The other shoe has dropped as Eagle Bulk Shipping continues to build its defences against a possible hostile takeover.

The Connecticut dry bulk owner has adopted a shareholder rights agreement — informally known as a “poison pill” —into its bylaws that will in effect cap any pursuer at 15% of the stock.

The measure, revealed in a securities filing before the start of trading on Friday, comes just after word that Greek container ship owner Danaos has increased its holding to 11.3%