of the credit facility to $1,350,000,000, amends the minimum security cover definition in the credit facilityto include the installment payments on its newbuilding contracts and reduces the minimum security value clause of the credit facility from 130% to 100% of the aggregate principal amount of debt outstanding under the credit facility. The agreement also provides, however, that future dividend payments will be based on maintaining a minimum security value of 130%. In addition, it increases the interest margin to 1.75% over LIBOR, but also reduces the minimum net worth clause of the credit facility from $300,000,000to $75,000,000 for 2009, subject to annual review thereafter.Under the terms of the third amendment of the revolving credit facility, among other things, we will maintain with the lender an amount not less than the greater of $500,000 per delivered vessel or an amount equal to any reductions in the total commitments scheduled to be effectedwithin the next six months less the amount of the then unutilized facility. As of June 30, 2009, the Company has recorded $12,500,000 as restricted cash in the accompanying balance sheets.For the six months ended June 30, 2009, interest rates on the outstanding debt ranged from 2.84% to 6.99%, including a margin of 1.75% over LIBOR applicable under the terms of the amended revolving credit facility. The weighted average effective interest rate was 6.17%. The Company incurred a commitment fee of 0.30% on the undrawnportion of the revolving credit facility. Interest costs on borrowings used to fund the Company's newbuilding program are capitalized until the vessels are delivered.   10 Interest Expense, exclusive of capitalized interest, consists of:  Three Months EndedSix Months Ended  June 30, 2009June 30, 2008June 30, 2009June 30, 2008Loan Interest$6,546,396$3,387,905$12,792,656$6,676,251Amortization of Deferred Financing Costs    269,457      61,312      509,514    123,219Total Interest Expense$6,815,853$3,449,217$13,302,170$6,799,470Interest paid, exclusive of capitalized interest, in the six month periods ended June 30, 2009 and 2008 amounted to $6,425,528 and $6,079,939, respectively.Interest-Rate SwapsThe Company has entered into interest rate swaps to effectively convert a portion of its debt from a floating to a fixed-rate basis. Under these swap contracts, exclusive of applicable margins, the Company will pay fixed rate interest and receive floating-rate interest amounts basedon three-month LIBOR settings. The swaps are designated and qualify as cash flow hedges. The following table summarizes the interest rate swaps in place as of June 30, 2009 and December 31, 2008.Notional AmountOutstanding –June 30, 2009  Notional AmountOutstanding –December 31, 2008   Fixed Rate   Maturity$     84,800,000  $     84,800,000  5.240%  09/2009*   25,776,443     25,776,443  4.900%  03/2010   10,995,000     10,995,000  4.980%  08/2010        202,340,000          202,340,000  5.040%  08/2010 100,000,000   100,000,000  4.220%  09/2010  30,000,000    30,000,000  4.538%  09/2010  25,048,118    25,048,118  4.740%  12/2011  36,752,038    36,752,038  5.225%  08/2012  81,500,000    81,500,000  3.895%  01/2013144,700,000  144,700,000  3.580%  10/20119,162,500  9,162,500  3.515%  10/20113,405,174  3,405,174  3.550%  10/2011  17,050,000    17,050,000  3.160%  11/2011$  771,529,273  $  771,529,273                      *Upon maturity of the $84,800,000 swap in September 2009, a swap with the same notional amount will commence with a fixed interest rate of 3.90% that matures in September 2013.The Company records the fair value of the interest rate swaps as an asset or liability on its balance sheet. The effective portion of the swap is recorded in accumulated other comprehensive income. Accordingly, liabilities of  $40,605,203  and $50,538,060 have beenrecorded in Fair value of derivative instruments in the Company's balance sheets as of June 30, 2009 and December 31, 2008.Foreign Currency swapsThe Company has entered into foreign exchange swap transactions to hedge foreign currency risks on its capital asset transactions (vessel newbuildings). The swaps are designated and qualified as cash flow hedges.At December 31, 2008, the Company had outstanding foreign currency swap contracts for notional amounts aggregating 8.6 billion Japanese yen swapped into the equivalent of $80,378,030. In February 2009, the Company fixed the gain on its outstanding foreign currency swaps contracts. This gain will be recognized upon delivery of theremaining vessels as an offset to the cost of the vessels. During the first six months ended June 30, 2009, the Company recognized a foreign currency gain of $7,684,225 which offset the cost of Stellar Eagle and Crested Eagle upon their delivery. The remaining gain as of June 30, 2009 aggregating $5,973,180 will offset the cost of the remaining two vessels upon their delivery in January, 2010 and February 2010, respectively.  11  The Company records the fair value of the currency swaps as an asset or liability in its financial statements. The effective portion of the currency swap is recorded in accumulated other comprehensive income. Accordingly, an amount of $5,973,180 and $15,039,535 have been recorded inFair value of derivative instruments and other assets in the accompanying balance sheets as of June 30, 2009, and December 31, 2008, respectively.Note  5.  Fair Value MeasurementsThe following methods and assumptions were used to estimate the fair value of each class of financial instrument:Cash and cash equivalents—the carrying amounts reported in the consolidated balance sheet for interest-bearing deposits approximate their fair value due to their short-term nature thereof.Debt—the carrying amounts of borrowings under the revolving credit agreement approximate their fair value, due to the variable interest rate nature thereof.Interest rate swaps—the fair value of interest rate swaps (used for hedging purposes) is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date.Foreign currency swaps—the fair value of foreign currency swaps (used for hedging purposes) is the estimated amount that the Company would receive or pay to terminate the swaps at the reporting date.Effective January 1, 2008, the Company adopted SFAS 157, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements.  The fair value hierarchy for disclosure of fair value measurements under SFAS157 is as follows: Level 1 – Quoted prices in active markets for identical assets or liabilitiesLevel 2 – Quoted prices for similar assets and liabilities in active markets or inputs that are observableLevel 3 – Inputs that are unobservable (for example cash flow modeling inputs based on assumptions) The following table summarizes assets and liabilities measured at fair value on a recurring basis at June 30, 2009, as required by SFAS 157:    Level 1 Level 2Level 3Assets          Foreign currency contracts—$5,973,180—          Liabilities         Interest rate contracts—$40,605,203—                    The fair value of the interest rate and foreign currency swap contracts are based on quoted market prices for a similar contract and can be validated through external sources.Note  6.  Commitments and Contingencies Vessel technical management contractsThe Company has technical management agreements for each of its vessels with independent technical managers. The Company paid average monthly technical management fees of $9,035 and $9,125 per vessel during the six months ended June 30, 2009 and 2008, respectively. 12 Note 7.  Earnings Per Common ShareThe computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period. Diluted net income per share gives effect to stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive.Diluted net income per share as of June 30, 2009, does not include 1,444,035 restricted stock units and 590,668 stock options as their effect was anti-dilutive.  Three Months EndedSix Months Ended  June 30, 2009June 30, 2008June 30, 2009June 30, 2008Net Income$13,347,535$14,906,130$30,584,316$29,251,940Weighted Average Shares – Basic52,252,71446,763,16049,656,43146,757,849Dilutive effect of stock options and restricted stock units42,507360,42529,928289,703Weighted Average Shares – Diluted52,295,22147,123,58549,686,35947,047,552Basic Earnings Per Share$0.26$0.32$0.62$0.63Diluted Earnings Per Share$0.26$0.32$0.62$0.62Note 8.  Capital StockCommon StockOn June 30, 2009, the Company completed its offering under an Equity Distribution Agreement of $100,000,000 with UBS Securities dated March 2, 2009.  From May through June 2009, the Company sold 14,847,493 common shares. The net proceeds, after underwriting commission of 2.5% and other issuance fees, amounted to $97,291,046.DividendsPayment of dividends is in the discretion of the board of directors and is limited by the terms of certain agreements to which the Company and its subsidiaries are parties to and provisions of Marshall Islands law. The Company's revolving credit facility permits it to pay quarterly dividends in amounts up to its cumulative freecash flows, which is our earnings before extraordinary or exceptional items, interest, taxes, depreciation and amortization (Credit Agreement EBITDA), less the aggregate amount of interest incurred and net amounts payable under interest rate hedging agreements during the relevant period and an agreed upon reserve for dry-docking for the period, provided that the Company is in compliance with its loan covenants. Depending on market conditions in the dry bulk shipping industry and acquisition opportunities thatmay arise, the Company may be required to obtain additional debt or equity financing which could affect its dividend policy. In this connection, the drybulk market has recently declined substantially. In December 2008, the Company's board of directors has determined to suspend the payment of dividends to stockholders in order to increase cash flow, optimize financial flexibility and enhance internal growth.  In the future, the declaration and payment of dividends, if any, will always be subject to thediscretion of the board of directors, restrictions contained in the credit facility and the requirements of Marshall Islands law. The timing and amount of any dividends declared will depend on, among other things, the Company's earnings, financial condition and cash requirements and availability, the ability to obtain debt and equity financing on acceptable terms as contemplated by the Company's growth strategy, the terms of its outstanding indebtedness and the ability of the Company's subsidiaries to distributefunds to it.Note 9.  Equity Incentive Plans2009 Equity Incentive Plan. In May 2009, our shareholders approved the 2009 Equity Incentive Plan (2009 Plan) for the purpose of affording an incentive to eligible persons. The 2009 Planprovides for the grant of equity based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, dividend equivalents, unrestricted stock, other equity based or equity related awards, and/or performance compensation awards based on or relating to the Company's common shares to eligible non-employee directors, officers, employees or consultants. The 2009 Plan is administered by a compensation committee or such other committee of the Company's board of directors. A maximumof 4.2 million of the Company's common shares have been authorized for issuance under the 2009 Plan.   13  2005 Equity Incentive Plan. In 2005, the Company adopted the 2005 Equity Incentive Plan (2005 Plan) for the purpose of affording an incentiveto eligible persons. The 2005 Plan provides for the grant of equity-based awards, including stock options, stock appreciation rights, restricted stock, restricted stock units, stock bonuses, dividend equivalents and other awards based on or relating to the Company's common shares to eligible non-employee directors, selected officers and other employees and independent contractors. The plan is administered by a committee of the Company's board of directors. An aggregate of 2.6 million shares of the Company'scommon stock has been authorized for issuance under the plan. None of the Company's common shares remain available for issuance under the 2005 Plan.In 2007 and 2008, the Company granted restricted stock units ("RSUs") to members of its management which vest ratably between three to five years. As of June 30, 2009, RSUs covering a total of 1,466,013 of the Company's shares are outstanding. These RSUs also entitle the participant to receive a dividend equivalent paymenton the unvested portion of the underlying shares granted under the award, each time the Company pays a dividend to the Company's shareholders. The dividend equivalent rights on the unvested RSU are forfeited upon termination of employment. The Company is amortizing to non-cash compensation expense the fair value of the non-vested restricted stock at the grant date. For the six and three months ended June 30, 2009, the amortization charge was $6,540,127 and$3,270,063, respectively. The remaining expense for each of the years ending 2009, 2010, and 2011 will be $6,540,127, $12,410,365, and $5,450,402, respectively, and $7,126,803 thereafter.As of December 31, 2008, options covering 590,668 of the Company's common shares were outstanding.  These options were awarded to members of its management and its independent non-employee directors. On January 23, 2009, the Company granted options to purchase 222,815 ofthe Company's common shares to its independent non-employee directors. These options vested and became exercisable on the grant date at an exercise price of $5.00 per share and expire six years from the date of grant. For purposes of determining the non-cash compensation cost for the Company's stock option plans using the fair value method of FAS 123(R), the fair value of the options granted of $550,851 was estimated on the date of grant using the Black-Scholes option pricing model. The weighted average assumptionsused for the 2009 grant included a risk free interest rate of 2.2%, and an expected stock price volatility factor of 74%.  For the six and three months ended June 30, 2009, the Company has recorded a non-cash compensation charge of $701,590 and $75,370, respectively. As of June 30, 2009, options covering 813,483 of the Company's common shares are outstanding with exercise prices ranging from $5.00 to $21.88 per share (the market prices at dates of grants). The options granted to the independent non-employeedirectors vested and became exercisable on the grant dates. The options granted to members of its management vest and become exercisable over three years. All options expire between six to ten years from the date of grant.On January 15, 2008, the Company granted 30,000 shares of its common stock, which vested on the grant date, to its independent non-employee directors. The fair value of the stock at the grant date was equal to the closing stock price on that date and a total amount of $608,400 has been recorded in non-cash compensation expensefor the six months ended June 30, 2008.The non-cash compensation expenses recorded by the Company and included in General and Administrative Expenses are as follows:  Three Months EndedSix Months Ended   June 30, 2009 June 30, 2008June 30, 2009June 30, 2008          Stock Option Plans$75,370       $82,000 $701,590    $163,257          Restricted Stock Grants3,270,0631,974,2406,540,1273,800,286          Stock Grants———608,400Total Non-cash compensation expense$3,345,433$  2,056,240$7,241,717$ 4,571,943    14   In 2006 and 2007, the Company granted Dividend Equivalent Rights Awards ("DERs") to its independent non-employee directors and members of its management. These DERs entitle the participant to receive a dividend equivalent payment each time the Company pays a dividend to the Company'sshareholders. As of June 30, 2009, DERs equivalent to 574,000 of the Company's common shares are outstanding. For the six months ended June 30, 2009 and 2008, the Company has recorded in General and Administrative Expense cash compensation expenses of $0 and $713,023, respectively.Note 10.  Subsequent EventsOn August 4, 2009 the Company entered into a third amendatory agreement to its revolving credit facility dated October 19, 2007, see note 4.On August 4, 2009, the Company entered into a management agreement (the "Management Agreement") with Delphin Shipping LLC ("Delphin"), a Marshall Islands limited liability company affiliated with Kelso Investment Associates VII, and KEP VI, LLC and the Company's Chief Executive Officer,Sophocles Zoullas.  Delphin was formed for the purpose of acquiring and operating drybulk and other vessels. Under the terms of the Management Agreement, the Company will provide commercial and technical supervisory vessel management services to drybulk vessels to be acquired by Delphin for a fixed monthly management fee based on a sliding scale. Pursuant to the terms of the Management Agreement the Company has been granted an opportunity to acquire for its own account any drybulk vessel that Delphinproposes to acquire.  The Company has also been granted a right of first refusal on any drybulk charter opportunity, other than a renewal of an exisiting charter for a Delphin owned vessel, that the Company reasonably deems suitable for a Company owned vessel.  The Management Agreement also provides the Company a right of first offer on the sale of any drybulk vessel by Delphin. The term of the Management Agreement is one year and is renewable for successive one year terms at the option ofDelphin.The subsequent events have been evaluated through August 7, 2009, which was the date the Financial Statements were issued.   15  ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONThe following is a discussion of the Company's financial condition and results of operation for the three-month and six-month periods ended June 30, 2009 and 2008. This section should be read in conjunction with the consolidated financial statements included elsewhere in this report and the notes to those financial statements.This discussion contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbor provided for under these sections.  These statements may include wordssuch 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. Forward looking statements reflect management's current expectations and observations with respect to future events and financial performance. Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed tohave a reasonable basis.  However, our forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those forward-looking statements. The principal factors that affect our financial position, results of operations and cash flows include, charter market rates, which have recently declined significantly from historic highs, periods of charter hire, vessel operating expensesand voyage costs, which are incurred primarily in U.S. dollars, depreciation expenses, which are a function of the cost of our vessels, significant vessel improvement costs and our vessels' estimated useful lives, and financing costs related to our indebtedness. Our actual results may differ materially from those anticipated in these forward looking statements as a result of certain factors which could include the following: (i) changes in demand in the dry bulk market, including, without limitation, changesin production of, or demand for, commodities and bulk cargoes, generally or in particular regions; (ii) greater than anticipated levels of dry bulk vessel new building orders or lower than anticipated rates of dry bulk vessel scrapping; (iii) changes in rules and regulations applicable to the dry bulk industry, including, without limitation, legislation adopted by international bodies or organizations such as the International Maritime Organization and the European Union or by individual countries; (iv) actionstaken by regulatory authorities; (v) changes in trading patterns significantly impacting overall dry bulk tonnage requirements; (vi) changes in the typical seasonal variations in dry bulk charter rates; (vii) changes in the cost of other modes of bulk commodity transportation; (viii) changes in general domestic and international political conditions; (ix) changes in the condition of the Company's vessels or applicable maintenance or regulatory standards (which may affect, among other things, our anticipated drydockingcosts); (x) and other factors listed from time to time in our filings with the Securities and Exchange Commission. This discussion also includes statistical data regarding world dry bulk fleet and orderbook and fleet age. We generated some of this data internally, and some were obtained from independent industry publications and reports that we believe to be reliable sources. We have not independently verified this data nor sought the consent of any organizations to refer to their reports in this quarterly report.We disclaim any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.OverviewWe are Eagle Bulk Shipping Inc., a Republic of the Marshall Islands corporation headquartered in New York City. We own one of the largest fleets of Supramax dry bulk vessels in the world. Supramax dry bulk vessels range in size from 50,000 to 60,000 dwt. We transport a broad rangeof major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. As of June 30, 2009, we own and operate a modern fleet of 25 Handymax dry bulk vessels, 22 of which are of the Supramax class. We also have a Supramax newbuilding program for the construction of vessels in Japan and China. As of June 30, 2009, we have taken delivery of five vessels and an additional 22 vessels will be constructed and are expected to be delivered into our fleet through 2011,upon which our total fleet will consist of 47 vessels with a combined carrying capacity of 2.55 million dwt.  16 

| (1)   | concentration in one vessel category: Supramax class of Handymax dry bulk vessels, which we believe offer size, operational and geographical advantages (over Panamax and Capesize vessels), |
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| (2)   | our strategy is to charter our vessels 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. On the other hand, time charters provide a shipping company with a predictable level of revenues. We have enteredinto time charters for substantially all of our vessels in our operating fleet which range in length from approximately one to three years, and in the case of many of our newbuilding vessels for periods up to December 2018. Our time charters provide for fixed semi-monthly payments in advance. We believe this strategy is effective in strong and weak dry bulk markets, giving us security and predictability of cashflows when we look at the volatility of the shipping markets, |
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| (3)   | maintain high quality vessels and improve standards of operation through improved environmental procedures, crew training and maintenance and repair procedures, and |
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| (4)   | maintain a balance between purchasing vessels as market conditions and opportunities arise and maintaining prudent financial ratios (e.g. leverage ratio). |
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|          |      |      |                                   |                        |
|---------------|-----------|-----------|----------------------------------------|-----------------------------|
|  Vessel  | YearBuilt |  Dwt |  Time Charter Expiration (1) | Daily TimeCharter Hire Rate |
| Cardinal (2)  | 2004      | 55,362    | July to September 2009                 | $12,000                     |
|          |      |      |                                   |                        |
| Condor        | 2001      | 50,296    | May to July 2010                       | $22,000                     |
|          |      |      |                                   |                        |
| Falcon (3)    | 2001      | 51,268    | April to June 2010                     | $39,500                     |
|          |      |      |                                   |                        |
| Griffon (4)   | 1995      | 46,635    | February 2010 to May 2010              | $9,500                      |
|          |      |      |                                   |                        |
| Harrier (5)   | 2001      | 50,296    | April to June 2010                     | $13,500                     |
|          |      |      |                                   |                        |
| Hawk I (6)    | 2001      | 50,296    | May 2010 to August 2010                | $13,000                     |
|          |      |      |                                   |                        |
| Heron (7)     | 2001      | 52,827    | January 2011 to May 2011               | $26,375                     |
|          |      |      |                                   |                        |
| Jaeger (8)    | 2004      | 52,248    | October 2009 to January 2010           | $10,100                     |
|          |      |      |                                   |                        |
| Kestrel I (9) | 2004      | 50,326    | March 2010 to July 2010                | $11,500                     |

----

| Kite (10)           | 1997       | 47,195       | September 2009 to January 2010              | $9,500                                  |
|---------------------|------------|--------------|---------------------------------------------|-----------------------------------------|
|                |       |         |                                        |                                    |
| Merlin (11)         | 2001       | 50,296       | December 2010 to March 2011                 | $25,000                                 |
|                |       |         |                                        |                                    |
| Osprey I (12)       | 2002       | 50,206       | October 2009 to December 2009               | $25,000                                 |
|                |       |         |                                        |                                    |
| Peregrine (13)      | 2001       | 50,913       | December 2009 to March 2010                 | $8,500                                  |
|                |       |         |                                        |                                    |
| Sparrow (14)        | 2000       | 48,225       | February 2010 to May 2010                   | $10,000                                 |
|                |       |         |                                        |                                    |
| Tern (15)           | 2003       | 50,200       | December 2009 to March 2010                 | $8,500                                  |
|                |       |         |                                        |                                    |
| Shrike              | 2003       | 53,343       | May 2010 to Aug 2010                        | $25,600                                 |
|                |       |         |                                        |                                    |
| Skua (16)           | 2003       | 53,350       | July 2009 to August 2009                    | $17,500                                 |
|                |       |         | September 2010 – November 2010        | Index                                   |
|                |       |         |                                        |                                    |
| Kittiwake (17)      | 2002       | 53,146       | August 2009                                 | Short Term                              |
|                |       |         | June 2010 – September 2010            | Index                                   |
|                |       |         |                                        |                                    |
| Goldeneye (18)      | 2002       | 52,421       | May 2010 to July 2010                       | Index                                   |
| Wren (19)           | 2008       | 53,349       | Feb 2012Feb 2012 to Dec 2018/Apr 2019       |  $24,750$18,000 (withprofit share) |
|                |       |         |                                        |                                    |
| Redwing (20)        | 2007       | 53,411       | August 2009 to September 2009               | $50,000                                 |
|                |       |         | August 2010 – October 2010            | Index                                   |
|  Woodstar (21) |  2008 |  53,390 |  Jan 2014Jan 2014 to Dec 2018/Apr 2019 |  $18,300$18,000 (withprofit share) |
|                |       |         |                                        |                                    |
| Crowned Eagle       | 2008       | 55,940       | September 2009 – December 2009        | $16,000                                 |
|                |       |         |                                        |                                    |
| Crested Eagle (22)  | 2009       | 55,989       | December 2009 – March 2010            | $10,500                                 |
|                |       |         |                                        |                                    |
| Stellar Eagle       | 2009       | 55,989       | February 2010 – May 2010              | $12,000                                 |
|                |       |         |                                        |                                    |

|   | (1) | The date range provided represents the earliest and latest date on which the charterer may redeliver the vessel to the Company upon the termination of the charter. The time charter hire rates presented are gross daily charter rates before brokerage commissions, ranging from 1.25% to 6.25%, to third party ship brokers. |
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|   | (2) | The charter rate on the CARDINAL changed in June 2009 to $12,000 per day until September 2009.                                                                                                                                                                                                                                  |
|   | (3) | The charterer of the FALCON has an option to extend the charter period by 11 to 13 months at a daily time charter rate of $41,000.                                                                                                                                                                                              |
|   | (4) | In March 2009, upon completion of the previous time charter, the GRIFFON commenced a new short term charter at $10,500 per day. Upon completion of this charter, the vessel will enter a new charter for 11 to 13 months at a rate of $9,500 per day.                                                                           |
|   | (5) | In June 2009, upon completion of the previous time charter, the HARRIER commenced a new charter at $13,500 per day.                                                                                                                                                                                                             |
|   | (6) | In June 2009, the HAWK concluded its short term charter at $12,800 per day and commenced a new one year charter at $13,000 per day.                                                                                                                                                                                             |
|   | (7) | The charterer of the HERON has an option to extend the charter period by 11 to 13 months at a time charter rate of $27,375 per day. The charterer has a second option for a further 11 to 13 months at a time charter rate of $28,375 per day.                                                                                  |
|   | (8) | In December 2008, the JAEGER commenced a charter for one year at an average daily rate of approximately $10,100 based on a charter rate of $5,000 per day for the first 50 days and $11,000 per day for the balance of the year.                                                                                                |

----

|   | (9) | In April 2009, upon completion of the previous time charter, the KESTREL commenced a new charter for 11 to 13 months at a rate of $11,500 per day. |
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|   | (10) | In March 2009, the charterer of the KITE paid in advance for the duration of the charter an amount equal to the difference between the prevailing daily charter rate of $21,000 and a new rate of $9,500 per day. This amount has been recorded in Deferred Revenue in the Company's financial statements and is being recognized into revenue ratably over the charter period such that the daily charter rate remains effectively$21,000 per day. The cash payment received by the Company has been adjusted by a present value interest rate factor of 3%. |
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|   | (11) |  The daily rate for the MERLIN is $27,000 for the first year, $25,000 for the second year and $23,000 for the third year. Revenue recognition is based on an average daily rate of $25,000. |
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|   | (12) | The charterer of the OSPREY has an option to extend the charter period by 11 to 13 months at a time charter rate of $25,000 per day. |
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|   | (13) | In January 2009, upon completion of the previous time charter, the PEREGRINE commenced a new charter at $8,500 per day. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------|

|   | (14) | In March 2009, the charterer of the SPARROW paid in advance for the duration of the charter an amount equal to the difference between the prevailing daily charter rate of $34,500 and a new rate of $10,000 per day. This amount has been recorded in Deferred Revenue in the Company's financial statements and is being recognized into revenue ratably over the charter period such that the daily charter rate remainseffectively $34,500 per day. The cash payment received by the Company has been adjusted by a present value interest rate factor of 3%. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (15) | In January 2009, upon completion of the previous time charter, the TERN commenced a new charter at $8,500 per day. |
|--------|------|--------------------------------------------------------------------------------------------------------------------|

|   | (16) | Upon conclusion of the previous time charter in May 2009, the SKUA commenced a short term charter at $17,500 per day.  Subsequently, the SKUA will enter into an index based charter for one year with a minimum rate of $8,500 per day. The index rate will be an average of the trailing Baltic Supramax Index for each 15 day hire period. For the first 45 days of the charter the index rate will be a maximumof $19,000 per day. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (17) | Upon conclusion of the previous time charter, in July 2009, the KITTIWAKE performed a short term charter at $18,000 per day and then will enter into another short term time charter at $25,000 per day. Subsequently, the KITTIWAKE will enter into an index based charter for one year with a minimum rate of $8,500 per day. The index rate will be an average of the trailing Baltic Supramax Index for each 15 day hireperiod. For the first 45 days of the charter the index rate will be a maximum of $19,000 per day. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (18) | Upon conclusion of the previous time charter, in June 2009, the GOLDENEYE commenced an index based one year charter with a minimum rate of $8,500 per day. The index rate will be an average of the trailing Baltic Supramax Index for each 15 day hire period. For the first 50 days of the charter the index rate is $15,000 per day. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (19) | The WREN has entered into a long-term charter. The charter rate until February 2012 is $24,750 per day. Subsequently, the charter until redelivery in December 2018 to April 2019 will be profit share based. The base charter rate will be $18,000 with a 50% profit share for earned rates over $22,000 per day. Revenue recognition for the base rate from commencement of the charter is based on an average daily baserate of $20,306. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (20) | Upon conclusion of the current time charter, the REDWING will commence an index based one year charter with a minimum rate of $8,500 per day. The index rate will be an average of the trailing Baltic Supramax Index for each 15 day hire period. For the first 45 days of the charter the index rate will be a maximum of $19,000 per day. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (21) | The WOODSTAR has entered into a long-term charter. The charter rate until January 2014 is $18,300 per day. Subsequently, the charter until redelivery in December 2018 to April 2019 will be profit share based. The base charter rate will be $18,000 with a 50% profit share for earned rates over $22,000 per day. Revenue recognition for the base rate from commencement of the charter is based on an average dailybase rate of $18,152. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (22) | The charterer of the CRESTED EAGLE has an option to extend the charter period by 11 to 13 months at a base time charter rate of $11,500 plus 50% of the difference between the base rate and the BSI time charter average (provided the BSI TC average is greater than the base rate). The profit share to be calculated each month based on the trailing BSI TC average for the month. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|                         |   |                              |                                  |                             |               |
|------------------------------|--------|-----------------------------------|---------------------------------------|----------------------------------|--------------------|
| Vessel                       | Dwt    | Year Built - ExpectedDelivery (1) | Time Charter EmploymentExpiration (2) | Daily Time Charter Hire Rate (3) |  Profit Share |
| Bittern                      | 58,000 | Sep 2009                          | Dec 2014                         | $18,850                          | —            |
|                         |   |                              | Dec 2014 to Dec 2018/Apr 2019         | $18,000                          | 50% over $22,000   |
| Canary                  | 58,000 | Nov 2009                          | Jan 2015                              | $18,850                          | —            |
|                         |   |                              | Jan 2015 to Dec 2018/Apr 2019         | $18,000                          | 50% over $22,000   |
| Crane                        | 58,000 | Jan 2010                          | Feb 2015                              | $18,850                          | —            |
|                         |   |                              | Feb 2015 to Dec 2018/Apr 2019         | $18,000                          | 50% over $22,000   |
| Thrasher                | 53,100 | Nov 2009                          | Feb 2016                              | $18,400                          | —            |
|                         |   |                              | Feb 2016 to Dec 2018/Apr 2019         | $18,000                          | 50% over $22,000   |
| Avocet                  | 53,100 | Jan 2010                          | Mar 2016                              | $18,400                          | —            |
|                         |   |                              | Mar 2016 to Dec 2018/Apr 2019         | $18,000                          | 50% over $22,000   |
| Egret (4)                    | 58,000 | Jan 2010                          | Sep 2012 to Jan 2013                  | $17,650                          | 50% over $20,000   |
| Golden Eagle                 | 56,000 | Jan 2010                          | Charter Free                          | —                          | —            |
| Gannet (4)                   | 58,000 | Feb 2010                          | Oct 2012 to Feb 2013                  | $17,650                          | 50% over $20,000   |
| Grebe(4)                     | 58,000 | Mar 2010                          | Nov 2012 to Mar 2013                  | $17,650                          | 50% over $20,000   |
| Imperial Eagle               | 56,000 | Feb 2010                          | Charter Free                          | —                          | —            |
| Ibis (4)                     | 58,000 | Apr 2010                          | Dec 2012 to Apr 2013                  | $17,650                          | 50% over $20,000   |
| Jay                     | 58,000 | May 2010                          | Sep 2015                              | $18,500                          | 50% over $21,500   |
|                         |   |                              | Sep 2015 to Dec 2018/Apr 2019         | $18,000                          | 50% over $22,000   |
| Kingfisher                   | 58,000 | Jun 2010                          | Oct 2015                              | $18,500                          | 50% over $21,500   |
|                         |   |                              | Oct 2015 to Dec 2018/Apr 2019         | $18,000                          | 50% over $22,000   |
| Martin                       | 58,000 | Jul 2010                          | Dec 2016 to Dec 2017                  | $18,400                          | —            |
| Thrush                  | 53,100 | Nov 2010                          | Charter Free                          | —                          | —            |
| Nighthawk               | 58,000 | Mar 2011                          | Sep 2017 to Sep 2018                  | $18,400                          | —            |
| Oriole                       | 58,000 | Jul 2011                          | Jan 2018 to Jan 2019                  | $18,400                          | —            |
| Owl                     | 58,000 | Aug 2011                          | Feb 2018 to Feb 2019                  | $18,400                          | —            |
| Petrel (4)                   | 58,000 | Sep 2011                          | Jun 2014 to Oct 2014                  | $17,650                          | 50% over $20,000   |
| Puffin (4)                   | 58,000 | Oct 2011                          | Jul 2014 to Nov 2014                  | $17,650                          | 50% over $20,000   |
| Roadrunner (4)               | 58,000 | Nov 2011                          | Aug 2014 to Dec 2014                  | $17,650                          | 50% over $20,000   |
| Sandpiper (4)                | 58,000 | Dec 2011                          | Sep 2014 to Jan 2015                  | $17,650                          | 50% over $20,000   |
|                         |   |                              |                                  |                             |               |
| CONVERTED INTO OPTIONS  |
| Snipe (6)                    | 58,000 | Jan 2012                          | Charter Free                          | —                          | —            |
| Swift (6                     | 58,000 | Feb 2012                          | Charter Free                          | —                          | —            |
| Raptor (6                    | 58,000 | Mar 2012                          | Charter Free                          | —                          | —            |
| Saker (6                     | 58,000 | Apr 2012                          | Charter Free                          | —                          | —            |
| Besra (5,6)                  | 58,000 | Oct 2011                          | Charter Free                          | —                          | —            |
| Cernicalo (5,6)              | 58,000 | Jan 2011                          | Charter Free                          | —                          | —            |
| Fulmar (5,6)                 | 58,000 | Jul 2011                          | Charter Free                          | —                          | —            |
| Goshawk (5,6)                | 58,000 | Sep 2011                          | Charter Free                          | —                          | —            |
|                         |   |                              |                                  |                             |               |

|   | (1) | Vessel build and delivery dates are estimates based on guidance received from shipyard.                                                                    |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | (2) | The date range represents the earliest and latest date on which the charterer may redeliver the vessel to the Company upon the termination of the charter. |
|   | (3) | The time charter hire rate presented are gross daily charter rates before brokerage commissions ranging from 1.25% to 6.25% to third party ship brokers.   |
|   | (4) | The charterer has an option to extend the charter by 2 periods of 11 to 13 months each.                                                                    |
|   | (5) | Options for construction declared on December 27, 2007.                                                                                                    |
|   | (6) | Firm contracts converted to options in December 2008.                                                                                                      |

----

| ·   | Strategic management. We locate, obtain financing and insurance for, purchase and sell vessels. |
|--------------------|-------------------------------------------------------------------------------------------------|

| ·   | Commercial management. We obtain employment for our vessels and manage our relationships with charterers. |
|--------------------|-----------------------------------------------------------------------------------------------------------|

| ·   | Technical management. The technical manager performs day-to-day operations and maintenance of our vessels. |
|--------------------|------------------------------------------------------------------------------------------------------------|

| Technical Management |
|----------------------|

----

|              | Three Months Ended | Six Months Ended |
|-------------------|--------------------|------------------|
|              | June 30, 2009      | June 30, 2008    | June 30, 2009 | June 30, 2008 |
|              |               |             |   |   |
| Ownership Days    | 2,275              | 1,656            | 4,413 | 3,294 |
| Available Days    | 2,249              | 1,617            | 4,386 | 3,255 |
| Operating Days    | 2,242              | 1,616            | 4,370 | 3,249 |
| Fleet Utilization | 99.7%              | 99.9%            | 99.6% | 99.8% |

----

----

----

|                                                             | Three Months Ended           | Six Months Ended                                                           |
|------------------------------------------------------------------|------------------------------|----------------------------------------------------------------------------|
|                                                             | June 30, 2009                | June 30, 2008                                                              | June 30, 2009 | June 30, 2008 |
| Net Income                                                       | $13,347,535                  | $14,906,130                                                                | $30,584,316 | $29,251,940 |
| Interest Expense                                                 | 6,815,853                    | 3,449,217                                                                  | 13,302,170 | 6,799,470 |
| Depreciation and Amortization                                    | 10,943,247                   | 7,390,982                                                                  | 21,234,163 | 14,727,021 |
| Amortization of fair value below market of time charter acquired |     (647,449) |             — |  (1,297,180) |                 — |
| EBITDA                                                           | 30,459,186                   | 25,746,329                                                                 | 63,823,469 | 50,778,431 |
| Adjustments for Exceptional Items:                               |                         |                                                                       |   |   |
| Non-cash Compensation Expense (1)                                |     3,345,433 |     2,056,240                                               |     7,241,717 |    4,571,943 |
| Credit Agreement EBITDA                                          | $33,804,619                  | $27,802,569                                                                | $71,065,186 | $55,350,374 |

----

----

----

| (in thousands of U.S. dollars)  |   | WithinOne Year |    |   | One toThree Years |   |    | Three toFive Years |   |   | More thanFive years |   |   | Total  |    |
|---------------------------------|--------|----------------|---------|--------|-------------------|--------|---------|--------------------|--------|--------|---------------------|--------|--------|--------|---------|
|                            |   |           |    |   |              |   |    |               |   |   |                |   |   |   |    |
| Vessels (1)                     |   | $              | 335,332 |   |              | $      | 248,778 |               |   |   | —             |   |   |   | — |   |   | $ | 584,110 |   |
| Bank Loans                 |   |           | — |   |              |   | — |               |   |   | —             |   |   | $      | 809,106 |   |   |   | 809,106 |   |
| Interest and borrowing fees (2) |   |           | 52,197  |   |              |   | 104,537 |               |   |   | 104,394             |   |   |   | 156,734 |   |   |   | 417,862 |   |
| Office lease (3)           |   |           | 649     |   |              |   | 1,530   |               |   |   | 1,670               |   |   |   | 3,271   |   |   |   | 7,120 |   |
|                            |   |           |    |   |              |   |    |               |   |   |                |   |   |   |    |   |   |   |   |   |
| Total                           |   | $              | 388,178 |   |              | $      | 354,845 |               |   | $      | 106,064             |   |   | $      | 969,111 |   |   | $ | 1,818,198 |   |

| (1)   | The balance of the contract price in US dollars for the 22 newbuilding vessels which are to be constructed and delivered between 2009 and 2011. Two of the newbuilding vessels are priced in Japanese yen. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2)   | The Company is a party to floating-to-fixed interest rate swaps covering aggregate notional amount of $771,529,273. Interest and borrowing fees includes capitalized interest for the newbuilding vessels. |
|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3)   | Remainder of the lease on the office space which we occupy. |
|-----------------|-------------------------------------------------------------|

| Quarter Ending     | Off-hire Days(1) | Projected Costs(2) |
|--------------------|------------------|--------------------|
| September 30, 2009 | 44               | $1.00 million      |
| December 31, 2009  | 44               | $1.00 million      |
| March 31, 2010     | 44               | $1.00 million      |
| June 30, 2010      | 44               | $1.00 million      |
|               |             |               |
|               |

|   | (1) | Actual duration of drydocking will vary based on the condition of the vessel, yard schedules and other factors. |   |
|--------|-----|-----------------------------------------------------------------------------------------------------------------|--------|
|   | (2) | Actual costs will vary based on various factors, including where the drydockings are actually performed.        |   |

----

Item 4. Controls and Procedures

  

----

|                                 |  Votes For  |  Votes Withheld |
|--------------------------------------|-----------------------|----------------------|
|  Mr. Jon Tomasson          |  34,223,195      |  5,507,960      |
|  Mr. Sophocles N. Zoullas  |  38,298,138      |  1,433,017      |

|                                 | Votes For  | Votes Against | Abstentions | BrokerNon-Votes |
|--------------------------------------|------------|---------------|-------------|-----------------|
| Ratification ofErnst & Young LLP | 38,859,600 | 408,029       | 463,526     |  -         |

----

|                             | Votes For        | Votes Against   | Abstentions   | BrokerNon-Votes        |
|----------------------------------|------------------|-----------------|---------------|------------------------|
|  2009 Equity Incentive Plan |  13,624,500 |  3,098,356 |  413,200 |  22,595,079  |

EXHIBIT INDEX 

| 3.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Amended and Restated Articles of Incorporation of the Company 1                                                                                                                                                                      |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 3.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Amended and Restated Bylaws of the Company 1                                                                                                                                                                                         |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 3.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock  2                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 4.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Form of Share Certificate of the Company 1                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 4.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Form of Senior Indenture 3                                                                                                                                                                                                           |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 4.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Form of Subordinated Indenture 3                                                                                                                                                                                                     |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 4.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | Rights Agreement 2                                                                                                                                                                                                                   |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 10.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Amended and Restated Employment Agreement of Mr. Sophocles N. Zoullas, dated as of June 19, 2008 4,6                                                                                                                                 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 10.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Amendatory Agreement, dated as of July 3, 2008, among the Company and certain of its subsidiaries and the banks and financial institutions party thereto and the Royal Bank of Scotland plc, as mandated lead arranger 5             |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 10.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Second Amendatory Agreement, dated as of December 17, 2008, among the Company and certain of its subsidiaries and the banks and financial institutions party thereto and the Royal Bank of Scotland plc, as mandated lead arranger 7 |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 31.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Rule 13a-14(d) / 15d-14(a)_Certification of CEO                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 31.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Rule 13a-14(d) / 15d-14(a)_Certification of CFO                                                                                                                                                                                      |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 32.1                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Section 1350 Certification of CEO                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 32.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | Section 1350 Certification of CFO                                                                                                                                                                                                    |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                                                                                 |
| 1 Incorporated by reference to Amendment No.4 to the Company's Registration Statement on Form S-1, Registration No. 333-123817, filed on June 22, 2005.2 Incorporated by reference to the Company's Registration Statement on Form 8-A filed on November 13, 2007.3 Incorporated by reference to the Company's Registration Statement on Form S-3, Registration No. 333-139745,  filed on December 29, 2007.4 Incorporated by reference to the Company's Current Report on Form 8-K filed on June 20, 2008.5 Incorporated by reference to the Company's Current Report on Form 8-K filed on July 7, 2008.6 Management contract or compensating plan.7 Incorporated by reference to Exhibit 4.9 to the Company's registration statement on Form S-3POSASR, Registration No. 333-148417 filed on March 2, 2009 |

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