Shares of Eagle Bulk Shipping (NASDAQ: EGLE) are higher on the session by 2.13%, currently trading at $5.27. The stock has been moving largely higher over the past five months, rallying from a recent low near $4.00, and is currently trading above the 50-day and 200-day moving averages.

Options traders are buying calls on the name today. A short while ago the January 2011 $6.00 call was purchased 1,800 times, on the offer, on open interest of only 5 contracts. This signals new positioning on the name.

Overall call volume is now running at 2.12x the daily average with 93% of all calls 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. The company operates in the Handymax sector of the dry bulk industry, with emphasis on the Supramax class of vessels.