Puts Purchased on Eagle Bulk (EGLE)

Shares of Eagle Bulk Shipping Inc.

are higher on the session by 1.78%, currently trading $4.58. The stock has been falling sharply as of late; if it fails to hold the $4.50 level, a move down to $4.10 seems imminent. Puts are being purchased on the name today with the June $5.00 put purchased 2,300 times; open interest on the strike is 8,343 contracts. This has pushed put volume to 3.31x the daily average with 100% of all puts traded being purchases on the offer. Eagle Bulk Shipping Inc. is engaged primarily 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.