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Vogel Appointed CEO, Eagle Bulk Shipping

July 8, 2015


The Board of Directors of Eagle Bulk Shipping Inc. today appointed Gary Vogel as Chief Executive Officer of Eagle Bulk, effective September 1, 2015. In addition to his new position, Mr. Vogel will also join the Board of Directors of the Company. Mr. Vogel will succeed Stanley H. Ryan, who will remain CEO until September 1 and then resume his position as an independent director of the Company.

Paul M. Leand, Jr., Chairman of the Board of the Company, commented, "Gary Vogel brings over 25 years of experience as an operator in the geared dry bulk sector and has a proven track record of success, most recently as the CEO of Clipper Group. Bringing him to Eagle Bulk enhances our Company by adding a world-class commercial operator and expands our skill platform. Looking forward, Eagle Bulk can now grow from being a tonnage provider to creating value in multiple dimensions -- most importantly by focusing on value-added performance and above index returns.

"With Gary's arrival, we are pleased that Stan's service as an independent director can continue," Mr. Leand added. "Stan has been a successful agent of change for the organization and is responsible for Eagle Bulk being in the position to take advantage of the opportunities now afforded us. Stan's strong focus on leadership and end to end operational excellence has noticeably uplifted the Company. We're grateful for the acceleration of business improvements and momentum going forward."

Current CEO Stanley H. Ryan noted, "This is a significant step forward for Eagle Bulk.  We are fortunate to have Gary and the deep commercial experience he brings. I am looking forward to working with him in his role as CEO and a fellow director."

Mr. Vogel observed, "Eagle Bulk's fleet of 44 supramax bulk carriers makes it one of the largest operators of geared tonnage, and I look forward to working with the Eagle Bulk team to create meaningful value through active operating, arbitrage and risk management, as well as best in class operations. Eagle Bulk is also uniquely positioned to take advantage of current market opportunities and I am excited to begin to renew and grow the fleet and to solidify Eagle Bulk's position as the premier public dry bulk geared owner/operator."

Clipper GroupEagle Bulk Shipping Inc.Gary Vogel

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