| (1) | EAGLE BULK SHIPPING      INC., a corporation incorporated in the Republic of the Marshall      Islands, as Borrower (the "Borrower"); |
|-----|---------------------------------------------------------------------------------------------------------------------------------------|

| (2) | THE SUBSIDIARIES of the      Borrower party hereto as Guarantors (the "Guarantors"); |
|-----|--------------------------------------------------------------------------------------|

| (3) | THE BANKS AND FINANCIAL      INSTITUTIONS whose names appear on the signature pages hereof as      Lenders (the "Existing      Lenders");  and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | THE ROYAL BANK OF SCOTLAND      plc as Mandated Lead Arranger, Bookrunner, Swap Bank, Agent and      Security Trustee. |
|-----|------------------------------------------------------------------------------------------------------------------------|

| (A) | The      Borrower, the Guarantors, the Lenders described therein and The Royal Bank      of Scotland plc acting in the several capacities as Mandated Lead      Arranger, Bookrunner, Swap Bank, Agent and Security Trustee are parties to      a Third Amended and Restated Credit Agreement dated as of October 19, 2007      as amended by an Amendatory Agreement dated as of July 3, 2008 and a      Second Amendatory Agreement dated as of December 17, 2008 (the "Credit Agreement")      providing for a secured reducing revolving credit facility for the      purposes described therein. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  (B) | The      Borrower and the Existing Lenders have agreed to further modifications of      the Credit Agreement on the terms and conditions herein      provided. |
|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | DEFINITIONS |
|----|-------------|

| 2. | REPRESENTATIONS      AND WARRANTIES |
|----|-------------------------------------|

| (a) | All      of the representations and warranties contained in Clause 18 of the Credit      Agreement are true and correct on and as of the date hereof as if made on      and as of the date hereof. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | No      Default has occurred and is continuing on the date  hereof. |
|-----|---------------------------------------------------------------------|

| (c) | The      obligations expressed to be assumed by it in this Third Amendatory      Agreement are, and, upon execution and delivery of this Third Amendatory      Agreement and each of the other documents contemplated hereby to which it      is to be a party, the obligations expressed to be assumed by it herein and      in such other documents will be, legal, valid, binding  and |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| (d) | It      has the power to enter into, perform and deliver, and has taken all      necessary action to authorize its entry into, performance and delivery of,      this Third Amendatory Agreement and the transactions contemplated by this      Third Amendatory Agreement. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | AMENDMENTS      TO CREDIT AGREEMENT |
|----|-------------------------------------|

| 3.01 | The      Total Commitments of the Lenders is further reduced from $1,350,000,000 to      $1,200,000,000, and the Commitment of each Lender outstanding immediately      prior to the Effective Date is reduced pro    rata. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.02 | The      definition of "Additional Newbuilding"      in Clause 1.1 of the Credit Agreement is amended to exclude Yangzhou      Dayang Shipbuilding Co., Ltd. Hull Nos. DY143, DY3038, DY3041 and      DY3043. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.03 | The      definition of "Approved      Charter" in Clause 1.1 of the Credit Agreement is amended to read      in its entirety as follows: |
|------|------------------------------------------------------------------------------------------------------------------------------------------|

| 3.04 | The      definition of "Approved      Manager" in Clause 1.1 of the Credit Agreement is amended to read      in its entirety as follows: |
|------|------------------------------------------------------------------------------------------------------------------------------------------|

| 3.05 | Paragraph      (c) of the definition of "Debt" in Clause 1.1 of      the Credit Agreement is amended to read in its entirety as      follows: |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | contingent      liabilities of the debtor (including without limitation any taxes or other      payments under dispute) which have been or, under GAAP, should be recorded      in the notes to the Accounting Information, but excluding any contingent      liabilities in respect of Deferred Revenue and Fair Value Below Contract      Value from charters of Ships; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.06 | The      definition of "Margin" in Clause 1.1      of the Credit Agreement is amended to read in its entirety as      follows: |
|------|--------------------------------------------------------------------------------------------------------------------------------|

| 3.07 | The      definition of "Security Value" in Clause 1.1 of the Credit Agreement is      amended to read in its entirety asfollows: |
|------|----------------------------------------------------------------------------------------------------------------------------------|

| 3.08 | The      definition of "Tangible      Fixed Assets" in Clause 1.1 of the Credit Agreement is amended to      read in its entirety as follows: |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.09 | The      definition of "Termination Date" in      Clause 1.1 of the Credit Agreement is amended to read in its entirety as      follows: |
|------|------------------------------------------------------------------------------------------------------------------------------------------|

| 3.10 | Clause      1.1 of the Credit Agreement is amended by inserting in the appropriate      alphabetical order the following new  definitions: |
|------|--------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.11 | Clause      3.1(c)(i) and (ii) of the Credit Agreement are amended to read in their      entirety as follows: |
|------|---------------------------------------------------------------------------------------------------------------|

|   | (i) | to      assist a Guarantor to finance Newbuilding Predelivery Costs in relation to      the IHI Newbuildings;  |
|--------|-----|---------------------------------------------------------------------------------------------------------------------|

|   | (ii) | to      assist a Guarantor to finance Newbuilding Predelivery Costs in relation to      the Target Newbuildings; |
|--------|------|------------------------------------------------------------------------------------------------------------------|

|   | (b) | unless      Clause 4.2(a) shall apply and if Clause 5.3(b)(ii) shall apply, the Agent      shall have obtained, at the Borrower's expense, a valuation of each Ship      not earlier than 3 days before the relevant Utilization Date from an      Approved Broker confirming that the amount of the Loan(s) proposed to be      borrowed on the relevant Utilization Date is permitted under Clause      5.3(b)(ii); |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.14 | Clause      5.3 (Currency and      amount) of the Credit Agreement is amended to read in its entirety      as follows: |
|------|------------------------------------------------------------------------------------------------------------------------|

|   | 5.3 | Currency      and amount  |
|--------|-----|--------------------------------|

|   | (a) | The      currency specified in a Utilization Request must be Dollars.  |
|--------|-----|-----------------------------------------------------------------------------|

|   | (b) | The      amount of the proposed Loan shall be an amount which, together with the      aggregate amount of all outstanding Loans, shall not exceed as of the      proposed Utilization Date:  |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | until      both the Minimum Adjusted Net Worth Reinstatement Date and the Minimum      Required Security Cover Reinstatement Date shall have occurred, 75% of the      value (less depreciation computed in accordance with GAAP) on a      consolidated basis of vessels and vessel improvements (at cost, net of      accumulated depreciation) and advances for vessel construction as stated      in the then most recent Accounting    Information;  and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | at      all times after both the Minimum Adjusted Net Worth Reinstatement Date and      the Minimum Required Security Cover Reinstatement Date shall have      occurred, 75% of the SecurityValue. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | provided, however, that      this Clause 5.3(b) shall not apply to any proposed Loan for working      capital purposes;  |
|--------|-------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      amount of any proposed Loan for working capital purposes shall be an      amount which, together with the aggregate amount of all outstanding Loans      made for such purpose, shall not exceed $20,000,000.  |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.15 | Clause      6.1 (Reduction of total      commitments) of the Credit Agreement is amended to read in its      entirety as follows: |
|------|-----------------------------------------------------------------------------------------------------------------------------------|

| 3.17 | Clause      7.5 (Mandatory      prepayment) of the Credit Agreement is amended by inserting a new      sub-clause (c) as follows: |
|------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Not      later than thirty (30) days after the end of each Accounting Period,      commencing with the Accounting Period ended June 30, 2009 and until both      the Minimum Adjusted Net Worth Reinstatement Date and the Minimum Required      Security Cover Reinstatement Date shall have occurred, the Borrower shall      repay the Loans in an amount equal to fifty percent (50%) of the aggregate      amount of any Equity received by the Borrower during such Accounting      Period (it being understood that the Borrower received Equity from an At      The Market Offering made during the Accounting Period      ended  June 30, 2009).  Upon payment by the Borrower      of any amount payable under the preceding sentence, the Available Facility      shall be cancelled by an amount equal to such payment, and the Commitments      of the Lenders shall be reducedratably. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.18 | Clause      7 (Prepayment and      cancellation) of the Credit Agreement is amended by inserting a new      Clause 7.10 as follows: |
|------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.10 | Pro      rata Cancellation |
|--------|------|----------------------------|

|   | Any partial      cancellation of the Available Facility shall reduce pro rata each of the      scheduled reductions of the Total Commitments provided in Clause      6.1.  |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.19 | Clause      11.1(a) (Commitment      fee) of the Credit Agreement is amended to read in its entirety as      follows: |
|------|-----------------------------------------------------------------------------------------------------------------------|

|   | (a) | The      Borrower shall pay to the Agent (for the account of each Lender) a fee      computed at the rate of 0.70% per annum on that Lender's Available      Commitment for the AvailabilityPeriod. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.20 | Clause      20.1 (Minimum adjusted      net worth) of the Credit Agreement is amended to read in its      entirety as follows: |
|------|--------------------------------------------------------------------------------------------------------------------------------|

|   | 20.1 | Minimum Adjusted Net      Worth |
|--------|------|---------------------------------|

|   | (a) | During      the Accounting Period ended September 30, 2009 and each Accounting Period      thereafter, the Borrower shall maintain Adjusted Net Worth at an amount      not less than $300,000,000;  provided, however, that      this Clause 20.1(a) shall not apply until such time as the Borrower shall      have complied with the provisions of this Clause 20.1(a) (without taking      account of this proviso) for two consecutive Accounting Periods (such time      being the "Minimum      Adjusted Net Worth ReinstatementDate"). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Until      the Minimum Adjusted Net Worth Reinstatement Date shall have occurred,      during the Accounting Period ended September 30, 2009 and each Accounting      Period thereafter, the Borrower shall maintain Adjusted Net Worth at an      amount not less than $400,000,000 plus an amount equal to fifty percent      (50%) of the aggregate amount of any Equity received by the Borrower      during any Accounting Period commencing on or after April 1,      2009;  provided, however, that      solely for purposes of determining compliance with the covenant set forth      in this Clause 20.1(b), the amount of Tangible Fixed Assets shall be equal      to the value (less depreciation computed in accordance with GAAP) on a      consolidated basis of vessels and vessel improvements (at cost, net of      accumulated depreciation) and advances for vessel construction as stated      in the Accounting Information for the relevant Accounting      Period. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.21 | Clause      20.2 (Minimum interest      coverage ratio) of the Credit Agreement is amended to read in its      entirety as follows: |
|------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | 20.2 | Minimum Interest Coverage      Ratio |
|--------|------|--------------------------------------|

|   | (a) | The      Borrower shall maintain EBITDA at an amount not less than 200% of Gross      Interest Expenses (including capitalized interest) during each Accounting      Period; provided, however, that      this Clause 20.2 shall not apply until both of the Minimum Adjusted Net      Worth Reinstatement Date and the Minimum Required Security Cover      Reinstatement Date shall haveoccurred. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Until      both of the Minimum Adjusted Net Worth Reinstatement Date and the Minimum      Required Security Cover Reinstatement Date shall have occurred, the      Borrower shall maintain EBITDA at a cumulative amount on a trailing four      quarter basis (i) as of the end of each Accounting Period during the 24      month period commencing July 1, 2009 and ending |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | June      30, 2011, not less than 120% of cumulative Gross Interest Expenses      (including capitalized interest) on a trailing four quarter basis, and      (ii) as of the end of each Accounting Period beginning on or after July 1,      2011, not less than 130% of cumulative Gross Interest Expenses (including      capitalized interest) on a trailing four quarter  basis. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.22 | Clause      20.3 (Minimum      liquidity) of the Credit Agreement is amended to read in its      entirety as follows: |
|------|-----------------------------------------------------------------------------------------------------------------------|

|   | 20.3 | Minimum    Liquidity |
|--------|------|----------------------|

| 3.23 | Clause      21.1 (Minimum required      security cover) of the Credit Agreement is amended to read in its      entirety as follows: |
|------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.1 | Minimum required security      cover |
|--------|------|--------------------------------------|

| 3.24 | Clause      21.6(a) (Provision of      valuations and information) of the Credit Agreement is amended to      read in its entirety as follow: |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | For      purposes of this Clause 21 and in order to determine if the Minimum      Required Security Cover Reinstatement Date has occurred, the Obligors at      their expense shall cause a valuation of each Ship and any relevant      existing charter to be made by an Approved Broker indicating the market      value of such Ship, together with any relevant existing charter, at any      time the Agent may request upon not less than 5 days' prior written notice      from the Agent to the Borrower |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3.25 | Clause      22.6 (Change of      busines) of the Credit Agreement is amended to read in its entirety      as follows: |
|------|-----------------------------------------------------------------------------------------------------------------------|

|   | 22.6 | Change of    business |
|--------|------|-----------------------|

|   | The Borrower shall      procure that no member of the Group shall engage in any line of business      other than (i) directly or indirectly owning and operating the Existing      Ships, or acquiring and operating the Newbuildings and/or Additional      Ships, or (ii) the  management as manager or agent of vessels      owned by any person not a member of theGroup.  |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.26 | Clause      22.10 (Approved      charter) of the Credit Agreement is amended to read in its entirety      as follows: |
|------|-----------------------------------------------------------------------------------------------------------------------|

|   | 22.10 | Approved    Charter |
|--------|-------|---------------------|

|   | Each      relevant Obligor undertakes to advise the Agent reasonably in advance of      any agreement to amend or supplement, or any determination to waive or      forbear from enforcing, any Approved Charter or any of its provisions in      any material respect. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.27 | Clause      24.11(b) (Restrictions      on chartering, appointment of managers, etc.) of the Credit      Agreement is amended to read in its entirety as  follows: |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | enter      into any time or consecutive voyage charter (other than an Approved      Charter) in respect of that Ship for a term which exceeds, or which by      virtue of any optional extensions may exceed, 24  months; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.28 | Clause      6 of Part II of Schedule 2 (Conditions precedent to      utilization for initial Loan in respect of a Newbuilding other than an IHI      Newbuilding or a Target Newbuilding, or the purchase of an Additional      Ship) is amended by deleting the words "including each      Newbuilding". |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.29 | Each      reference in the Credit Agreement to "this Agreement", "hereunder",      "hereof", "herein" or words of like import, and each reference to the      "Credit Agreement" in any of the other Finance Documents, shall mean and      refer to the Credit Agreement as amendedhereby. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | CONDITION      PRECEDENT |
|----|--------------------------|

|   | The      condition precedent referred to in Clause 3 of this Third Amendatory      Agreement is that the Agent shall have received each of the following in      form and substance satisfactory to the Agent not later than August 12,      2009 or such later date as the Agent, after consultation with the Borrower      and with the consent of the Majority Lenders, may specify for such      purpose: |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (a) | a      copy of a resolution of the board of directors or sole member, as      appropriate, of each Obligor: |
|-----|-------------------------------------------------------------------------------------------------------------|

----

|   | (i) | approving      the terms of, and the transactions contemplated by, this Third Amendatory      Agreement and resolving that it execute this Third Amendatory Agreement      and any other documents contemplated hereby to which it is or is to be a      party;  and  |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | authorizing      a specified person or persons to execute this Third Amendatory Agreement      and any other documents contemplated hereby to which it is or is to be a      party; and  |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (b) | a      certificate of an officer of the Borrower, dated as of a current date (the      statements made in such certificate shall be true on and as of such date),      certifying as to (i) the absence of any amendments to the articles of      incorporation and by-laws, or certificate of formation and limited      liability company agreement of each Obligor previously certified to the      Agent pursuant to Clauses 4.1 or 4.2(a) of the Credit Agreement, (ii) the      due incorporation or formation, as the case may be, and good standing of      each Obligor, as a corporation or limited liability company formed under      the laws of the Republic of The Marshall Islands and the absence of any      proceeding for the dissolution or liquidation of such Obligor, (iii) that      the representations and warranties of each Obligor contained in this Third      Amendatory Agreement are true and correct, and (iv) the absence of any      Default. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (c) | an      amendment to the Mortgage relating to each Ship subject to a Mortgage as      of the date of this Third Amendatory Agreement, duly executed by the      relevant Guarantor to secure the Credit Agreement as amended by this Third      Amendatory Agreement; |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (d) | a      Certificate of Ownership and Encumbrance issued by the Maritime      Administrator for the Marshall Islands (or other relevant authority)      stating that each of the Ships referred to in the preceding subclause (c)      is owned by the relevant Guarantor and that there is on record no Security      on such Ship except the relevant Mortgage as amended in accordance      herewith; |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (e) | a      favorable opinion of Messrs. Seward & Kissel LLP, counsel for the      Obligors, in respect of this Third Amendatory Agreement, the Mortgage      amendments referred to in the preceding subclause (d), and as to such      other matters as the Agent may reasonably      require;  and |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (f) | payment      to the Agent (for the account of each of the Existing Lenders executing      this Third Amendatory Agreement rateably in accordance with their      respective Commitments) of an amendment fee of $3,000,000 (being one      quarter of one percent (0.25%) of the Total Commitments after giving      effect to this Third AmendatoryAgreement). |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5 | EFFECT      OF AMENDMENT |
|---|--------------------------|

| 6. | COSTS      AND EXPENSES |
|----|-------------------------|

----

| 7. | COUNTERPARTS |
|----|--------------|

|   | BORROWER: EAGLE      BULK SHIPPING INC.                                                                                           |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | By:  | /s/ Alan      Ginsberg                    |
|--------|-----------|------------------------------------------------|
|   |      | Alan      GinsbergChief      Financial Officer |

----

|   | GUARANTORS: CARDINAL      SHIPPING LLCCONDOR      SHIPPING LLCCRESTED      EAGLE SHIPPING LLCCROWNED      EAGLE SHIPPING LLCFALCON      SHIPPING LLCGOLDEN      EAGLE SHIPPING LLCGRIFFON      SHIPPING LLCHARRIER      SHIPPING LLCHAWK      SHIPPING LLCHERON      SHIPPING LLCIMPERIAL      EAGLE SHIPPING LLCJAEGER      SHIPPING LLCKESTREL      SHIPPING LLCKITE      SHIPPING LLCKITTIWAKE      SHIPPING LLCMERLIN      SHIPPING LLCOSPREY      SHIPPING LLCPEREGRINE      SHIPPING LLCSHRIKE      SHIPPING LLCSKUA      SHIPPING LLCSPARROW      SHIPPING LLCSTELLAR      EAGLE SHIPPING LLCTERN      SHIPPING LLCPETREL      SHIPPING LLCPUFFIN      SHIPPING LLCRAPTOR      SHIPPING LLCROADRUNNER      SHIPPING LLCSAKER      SHIPPING LLCSANDPIPER      SHIPPING LLCSNIPE      SHIPPING LLCSWIFT      SHIPPING LLCGOLDENEYE      SHIPPING LLCGOSHAWK      SHIPPING LLCFULMAR      SHIPPING LLCWREN      SHIPPING LLCBESRA      SHIPPING LLCCERNICALO      SHIPPING LLCREDWING      SHIPPING LLCWOODSTAR      SHIPPING LLCBy:  Eagle      Bulk Shipping Inc.,as sole member   |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | By:  | /s/ Alan      Ginsberg                    |
|--------|-----------|------------------------------------------------|
|   |      | Alan      GinsbergChief      Financial Officer |

----

|   | GUARANTORS: AGALI      SHIPPING S.A.AVLONA      SHIPPING S.A.DELFINI      SHIPPING S.A.DROSATO      SHIPPING S.A.FOUNTANA      SHIPPING S.A.KAMPIA      SHIPPING S.A.KOFINA      SHIPPING S.A.MARMARO      SHIPPING S.A.MESTA      SHIPPING S.A.MYLOS      SHIPPING S.A.NAGOS      SHIPPING S.A.NENITA      SHIPPING S.A.OLYMPI      SHIPPING S.A.PELINEO      SHIPPING S.A.PYRGI      SHIPPING S.A.RAHI      SHIPPING S.A.SIRIKARI      SHIPPING S.A.SPILIA      SHIPPING S.A.    |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | By:  | /s/ Alan      Ginsberg                    |
|--------|-----------|------------------------------------------------|
|   |      | Alan      GinsbergChief      Financial Officer |

----

|   | LENDERS:THE      ROYAL BANK OF SCOTLAND PLC                   |
|--------|---------------------------------------------------------------------------------------------------------------------------|

|   | By:  | /s/ Leo      Chang        |
|--------|-----------|--------------------------------|
|   |      | Leo      ChangAttorney-in-Fact |

----

|   | By:          | /s/ Carol      Street                |
|--------|-------------------|-------------------------------------------|
|   | Name:Title:  | Carol      StreetAssociate Director  |

|   | By:          | /s/ Gavin      Doyle              |
|--------|-------------------|-----------------------------------|
|   | Name: Title: | Gavin      DoyleManaging Director |

----

|   | By:          | /s/ Chuang-Fei      Li                       |
|--------|-------------------|----------------------------------------------|
|   | Name: Title: | Mr.      Chuang-Fei LiDeputy General Manager |

----

|   | By:          | /s/ David      Sumner                             |
|--------|-------------------|---------------------------------------------------|
|   | Name: Title: | David      SumnerAssociate Director, Ship Finance |

----

|   | By:          | /s/ Mark      McCarthy             |
|--------|-------------------|------------------------------------|
|   | Name: Title: | Mark      McCarthyHead of Shipping |

----

|   | By:          | /s/ Konstantinos      Karabalis                   |
|--------|-------------------|---------------------------------------------------|
|   | Name: Title: | Konstantinos      KarabalisDeputy General Manager |

----

|   | By:          | /s/ Alex      Aupoix           |
|--------|-------------------|--------------------------------|
|   | Name: Title: | Alex      AupoixVice President |

|   | By:          | /s/ Adrienne      Molloy           |
|--------|-------------------|------------------------------------|
|   | Name: Title: | Adrienne      MolloyVice President |

----

|   | By:          | /s/ Leo    Chang               |
|--------|-------------------|--------------------------------|
|   | Name: Title: | Leo      ChangAttorney-in-Fact |