SINGAPORE -�Media OutReach�-�11 January 2022 -�Jotun, the leading provider of high-performance hull coatings for the global maritime industry, has entered into a commercial agreement with US-based shipowner Eagle Bulk Shipping Inc. for adoption of Jotun Hull Skating Solutions to enhance vessel performance by minimizing biofouling.

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Under the new partnership, Eagle Bulk's bulk carrier Shanghai Eagle has been selected to use Jotun's unique automated hull-cleaning solution that ensures an "always clean hull" over a vessel's full sailing interval, thereby reducing fuel costs and greenhouse gas emissions. Jotun Hull Skating Solutions, developed with advanced technology, is the latest innovation in the hull performance category and the first of its kind in the world that utilizes data analytics, robotics and coatings to carry out proactive cleaning to eradicate early-stage fouling.�

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The portable system, which is operated through a robotic device known as the HullSkater, is stored onboard the vessel to allow for fast response to conduct thorough underwater inspections and clean the hull when required. The device also helps to preserve the marine ecosystem by minimizing the spread of non-indigenous marine organisms, as well as contributing to lower atmospheric emissions of CO2 through reduced fuel consumption as it lessens hull drag in the water.

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The partnership between Jotun and Eagle Bulk will assist the integrated shipowner and operator of bulk carriers in accelerating its zero-carbon vision as it takes a leading role in promoting sustainable growth in the maritime industry through its environmental efforts. Commenting on the partnership, Eagle Bulk's Director of Technical Management Claus Jensen said: "We at Eagle Bulk Shipping Inc. are pleased with our partnership with Jotun to redefine the next generation of hull and vessel performance.� We are both proud and elated to have signed this agreement and taken a step towards decarbonization with Jotun Hull Skating Solutions. We also hope this inspires others to even more industry partnerships and to engage in the pursuit of reducing global carbon emissions."�

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While the shipping sector has achieved some progress towards decarbonization, it faces major challenges in reaching IMO goals to reduce emissions as alternative low-carbon fuel technologies are not currently available at sufficient price and scale to facilitate widespread�implementation. Therefore, taking operational measures such as proactive hull cleaning offer an immediate pathway to improve environmental performance.

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Claudio Iurilli, Managing Director of Jotun Malaysia and Singapore commented: "We look at HullSkater as a ground-breaking approach to biofouling management. We are absolutely delighted that Eagle Bulk Shipping Inc. understands the potential of the Jotun Hull Skating Solutions when it comes to their business practices as well as the impact it has on the environment as a whole. As a company, we strive to go beyond improving operational efficiency by also focusing on concrete environmental goals and fostering deeper relations with our community. This agreement is a step in the right direction, and we are hopeful of its ripple effect to progressively reaffirm how small changes can set the example for what a sustainable shipping industry should look like in the future."��

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The commercial agreement between Jotun and Eagle Bulk was officiated in Singapore on the 2 December 2021.�

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For more information on The Jotun Group, please visit here.

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For more information on The Jotun Group's Hull Skating Solutions, please visit here.

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About The Jotun Group

The Jotun Group is a matrix organisation divided into seven regions responsible for the sale of decorative paints and marine, protective and powder coatings. The company has 39 production facilities in 23 countries, 65 companies in 47 countries and is represented in more than 100 countries around the world. Jotun is number 1 in Marine coatings worldwide.

www.jotun.com

About Eagle Bulk Shipping Inc.

Eagle Bulk Shipping Inc. ("Eagle" or the "Company") (NASDAQ: EGLE) is a US-based fully integrated shipowner-operator engaged in the global transportation of drybulk commodities.

Headquartered in Stamford, Connecticut, with offices in Singapore and Copenhagen, Eagle focuses exclusively on the mid-size drybulk vessel segment and owns one of the largest fleets of Supramax/Ultramax ships in the world. The Company performs all management services, including: strategic, commercial, operational, technical, and administrative.

https://www.eagleships.com/

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