Eagle Bulk Shipping Inc. is primarily engaged in the ocean transportation of a range of major and minor bulk cargoes, including iron ore, coal, grain, cement and fertilizer, along worldwide shipping routes. The Company operates in the Handymax sector of the dry bulk industry, with particular emphasis on the Supramax class of vessels. As of December 31, 2008, Eagle Bulk Shipping Inc. owned and operated a fleet of 23 oceangoing vessels with a combined carrying capacity of 1,184,939 deadweight tons and an average age of approximately six years. As of December 31, 2008, the Company had taken delivery of three Supramax newbuilding vessels and it was also constructing another 24 Supramax vessels. In May 2008, the Company acquired two Supramax vessels, Goldeneye and Redwing.