----

| (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 hereto as Lenders (the "Lenders"); and |
|-----------|----------------------------------------------------------------------------------------------------------------------------|

| (4)  | THE ROYAL BANK OF SCOTLANDplc as the Arranger, Bookrunner, Swap Bank, Agent and Security Trustee. |
|-----------|-------------------------------------------------------------------------------------------------------------|

```
 PRELIMINARY STATEMENTS:
```

| (A)  | The Borrower, the Guarantors, the Lenders and The Royal Bank of Scotland plc acting in the capacity of 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, a Second Amendatory Agreement dated as of December 17, 2008, a Third Amendatory Agreement dated as of August 4, 2009 and a Fourth Amendatory Agreement dated as of August 4, 2010 and as further amended from time to time (the "Credit  Agreement") providing for a secured reducing revolving credit facility for the purposes described therein. |
|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B)  | On August 4, 2010 a Fifth Amendatory Agreement in relation to the Credit Agreement was entered into, but the amendments to the terms of the Credit Agreement contemplated therein did not come into effect. |
|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | The Borrower has requested, among other things, that the Credit Agreement be further amended to implement the changes contemplated by a proposed commercial framework (the "Commercial Framework") initialed on behalf of the Borrower on August 29, 2011. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D)  | This Sixth Amendatory Agreement contains other provisions to give effect to the Commercial Framework. |
|-----------|-------------------------------------------------------------------------------------------------------|

| 1. | DEFINITIONS AND INTERPRETATION |
|----|--------------------------------|

| 1.1 | Definitions |
|-----|-------------|

----

|   | (a)  | 5:00 p.m. London time on April 30, 2012 or such later date as is agreed in writing by the Borrower and the Majority Lenders (in their absolute discretion); |
|--------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b)  | the occurrence of a breach of a Milestone; and |
|--------|-----------|------------------------------------------------|

|   | (c)  | the occurrence of an Event of Default. |
|--------|-----------|----------------------------------------|

| 1.2 | Interpretation |
|-----|----------------|

|   | (a) | Capitalized terms defined in the Credit Agreement have, unless otherwise expressly defined herein, the same meaning when used in this Sixth Amendatory Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The provisions of clause 1.2 (Construction) of the Credit Agreement apply to this Sixth Amendatory Agreement as if they were set out in full in this Sixth Amendatory Agreement, except that references to 'this Agreement' are to be construed as references to this Sixth Amendatory Agreement. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | CONDITIONS PRECEDENT AND IMPLEMENTATION DATE |
|----|----------------------------------------------|

| 2.1 | Conditions Precedent |
|-----|----------------------|

|   | (a) | This Sixth Amendatory Agreement, duly executed by the parties to it. |
|--------|-----|----------------------------------------------------------------------|

|   | (b) | Evidence that all costs and expenses of the Agent (including professional fees) incurred prior to the Implementation Date in connection with the Group, the Finance Documents and this Sixth Amendatory Agreement have been paid by the Borrower. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | A copy of an executed letter of engagement between the Borrower and A&M.  The scope of A&M's engagement must include, at minimum, preparation of the Financial Model and otherwise be reasonably acceptable to the Agent. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Evidence that A&M and KPMG have agreed to the principles and approach that will apply to KPMG's review of the Group's business and information (as described more fully in Clause 6.1(c) (Milestones) of this Sixth Amendatory Agreement) and, subject to the final approval of the Lenders, agreed upon the scope of KPMG's work. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | Evidence that the Borrower and Eagle Chartering have taken the actions specified in clause 28.2(a) (i) and (ii) (Additional Guarantors) of the Credit Agreement such that Eagle Chartering shall become an Additional Guarantor before or upon the occurrence of the Implementation Date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (f) | A consolidated Group 13-week cash flow forecast commencing no earlier than September 17, 2011, to be reviewed by KPMG. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | Evidence that the Borrower, KPMG and the Agent have agreed to KPMG’s estimated compensation for its services and the relevant parties have agreed to the timing of payment of invoices from A&O and KPMG. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | Written confirmation of the timing and amount of the Group's existing outstanding capex obligations. |
|--------|-----|------------------------------------------------------------------------------------------------------|

|   | (i) | Written confirmation from Yangzhou Dayang Shipbuilding Co., Ltd. ("Yangzhou") of the estimated due date for delivery of the Target Newbuilding now under construction by Yangzhou and known as Hull No. 3047 (the "Sandpiper"). |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (j) | Copies of all notices served under the Shipbuilding Contract that relates to the Sandpiper. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 2.2 | Agent's notification |
|-----|----------------------|

| 3. | REPRESENTATIONS AND WARRANTIES |
|----|--------------------------------|

|   | (a) | The obligations expressed to be assumed by it in this Sixth Amendatory Agreement are (subject to applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforceability of creditors' rights generally) legal, valid, binding and enforceable obligations. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | All of the representations and warranties contained in clauses 18.1 - 18.26 (Representations) of the Credit Agreement are true and correct. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | ACKNOWLEDGEMENT OF CONSENT |
|----|----------------------------|

----

|   | (a) | their consent to the sale on or about July 26, 2011 by Heron Shipping LLC of the Marshall Islands registered Ship known as the Heron; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | receipt by the Agent on or around that date of an amount equal to the Relevant Percentage of the Loans as at the date of sale. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------|

| 5. | AMENDMENTS TO CREDIT AGREEMENT |
|----|--------------------------------|

| 5.1 | Clause 1.1 (Definitions) of the Credit Agreement shall be amended by inserting in the appropriate alphabetical order the following new definitions: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.2 | Clause 2.1 (The Facility) of the Credit Agreement shall be amended to read: |
|-----|---------------------------------------------------------------------------------------|

|   | (a) | Subject to the terms of this Agreement, the Lenders shall make available to the Borrower a Dollar revolving credit facility in an aggregate amount equal to the Total Commitments. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The revolving credit facility shall be divided into two tranches, the Main Tranche being of an amount equal to the Total Main Tranche Commitments and the Heron Tranche being of an amount equal to the Total Heron Tranche Commitments, the total being equal to the Total Commitments which are, as at the Implementation Date, $1,151,354,477. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.3 | Clause 3.l (b) (Purpose) of the Credit Agreement shall be amended by replacing the word 'hereof' with the words 'of this Agreement'. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.4 | Clause 3.1 (Purpose) of the Credit Agreement shall be amended by adding a new paragraph (c) that shall read: |
|-----|-------------------------------------------------------------------------------------------------------------------|

| 5.5 | The existing paragraph (c) of clause 3.1 (Purpose) of the Credit Agreement shall become paragraph (d) and be amended by replacing the word 'Facility' in the first line with 'Main Tranche' and, in sub-paragraph (iv), by adding 'Main Tranche' between 'Total' and 'Commitments' and 'under the Main Tranche' after 'outstanding'. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.6 | Clause 3.1 (Purpose) of the Credit Agreement shall be amended by adding a new paragraph (e) that shall read: |
|-----|-------------------------------------------------------------------------------------------------------------------|

| 5.7 | Clause 4.2 (Conditions Precedent to Utilization) of the Credit Agreement shall be amended by adding a new paragraph (g) that shall read: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.8 | Clause 5.1 (Delivery of a Utilization Request) of the Credit Agreement shall be amended by designating the current wording as paragraph (a) and inserting a new paragraph (b) that shall read: |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.9 | Paragraph (c) of clause 5.3 (Currency and Amount) of the Credit Agreement shall be amended by adding the words 'under the Main Tranche' after the existing words 'Loan' and 'Loans'. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.10 | Clause 5.3 (Currency and Amount) of the Credit Agreement shall be amended by adding a new paragraph (d) that shall read: |
|------|------------------------------------------------------------------------------------------------------------------------------------|

| 5.11 | Clause 6.1 (Reduction of Total Commitments) of the Credit Agreement shall be amended by adding the sentence 'Any reduction and cancellation under this Clause 6.1 shall reduce and cancel the Total Main Tranche Commitments and the Total Heron Tranche Commitments pro rata.' at the end. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.12 | Clause 7.5 (Mandatory  Prepayment) of the Credit Agreement shall be amended by adding a new paragraph (d) that shall read: |
|------|--------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | the cash flow forecast delivered on that date pursuant to Clause 19.4(f) (Information: miscellaneous) shows that the Group's actual aggregate free cash on the first day of that week exceeds the amount of aggregate free cash that the Group was forecast to have as at the first day of that week in the previous cash flow forecast delivered pursuant to Clause 19.4(f); and |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | prepayment would not cause the Group’s projected free cash to fall below $5,000,000 in aggregate during the seven days after that date. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.13 | Clause 7.7(c) (Restrictions) shall have the words '(including, for the avoidance of all doubt, the Heron Tranche)' inserted after the word 'Facility'. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.14 | Clause 9.3(a)(i) (Consolidation and division of Loans) of the Credit Agreement shall have the words 'under the same Tranche' inserted after the word 'Loans'. |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.15 | Clause 19.2 (Compliance Certificate) of the Credit Agreement shall be amended to read: |
|------|-------------------------------------------------------------------------------------------------------|

|   | (a) | The Borrower shall supply to the Agent, with each set of financial statements delivered pursuant to paragraph (a) or (b) of Clause 19.1 (Financial statements) other than those delivered during the Framework Period which relate to the Deferred Periods, a Compliance Certificate setting out (in reasonable detail) computations as to compliance with Clause 20 (Financial covenants) and Clause 21 (Security Cover) as at the date as at which those financial statements were drawn up. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The Borrower shall supply to the Agent, |
|--------|-----|-----------------------------------------|

|   | (i) | by not later than 5 p.m. on September 30, 2011, Compliance Certificates setting out (in reasonable detail) computations as to compliance with Clause 20.2 (Minimum Interest Coverage Ratio), Clause 20.3 (Minimum Liquidity) and Clause 21 (Security Cover) as at March 31, 2011 and June 30, 2011; and |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | with each set of financial statements delivered pursuant to paragraph (a) or (b) of Clause 19.1 (Financial statements) during the Framework Period which relate to a Deferred Period, a Compliance Certificate setting out (in reasonable detail) computations as to compliance with  Clause 20.2 (Minimum Interest Coverage Ratio), Clause 20.3 (Minimum Liquidity) (for the avoidance of doubt on the basis applicable during the Framework Period as set forth in clause 5.17 of the Sixth Amendatory Agreement) and Clause 21 (Security Cover) as at the date as at which those financial statements were drawn up. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | At the earlier of April 30, 2012 or two Business Days after the end of the Framework Period the Borrower must immediately supply to the Agent a Compliance Certificate reporting on compliance with: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (i) | Clause 20.1 (Minimum Adjusted Net Worth); and |
|--------|-----|-------------------------------------------------------------------|

|   | (ii) | Clause 20.3 (Minimum Liquidity) on the basis prescribed immediately before the commencement of the Framework Period, |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | Each Compliance Certificate shall be signed by the chief financial officer and the chief executive officer of the Borrower. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

| 5.16 | Clause 19.4 (Information: miscellaneous) of the Credit Agreement shall be amended by adding an additional paragraph (f) that shall read: |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |   | on the third Business Day of each week whilst any Loan under the Heron Tranche is outstanding, an updated 13-week consolidated Group cash flow forecast certified by the chief financial officer of the Borrower as being true and fair as at the date provided to the Agent. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5.17 | Clause 20.3 (Minimum Liquidity) of the Credit Agreement shall be amended by inserting the following proviso at the end, before the period: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | if no Default has occurred and is continuing, any amount of the then unutilized Heron Tranche shall be deemed to constitute "free cash" for the purpose of this Clause 20.3 only; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | the Borrower and its Subsidiaries shall maintain free cash in one or more accounts with the Agent in an aggregate amount not less than the following amounts: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Period from and including: |                                                                                                       |
|--------------------------------------|------------------------------------------------------------------------------------------------------------|
| January 31 - March 30                | the product of $500,000 multiplied by the number of Ships owned by the Borrower or any of its Subsidiaries |
| March 31 - April 29                  | $27,000,000                                                                                                |
| April 30                             | $36,000,000                                                                                                |

| 5.18 | Clause 22.4 (Disposals) of the Credit Agreement shall be amended by inserting the words 'Subject to paragraph (c),' at the beginning of paragraph (b); and by deleting the words in paragraph (c) and replacing them with: |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 5.19 | Clause 22.8 (Dividends) of the Credit Agreement shall be amended by designating the existing text as paragraph (a) and inserting the words 'Subject to paragraph (b),' at the beginning of it; and by inserting a new paragraph (b) that shall read: |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | MILESTONES |
|----|------------|

| 6.1 | The Borrower agrees to comply or (as appropriate) procure the compliance by its Subsidiaries, advisers and agents with the following obligations (each, a "Milestone"): |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Milestone 1: four weeks after delivery of the cash flow forecast supplied pursuant to Clause 2.l (f) (Conditions Precedent) of this Sixth Amendatory Agreement, and every four weeks thereafter, the Borrower shall provide the Agent with an updated 13-week Group cash flow forecast calculated from and as at the date of delivery.  KPMG shall review each of these forecasts. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Milestone 2: On or before September 30, 2011, the Borrower shall provide to the Agent: |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (i) | the Financial Model; and |
|--------|-----|--------------------------|

|   | (ii) | a  detailed written statement of  the assumptions used in  its  preparation and the management analysis, statement of strategic vision and business plan used as the basis for production of the Financial Model. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | Milestone 3: As soon as possible following delivery of the Financial Model pursuant to Milestone 2, the Borrower and A&M shall provide KPMG with: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | information and documents directly related to the preparation of the Financial Model; and |
|--------|-----|-------------------------------------------------------------------------------------------|

|   | (ii) | reasonable access to the Group's senior management, Group information and A&M |
|--------|------|-----------------------------------------------------------------------------------|

|   | (d) | Milestone 4: On or before October 31, 2011, the Borrower shall provide to the Agent a detailed written plan, based on the Financial Model, for the deleveraging, restructuring or refinancing of the Group that shall include an assessment of capital markets refinancing options and be based on reasonable assumptions which are set out in detail. The plan shall thereafter be presented by the Borrower to the Lenders at a Lender meeting on a date to be agreed between the Agent, the  Lenders and the Borrower. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (e)  | Milestone 5: On or before November 30, 2011, the Finance Parties and the Obligors shall amend the Credit Agreement to provide for an additional quarterly prepayment of the Loans during the Framework Period in a cash amount to be determined by reference to, among other things, the Borrower's actual after-tax cash generation, pursuant to a methodology to be agreed. |
|--------|-----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.2 | The Borrower shall use reasonable efforts at all times during the Framework Period to meet (or, as appropriate, procure that its Subsidiaries, advisers and agents meet) each Milestone. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6.3 | The Agent shall use reasonable efforts to: |
|-----|--------------------------------------------|

|   | (a) | convene the Lender meeting referenced in Milestone 4; and |
|--------|-----|-----------------------------------------------------------|

|   | (b) | provide a written response on behalf of the Lenders to the plan or proposal presented by the Borrower at such meeting as soon as practicable thereafter. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | EAGLE CHARTERING |
|----|------------------|

| 8. | LIMITED WAIVERS |
|----|-----------------|

| 8.1 | Waivers |
|-----|---------|

|   | (a) | permanently waive any Default arising from any breach of clause 20.3 (Minimum Liquidity) of the Credit Agreement, save to the extent such Default was continuing on August 22, 2011; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | permanently waive any Default arising from any breach of clause 22.23(f) (Eagle Chartering) of the Credit Agreement resulting from excess cash being held outside the Obligors, save to the extent such Default was continuing on August 22, 2011; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) |  waive, for the duration of the Framework Period only, any Event of Default that occurred prior to the commencement of the Framework Period under clause 26.11 (Material adverse change)of the Credit Agreement; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | waive, for the duration of the Framework Period only, any Event of Default that occurred prior to the commencement of the Framework Period under clause 26.4 (Misrepresentation) of the Credit Agreement; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | waive, for the duration of the Framework Period only, any Default arising from any breach of clause 20.1 (Minimum Adjusted Net Worth) of the Credit Agreement that occurred prior to the commencement of the Framework Period as a result of any failure to maintain Adjusted Net Worth at the prescribed level during the Accounting Periods ended March 31 and June 30, 2011; |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (f) | waive, for the duration of the Framework Period only, any Default arising from any breach of clause 19.2 (Compliance Certificate) of the Credit Agreement that occurred prior to the commencement of the Framework Period for any failure to apply the correct basis of calculation when preparing the Compliance Certificate delivered by the Borrower in respect of the Accounting Period ended December 31, 2010; |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (g) | waive, for the duration of the Framework Period only, any Default arising from any breach of clause 19.4 (Information: miscellaneous) of the Credit Agreement that occurred prior to the commencement of the Framework Period for failing to provide the information requested in the Agent's letter of April l2, 2011; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (h) | waive, for the duration of the Framework Period only, any Default arising from any breach of clause 19.5 (Notification of default) of the Credit Agreement that occurred prior to the commencement of the Framework Period for failing to notify the Agent of any of the Defaults listed in paragraphs (a) to (g) above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8.2 | Limitation of waivers |
|-----|-----------------------|

|   | (a) | Without limiting the generality of the provisions of clause 38 (Remedies and Waivers) of the Credit Agreement, the waivers set forth above shall be limited precisely as written and relate solely to any non-compliance by the Obligors with the terms of the Credit Agreement in the manner and to the extent described above, and nothing in this Sixth Amendatory Agreement shall be deemed to: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (i) | constitute a waiver of compliance by the Obligors with respect to (i) clauses 20.3, 22.23(f), 26.11, 26.4, 20.1, 19.2, 19.4 or 19.5 of the Credit Agreement in any other instance or (ii) any other term, provision or condition of the Credit Agreement, the other Finance Documents or any other instrument or agreement referred to therein; or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (ii) | prejudice any right or remedy that any Finance Party may now have or may have in the future under or in connection with the Finance Documents or any other instrument or agreement referred to therein. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Except as expressly set forth herein, the terms, provisions  and conditions of the Credit Agreement and the other Finance Documents shall remain in full force and effect and in all other respects are hereby ratified and confirmed. In particular, but without limitation, the Agent and the Lenders may continue due diligence into the financial position of the Borrower and its Subsidiaries, requesting information from the Group pursuant to clause 19.4 (Information: miscellaneous) of the Credit Agreement and all rights of the Agent and the Lenders in respect thereof are reserved. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | MISCELLANEOUS |
|----|---------------|

| 9.1 | Finance Document |
|-----|------------------|

----

| 9.2 | Costs and expenses |
|-----|--------------------|

| 9.3 | Counterparts |
|-----|--------------|

| 9.4 | Reservation of rights |
|-----|----------------------------|

|   | (a) | the Compliance Certificate delivered on April 11, 2011 in relation to the Accounting Period ended December 31, 2010; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | compliance with any financial covenants for the Accounting Periods ending December 31, 2010 and March 30, June 30 and September 30, 2011. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

| 9.5 | Acknowledgement, consent and confirmation by Guarantors |
|-----|---------------------------------------------------------|

| 9.6 | Governing law |
|-----|---------------|

----

| BORROWER:               |              |
|-------------------------|-------------------|
|                    |              |   |
| EAGLE BULK SHIPPING INC |              |
|                    |              |   |
| By:                     | /s/ Alan Ginsberg |   |
| Alan Ginsberg           |              |
| Chief Financial Officer |              |

----

| By: Eagle Bulk Shipping Inc., as sole member |              |
|----------------------------------------------|-------------------|
|                                         |              |   |
| By:                                          | /s/ Alan Ginsberg |   |
| Alan Ginsberg                                |              |
| Chief Financial Officer                      |              |

----

| By: Eagle Bulk Shipping Inc., as sole member |              |
|----------------------------------------------|-------------------|
|                                         |              |   |
| By:                                          | /s/ Alan Ginsberg |   |
| Alan Ginsberg                                |              |
| Chief Financial Officer                      |              |

----

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

| GUARANTOR:                                                             |   |
|------------------------------------------------------------------------|--------|
|                                                                   |   |
| EAGLE BULK PTE. LTD.                                                   |   |
|                                                                   |   |
| By Alan Ginsberg as attorney for and on behalf of Eagle Bulk Pte. Ltd. |   |
|                                                                   |   |   |
| /s/ Alan Ginsberg                                                      |   |
| Signature of attorney                                                  |   |

----

| LENDERS:                       |              |
|--------------------------------|-------------------|
|                           |              |   |
| THE ROYAL BANK OF SCOTLAND PLC |              |
|                           |              |   |
| By:                            | /s/ Scott Fordham |   |
|                           |              |   |
| Name:                     | Scott Fordham     |   |
|                           |              |   |
| Title:                         | Director          |   |

| WESTLB AG, LONDON BRANCH |   |
|--------------------------|--------|
|                     |   |   |
| By:                      |   |   |
|                     |   |   |
| Name:                    |   |   |
|                     |   |   |
| Title:                   |   |   |

| BANK OF CHINA LIMITED, LONDON BRANCH |
|--------------------------------------|
|                                 |   |   |
| By:                                  |   |   |
|                                 |   |   |
| Name:                                |   |   |
|                                 |   |   |
| Title:                               |   |   |

| LLOYDS TSB BANK PLC |
|---------------------|
|                |   |   |
| By:                 |   |   |
|                |   |   |
| Name:               |   |   |
|                |   |   |
| Title:              |   |   |

| ALLIANCE & LEICESTER COMMERCIAL FINANCE PLC |
|------------------------------------------------------|
|                                                 |   |   |
| By:                                                  |   |   |
|                                                 |   |   |
| Name:                                                |   |   |
|                                                 |   |   |
| Title:                                               |   |   |

```

```

----

| LENDERS:                       |
|--------------------------------|
|                           |
| THE ROYAL BANK OF SCOTLAND PLC |
|                           |   |   |
| By:                            |   |   |
|                           |   |   |
| Name:                          |   |   |
|                           |   |   |
| Title:                         |   |   |

| WESTLB AG, LONDON BRANCH |         |           |
|--------------------------|--------------|----------------|
|                     |         |           |   |
| By:                      | /s/ C Street | /s/ G Rutter   |   |
|                     |         |           |   |
| Name:                    | C Street     | G Rutter       |   |
|                     |         |           |   |
| Title:                   | Director     | Exec. Director |   |

| BANK OF CHINA LIMITED, LONDON BRANCH |
|--------------------------------------|
|                                 |   |   |
| By:                                  |   |   |
|                                 |   |   |
| Name:                                |   |   |
|                                 |   |   |
| Title:                               |   |   |

```

```

| LLOYDS TSB BANK PLC |
|---------------------|
|                |   |   |
| By:                 |   |   |
|                |   |   |
| Name:               |   |   |
|                |   |   |
| Title:              |   |   |

| ALLIANCE & LEICESTER COMMERCIAL FINANCE PLC |
|------------------------------------------------------|
|                                                 |   |   |
| By:                                                  |   |   |
|                                                 |   |   |
| Name:                                                |   |   |
|                                                 |   |   |
| Title:                                               |   |   |

```

```

----

| LENDERS:                       |
|--------------------------------|
|                           |
| THE ROYAL BANK OF SCOTLAND PLC |
|                           |   |   |
| By:                            |   |   |
|                           |   |   |
| Name:                          |   |   |
|                           |   |   |
| Title:                         |   |   |

| WESTLB AG, LONDON BRANCH |
|--------------------------|
|                     |   |   |
| By:                      |   |   |
|                     |   |   |
| Name:                    |   |   |
|                     |   |   |
| Title:                   |   |   |

```

```

| BANK OF CHINA LIMITED, LONDON BRANCH |
|--------------------------------------|
|                                 |   |   |   |
| By:                                  | /s/ illegible | /s/ illegible |   |
|                                 |   |   |   |
| Name:                                |   |   |   |
|                                 |   |   |   |
| Title:                               |   |   |   |

| LLOYDS TSB BANK PLC |
|---------------------|
|                |   |   |
| By:                 |   |   |
|                |   |   |
| Name:               |   |   |
|                |   |   |
| Title:              |   |   |

| ALLIANCE & LEICESTER COMMERCIAL FINANCE PLC |
|------------------------------------------------------|
|                                                 |   |   |
| By:                                                  |   |   |
|                                                 |   |   |
| Name:                                                |   |   |
|                                                 |   |   |
| Title:                                               |   |   |

```

```

----

| LENDERS:                       |
|--------------------------------|
|                           |
| THE ROYAL BANK OF SCOTLAND PLC |
|                           |   |   |
| By:                            |   |   |
|                           |   |   |
| Name:                          |   |   |
|                           |   |   |
| Title:                         |   |   |

| WESTLB AG, LONDON BRANCH |
|--------------------------|
|                     |   |   |
| By:                      |   |   |
|                     |   |   |
| Name:                    |   |   |
|                     |   |   |
| Title:                   |   |   |

| BANK OF CHINA LIMITED, LONDON BRANCH |
|--------------------------------------|
|                                 |   |   |
| By:                                  |   |   |
|                                 |   |   |
| Name:                                |   |   |
|                                 |   |   |
| Title:                               |   |   |

| LLOYDS TSB BANK PLC |
|---------------------|
|                |   |   |
| By:                 | /s/ Douglas Newton |   |
|                |   |   |
| Name:               | Douglas Newton |   |
|                |   |   |
| Title:              | Llyods Banking Group |   |

| ALLIANCE & LEICESTER COMMERCIAL FINANCE PLC |
|------------------------------------------------------|
|                                                 |   |   |
| By:                                                  |   |   |
|                                                 |   |   |
| Name:                                                |   |   |
|                                                 |   |   |
| Title:                                               |   |   |

----

| LENDERS:                       |
|--------------------------------|
|                           |
| THE ROYAL BANK OF SCOTLAND PLC |
|                           |   |   |
| By:                            |   |   |
|                           |   |   |
| Name:                          |   |   |
|                           |   |   |
| Title:                         |   |   |

| WESTLB AG, LONDON BRANCH |
|--------------------------|
|                     |   |   |
| By:                      |   |   |
|                     |   |   |
| Name:                    |   |   |
|                     |   |   |
| Title:                   |   |   |

| BANK OF CHINA LIMITED, LONDON BRANCH |
|--------------------------------------|
|                                 |   |   |
| By:                                  |   |   |
|                                 |   |   |
| Name:                                |   |   |
|                                 |   |   |
| Title:                               |   |   |

| LLOYDS TSB BANK PLC |
|---------------------|
|                |   |   |
| By:                 |   |   |
|                |   |   |
| Name:               |   |   |
|                |   |   |
| Title:              |   |   |

| SANTANDER ASSET FINANCE PLC (FORMERLY ALLIANCE & LEICESTER COMMERCIAL FINANCE PLC) |
|----------------------------------------------------------------------------------------|
|                                                                                   |   |   |
| By:                                                                                    | /s/ Mark McCarth |   |
|                                                                                   |   |   |
| Name:                                                                                  | Mark McCarth |   |
|                                                                                   |   |   |
| Title:                                                                                 | Head of Shipping |   |

----

| SUMITOMO MITSUI BANKING CORPORATION |
|-------------------------------------|
|                                |   |   |   |   |
| By:                                 | /s/ Takeshi SHIRAI |   | /s/ Kazushige ONISHI |   |
|                                |   |   |   |   |
| Name:                               | Takeshi SHIRAI |   | Kazushige ONISHI |   |
|                                |   |   |   |   |
| Title:                              | General Manager |   | Joint General Manager |   |

| CREDIT INDUSTRIEL ET COMMERCIAL |
|---------------------------------|
|                            |   |   |
| By:                             |   |   |
|                            |   |   |
| Name:                           |   |   |
|                            |   |   |
| Title:                          |   |   |

| ARRANGER, BOOKRUNNER AND SWAP BANK: |
|-------------------------------------|
|                                |
| THE ROYAL BANK OF SCOTLAND PLC      |
|                                |   |   |
| By:                                 |   |   |
|                                |   |   |
| Name:                               |   |   |
|                                |   |   |
| Title:                              |   |   |

| AGENT AND SECURITY TRUSTEE:    |
|--------------------------------|
|                           |
| THE ROYAL BANK OF SCOTLAND PLC |
|                           |   |   |
| By:                            |   |   |
|                           |   |   |
| Name:                          |   |   |
|                           |   |   |
| Title:                         |   |   |

----

| SUMITOMO MITSUI BANKING CORPORATION |
|-------------------------------------|
|                                |   |   |
| By:                                 |   |   |
|                                |   |   |
| Name:                               |   |   |
|                                |   |   |
| Title:                              |   |   |

| CREDIT INDUSTRIEL ET COMMERCIAL |
|---------------------------------|
|                            |   |   |   |
| By:                             | /s/ Andrew McKuin | /s/ Alex Aupoix |   |
|                            |   |   |   |
| Name:                           | Andrew McKuin | Alex Aupoix |   |
|                            |   |   |   |
| Title:                          | Vice President | Managing Director |   |

| ARRANGER, BOOKRUNNER AND SWAP BANK: |
|-------------------------------------|
|                                |
| THE ROYAL BANK OF SCOTLAND PLC      |
|                                |   |   |
| By:                                 |   |   |
|                                |   |   |
| Name:                               |   |   |
|                                |   |   |
| Title:                              |   |   |

```

```

| AGENT AND SECURITY TRUSTEE:    |
|--------------------------------|
|                           |
| THE ROYAL BANK OF SCOTLAND PLC |
|                           |   |   |
| By:                            |   |   |
|                           |   |   |
| Name:                          |   |   |
|                           |   |   |
| Title:                         |   |   |

----

| SUMITOMO MITSUI BANKING CORPORATION |
|-------------------------------------|
|                                |   |   |
| By:                                 |   |   |
|                                |   |   |
| Name:                               |   |   |
|                                |   |   |
| Title:                              |   |   |

| CREDIT INDUSTRIEL ET COMMERCIAL |
|---------------------------------|
|                            |   |   |
| By:                             |   |   |
|                            |   |   |
| Name:                           |   |   |
|                            |   |   |
| Title:                          |   |   |

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

| By:    | /s/ Scott Fordham |   |
|--------|-------------------|--------|
|   |              |   |
| Name:  | Scott Fordham     |   |
|   |              |   |
| Title: | Director          |   |

| AGENT AND SECURITY TRUSTEE:    |
|--------------------------------|
|                           |
| THE ROYAL BANK OF SCOTLAND PLC |
|                           |   |   |
| By:                            |   |   |
|                           |   |   |
| Name:                          |   |   |
|                           |   |   |
| Title:                         |   |   |

----

| SUMITOMO MITSUI BANKING CORPORATION |
|-------------------------------------|
|                                |   |   |
| By:                                 |   |   |
|                                |   |   |
| Name:                               |   |   |
|                                |   |   |
| Title:                              |   |   |

| CREDIT INDUSTRIEL ET COMMERCIAL |
|---------------------------------|
|                            |   |   |
| By:                             |   |   |
|                            |   |   |
| Name:                           |   |   |
|                            |   |   |
| Title:                          |   |   |

| ARRANGER, BOOKRUNNER AND SWAP BANK: |
|-------------------------------------|
|                                |
| THE ROYAL BANK OF SCOTLAND PLC      |
|                                |   |   |
| By:                                 |   |   |
|                                |   |   |
| Name:                               |   |   |
|                                |   |   |
| Title:                              |   |   |

| AGENT AND SECURITY TRUSTEE:    |
|--------------------------------|
|                           |
| THE ROYAL BANK OF SCOTLAND PLC |
|                           |   |   |
| By:                            | /s/ Robert Ottewill |   |
|                           |   |   |
| Name:                          | Robert Ottewill |   |
|                           |   |   |
| Title:                         | Director |   |

----

| (1) | EAGLEBULKSHIPPINGINC.,acorporationincorporatedintheRepublicoftheMarshallIslands, asBorrower(the"Borrower"); |
|-----|-------------------------------------------------------------------------------------------------------------|

| (2) | THESUBSIDIARIESoftheBorrowerpartyheretoasGuarantors(the"Guarantors"); |
|-----|-----------------------------------------------------------------------|

| (3) | THE BANKS AND FINANCIAL INSTITUTIONS parties hereto; and |
|-----|----------------------------------------------------------|

| (4) | THE ROYAL BANK OF SCOTLANDplc as the Arranger, Bookrunner, Swap Bank, Agent and Security Trustee. |
|-----|---------------------------------------------------------------------------------------------------|

| (A) | The Borrower, the Guarantors, the Lenders and The Royal Bank of Scotland plc acting in the capacity of 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 Jury 3, 2008, a Second Amendatory Agreement dated as of December 17, 2008, a Third Amendatory Agreement dated as of August 4, 2009, a Fourth Amendatory Agreement dated as of August 4, 2010 and a Sixth Amendatory and Commercial Framework Implementation Agreement dated as of September 26, 2011 (the "Sixth Amendatory Agreement'') and as further amended from time to time (the "Credit Agreement") providing for a secured reducing revolving credit facility for the purposes described therein. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (B) | OnAugust 4, 2010, a Fifth Amendatory Agreement in relation to the Credit Agreement was entered into, but the amendments to the terms of theCredit Agreement contemplated therein did not come into effect. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (C) | Section 6.1(e) of the Sixth Amendatory Agreement provided that.on or before November 30, 2011 ("Fifth Milestone Date"), the Finance Parties and the Obligors shall amend the Credit Agreement to provide for an additional quarterly prepayment of the Loans during the Framework Period in a cash amount to be determined by reference to, among other things, the Borrower's actualafter-tax cash generation, pursuant to a methodology to be agreed (the "Cash Sweep"). |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (D) | The Majority Lenders have extended the Fifth Milestone Date to December 31, 2011. |
|-----|-----------------------------------------------------------------------------------|

| (E) | This Agreement contains provisions providing for the Cash Sweep. |
|-----|------------------------------------------------------------------|

----

| 1. | INTERPRETATION |
|----|----------------|

| 1.1 | Interpretation |
|-----|----------------|

|   | (a) | Capitalized termsdefined in the Credit Agreement have, unless otherwise expressly defined herein, the same meaning when used in this Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | The provisions of clause 1.2(Construction)of the Credit Agreement apply to this Agreement as if they were set out in full in this Agreement, except that references to'this Agreement' areto be construed as references tothis Agreement. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | (a) | The obligations expressed to beassumed by it in thisAgreement are (subject toapplicable bankruptcy, insolvency, reorganization, moratorium or similar lawsaffecting the enforceability of creditors' rights generally) legal, valid, binding and enforceable obligations. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | Allof the representations and warranties contained in clauses 18.1-18.26(Representations)of the Credit Agreement are true and correct. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------|

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

| 3.1 | Clause 1.1(Definitions)of the Credit Agreement shall beamended by inserting in the appropriate alphabetical order the following new definitions: |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | as at December 31,2011,any amount by which the aggregate amount of cash and cash equivalents (including cash, currency, credit balances in deposit and other bank accounts and short term investments) held by the Borrower and its Subsidiaries on such date lessExcluded Cash exceeds $23,529,000.00; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | as at March 31,2012,any amount by which the aggregate amount of cash and cash equivalents (including cash, currency, credit balances in deposit andother bankaccounts and short term investments) held by the Borrower and its Subsidiaries on such date less Excluded Cash exceeds $45,434,000.00. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (a) | the aggregate amount posted as cash collateral to secure the obligations of Subsidiaries in respect of letters of credit issued to landlords in support of the rental obligations of such Subsidiaries to berecorded as restricted cash on the balance sheet of the Borrower and its Subsidiaries as at such date; and |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | the aggregate balance of the DBS Vickers Account on thatdate. |
|--------|-----|---------------------------------------------------------------|

| 3.2 | Clause 7.10 (Pro rata Cancellation)of the Credit Agreement shall be amended by adding, at the beginning, the words 'Except as provided in Clause 7.11 (Prepayments and reductions from Excess Cash)'. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.3 | Clause 7 (PrepaymentandCancellation)of the Credit Agreement shall be amended byinserting the following new Clause 7.11: |
|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | 7.11 | Prepayments and reductions from Excess Cash |
|--------|------|---------------------------------------------|

|   | (a)  | Inthe event that there shall beExcess Cash as at any Excess Cash Testing Date, the Borrower shall, no later than 15 days after such Excess Cash Testing Date, prepay the Loans, and the Total Commitments shall be reduced and cancelled, in an aggregate amount equalto 75% of such Excess Cash. |
|--------|-----------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b)  | Any partial cancellation of the Total Commitments pursuant to this Clause 7.11 shall reduce the scheduled reduction of the Total Commitments scheduled to occur on July 31, 2012 pursuant to Clause 6.1 (Reduction of Total Commitments)by an equivalent amount. |
|--------|-----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c)  | Any reduction and cancellation under this Clause 7.11 shall reduce and cancel the Total Main Tranche Commitments and the Total Heron Tranche Commitments pro rata. |
|--------|-----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d)  | Concurrently with any prepayment of the Loans and reduction of the Total Commitments pursuant to paragraph (a) above (or, if no such prepayment and reduction is made with respect to an Excess Cash Testing Date, by no later than 15days after such Excess Cash Testing Date), the Borrower shall deliver to the Agent a certificate, signed by the chief financial officer and the chief executive officer of the Borrower, demonstrating in reasonable detail the calculation of the amount of the Excess Cash as at the applicable Excess Cash Testing Date. |
|--------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3.4 | Clause 22.14 (Accounts)of the Credit Agreement shall be amended by adding the following new paragraph (c): |
|-----|------------------------------------------------------------------------------------------------------------|

|   | (c)  | During the Framework Period, no Obligor shall transfer, or permit to be transferred on its behalf, any cash or cash equivalents to the DBS Vickers Account. |
|--------|-----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | MISCELLANEOUS |
|----|---------------|

| 4.1 | Finance Document |
|-----|------------------|

| 4.2 | Costs and expenses |
|-----|--------------------|

| 4.3 | Counterparts |
|-----|--------------|

| 4.4 | Reservation of rights |
|-----|-----------------------|

|   | (a) | the Compliance Certificate delivered on April 11, 2011 in relation tothe Accounting Period ended December 31, 2010; and |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------|

|   | (b) | compliance with any financial covenants for the Accounting Periods ending December 31,2010 and March 31, June 30, September 30 and December 31, 2011. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4.5 | Acknowledgement, consent and confirmation byGuarantors |
|-----|--------------------------------------------------------|

| 4.6 | Governinglaw |
|-----|--------------|

| 5. | EFFECTIVENESS |
|----|---------------|

----

| BORROWER:                |              |
|--------------------------|-------------------|
|                     |              |   |
| EAGLE BULK SHIPPING INC. |              |
|                     |              |   |
| By:                      | /s/ Alan Ginsberg |   |
| Alan Ginsberg            |              |
| Chief Financial Officer  |              |

----

| By: Eagle Bulk Shipping Inc., as sole member |              |
|----------------------------------------------|-------------------|
|                                         |              |   |
| By:                                          | /s/ Alan Ginsberg |   |
| Alan Ginsberg                                |              |
| Chief Financial Officer                      |              |

----

| By: Eagle Bulk Shipping Inc., as sole member |              |
|----------------------------------------------|-------------------|
|                                         |              |   |
| By:                                          | /s/ Alan Ginsberg |   |
| Alan Ginsberg                                |              |
| Chief Financial Officer                      |              |

----

| By:                     | /s/ Alan Ginsberg |   |
|-------------------------|-------------------|--------|
| Alan Ginsberg           |              |
| Chief Financial Officer |              |
|                    |              |
| GUARANTOR:              |              |
|                    |              |

| EAGLE BULK PTE. LTD.                                                   |   |
|------------------------------------------------------------------------|--------|
|                                                                   |   |
| By Alan Ginsberg as attonery for and on behalf of Eagle Bulk Pte. Ltd. |   |
|                                                                   |   |   |
| /s/ Alan Ginsberg                                                      |   |
| Signature of attorney                                                  |   |

----

| LENDERS:                       |
|--------------------------------|
|                           |
| THE ROYAL BANK OF SCOTLAND PLC |
|                           |   |   |
| By:                            | /s/ Charles Gurch |   |
|                           |   |   |
| Name:                          | Charles Gurch |   |
|                           |   |   |
| Title:                         | Managing Director |   |

| WESTLB AG, LONDON BRANCH |
|--------------------------|
|                     |   |   |
| By:                      |   |   |
|                     |   |   |
| Name:                    |   |   |
|                     |   |   |
| Title:                   |   |   |

| BANK OF CHINA LIMITED, LONDON BRANCH |
|--------------------------------------|
|                                 |   |   |
| By:                                  |   |   |
|                                 |   |   |
| Name:                                |   |   |
|                                 |   |   |
| Title:                               |   |   |

| LLOYDS TSB BANKPLC |
|--------------------|
|               |   |   |
| By:                |   |   |
|               |   |   |
| Name:              |   |   |
|               |   |   |
| Title:             |   |   |

| SUMITOMO MITSUI BANKING CORPORATION |
|-------------------------------------|
|                                |   |   |
| By:                                 |   |   |
|                                |   |   |
| Name:                               |   |   |
|                                |   |   |
| Title:                              |   |   |

----

| SANTANDER ASSET FINANCE PLC (FORMERLY KNOWN AS ALLIANCE &LEICESTER COMMERCIAL FINANCE PLC) |
|------------------------------------------------------------------------------------------------|
|                                                                                           |   |   |
| By:                                                                                            |   |   |
|                                                                                           |   |   |
| Name:                                                                                          |   |   |
|                                                                                           |   |   |
| Title:                                                                                         |   |   |

| CREDIT INDUSTRIEL ET COMMERCIAL |
|---------------------------------|
|                            |   |   |
| By:                             |   |   |
|                            |   |   |
| Name:                           |   |   |
|                            |   |   |
| Title:                          |   |   |

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

| By:    | /s/ Charles Gurch |   |
|--------|-------------------|--------|
|   |              |   |
| Name:  | Charles Gurch     |   |
|   |              |   |
| Title: | Managing Director |   |

| AGENT ANDSECURITY TRUSTEE:     |
|--------------------------------|
|                           |
| THE ROYAL BANK OF SCOTLAND PLC |
|                           |   |   |
| By:                            |   |   |
|                           |   |   |
| Name:                          |   |   |
|                           |   |   |
| Title:                         |   |   |

----

| SANTANDER ASSET FINANCE PLC (FORMERLY KNOWN AS ALLIANCE &LEICESTER COMMERCIAL FINANCE PLC) |
|------------------------------------------------------------------------------------------------|
|                                                                                           |   |   |
| By:                                                                                            |   |   |
|                                                                                           |   |   |
| Name:                                                                                          |   |   |
|                                                                                           |   |   |
| Title:                                                                                         |   |   |

| CREDIT INDUSTRIEL ET COMMERCIAL |
|---------------------------------|
|                            |   |   |
| By:                             |   |   |
|                            |   |   |
| Name:                           |   |   |
|                            |   |   |
| Title:                          |   |   |

| ARRANGER, BOOKRUNNER AND SWAP BANK: |
|-------------------------------------|
|                                |
| THE ROYAL BANK OF SCOTLAND PLC      |
|                                |   |   |
| By:                                 |   |   |
|                                |   |   |
| Name:                               |   |   |
|                                |   |   |
| Title:                              |   |   |

```

```

| AGENT ANDSECURITY TRUSTEE:     |
|--------------------------------|
|                           |
| THE ROYAL BANK OF SCOTLAND PLC |
|                           |   |   |
| By:                            | /s/ Robert Ottewill |   |
|                           |   |   |
| Name:                          | Robert Ottewill |   |
|                           |   |   |
| Title:                         | Director |   |

----