Top shareholder Oaktree Capital Management has once again expanded its interest in Eagle Bulk Shipping by millions of dollars.

The Los Angeles-based investor has bought 1.2 million more common shares in the New York-listed bulker player, bringing its stake to 40.1%, according to an SEC filing.

Eagle's share value, which slipped 2.3% to $4.24 in the first minutes of trading, makes for a $5.1m