Star Bulk Takes Delivery of M/V Leviathan, Its Second Eco, Fuel-Efficient Capesize and Provides Fleet Status Update

ATHENS, GREECE--(Marketwired - Sep 22, 2014) -  Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced that on September 19, 2014 it has taken delivery of M/V Leviathan (the "Vessel"), a 182,000 dwt Capesize built by Japan Marine United ("JMU"), one of the leading shipyards worldwide. The Vessel is a sistership to M/V Peloreus already delivered to the Company and is the second of six similar vessels ordered at JMU (collectively the "JMU Capesize vessels") with expected deliveries until the 3^rd quarter of 2015. The JMU Capesize vessels are all built with modern specifications and we anticipate they will have amongst the lowest fuel consumptions and carbon emissions of vessels of similar size and age.

The Vessel is currently employed in the spot market in order to take advantage of its modern design and fuel-efficient specifications.

The Company has partially financed the $34.63 million final delivery installment for the Vessel, using $32.5 million proceeds from the previously committed 5 year senior secured credit facility by Deutsche Bank AG, while the remaining amount was financed using cash on hand. The vessel was fitted with additional and higher specification equipment of approximately $0.54 million, the payment of which is included in the aforementioned final delivery installment.

Following the delivery of M/V Leviathan and inclusive of the two Kamsarmax vessels to be delivered from Heron Ventures Ltd., Star Bulk will own forty two dry bulk vessels on the water, consisting of twelve Capesize, four Post-Panamax, seven Kamsarmax, five Panamax, two Ultramax and ten Supramax vessels with average age of approximately 8.1 years.

In addition, Star Bulk has entered into definitive contracts for the acquisition of 26 second hand vessels (out of a total of 34 vessels with 8 vessels already delivered) from Excel Maritime Carriers Ltd. and the construction of additional thirty five vessels at high quality shipyards in Japan and China, including thirteen Newcastlemax, eight Capesize and fourteen Ultramax vessels with fuel-efficient specifications and with expected deliveries in 2014, 2015 and early 2016.

The table below provides an updated overview of Star Bulk's fleet:

	Vessel Name		Drybulk Vessel Type		Capacity (dwt.)		Year Built
1	Leviathan		Capesize		182,000		2014
2	Peloreus		Capesize		182,000		2014
3	Obelix		Capesize		181,433		2011
4	Pantagruel		Capesize		180,181		2004
5	Star Borealis		Capesize		179,678		2011
6	Star Polaris		Capesize		179,600		2011
7	Big Fish		Capesize		177,662		2004
8	Kymopolia		Capesize		176,990		2006
9	Big Bang		Capesize		174,109		2007
10	Star Aurora		Capesize		171,199		2000
11	Star Mega		Capesize		170,631		1994
12	Star Big		Capesize		168,404		1996
13	Amami		Post Panamax		98,681		2011
14	Madredeus		Post Panamax		98,681		2011
15	Star Sirius		Post Panamax		98,681		2011
16	Star Vega		Post Panamax		98,681		2011
17	Pendulum		Kamsarmax		82,619		2006
18	Star Mariella		Kamsarmax		82,500		2006
19	Star Nasia		Kamsarmax		82,500		2006
20	Star Kamila		Kamsarmax		82,500		2005
21	Mercurial Virgo		Kamsarmax		81,545		2013
22	Magnum Opus		Kamsarmax		81,022		2014
23	Tsu Ebisu		Kamsarmax		81,001		2014
24	Star Aline		Panamax		76,500		2004
25	Star Iris		Panamax		76,500		2004
26	Star Emily		Panamax		76,500		2004
27	Star Natalie		Panamax		73,800		1998
28	Star Tatianna		Panamax		69,600		1993
29	Star Challenger		Ultramax		61,462		2012
30	Star Fighter		Ultramax		61,455		2013
31	Maiden Voyage		Supramax		58,722		2012
32	Strange Attractor		Supramax		55,742		2006
33	Star Omicron		Supramax		53,489		2005
34	Star Gamma		Supramax		53,098		2002
35	Star Zeta		Supramax		52,994		2003
36	Star Delta		Supramax		52,434		2000
37	Star Theta		Supramax		52,425		2003
38	Star Epsilon		Supramax		52,402		2001
39	Star Cosmo		Supramax		52,247		2005
40	Star Kappa		Supramax		52,055		2001
To be delivered from Heron Ventures
41	ABYO Angelina		Kamsarmax		82,987		2006
42	ABYO Gwyneth		Kamsarmax		82,790		2006
			Total dwt:		4,289,500

Acquisition Fleet to be delivered
	Vessel Name		Drybulk Vessel Type		Capacity (dwt.)		Year Built		Shipyard
43	Christine		Capesize		180,300		2010		Koyo Dock Japan
44	Sandra		Capesize		180,300		2008		Koyo Dock Japan
45	Iron Miner		Capesize		177,900		2007		SWS China
46	Lowlands Beilun		Capesize		170,200		1999		Halla Korea
47	Iron Beauty		Capesize		164,900		2001		CSBC China
48	Kirmar		Capesize		164,200		2001		CSBC China
49	Iron Manolis		Kamsarmax		82,500		2007		Tsuneishi Japan
50	Pascha		Kamsarmax		82,500		2006		Tsuneishi Japan
51	Coal Gypsy		Kamsarmax		82,500		2006		Tsuneishi Japan
52	Coal Hunter		Kamsarmax		82,500		2006		Tsuneishi Japan
53	Iron Brooke		Kamsarmax		82,500		2007		Tsuneishi Japan
54	Iron Fuzeyya		Kamsarmax		82,500		2006		Tsuneishi Japan
55	Iron Vassilis		Kamsarmax		82,500		2006		Tsuneishi Japan
56	Ore Hansa		Kamsarmax		82,500		2006		Tsuneishi Japan
57	Iron Bill		Kamsarmax		82,500		2006		Tsuneishi Japan
58	Iron Kalypso		Kamsarmax		82,500		2006		Tsuneishi Japan
59	Iron Lindrew		Kamsarmax		82,500		2007		Tsuneishi Japan
60	Isminaki		Panamax		74,600		1998		Sasebo Japan
61	Elinakos		Panamax		73,800		1997		Sumitomo Japan
62	Rodon		Panamax		73,700		1993		HHI Korea
63	Coal Pride		Panamax		72,500		1999		Imabari Japan
64	Happyday		Panamax		71,700		1997		Hitachi Korea
65	Birthday		Panamax		71,500		1993		Hitachi Korea
66	Powerful		Panamax		70,100		1994		Hudong China
67	Emerald		Handymax		45,600		1998		Tsuneishi Japan
68	Princess 1		Handymax		38,900		1994		I.H.I Japan
			Total dwt:		2,537,700
			Grand Total dwt:		6,827,200

Newbuilding Vessels
	Vessel Name		Drybulk Vessel Type		Capacity (dwt.)		Shipyard		Expected Delivery Date
69	HN 5016 (tbr Indomitable)		Capesize		182,160		JMU, Japan		November 2014
70	HN 1061		Ultramax		64,000		New Yangzijiang, China		January 2015
71	HN 1063		Ultramax		64,000		New Yangzijiang, China		January 2015 (1)
72	HN 1062		Ultramax		64,000		New Yangzijiang, China		February 2015 (1)
73	HN 5017		Capesize		182,000		JMU, Japan		March 2015
74	HN NE 164 (tbr Honey Badger)		Ultramax		61,000		NACKS, China		March 2015 (1)
75	HN NE 165		Ultramax		61,000		NACKS, China		March 2015 (1)
76	HN NE 166		Newcastlemax		209,000		NACKS, China		April 2015 (1)
77	HN 1064		Ultramax		64,000		New Yangzijiang, China		April 2015 (1)
78	HN 1312		Capesize		180,000		SWS, China		April 2015 (1)
79	HN NE 167		Newcastlemax		209,000		NACKS, China		May 2015 (1)
80	HN 5040 (tbr Star Acquarius)		Ultramax		60,000		JMU, Japan		June 2015
81	HN 1313		Capesize		180,000		SWS, China		June 2015 (1)
82	HN 1338 (tbr Star Aries)		Capesize		180,000		SWS, China		June 2015 (1)
83	HN 1080		Ultramax		64,000		New Yangzijiang, China		July 2015
84	HN 5055		Capesize		182,000		JMU, Japan		July 2015
85	HN NE 184		Newcastlemax		209,000		NACKS, China		July 2015
86	HN 1372 (tbr Star Libra)		Newcastlemax		208,000		SWS, China		July 2015 (1)
87	HN 1081		Ultramax		64,000		New Yangzijiang, China		August 2015
88	HN 5056		Capesize		182,000		JMU, Japan		August 2015
89	HN 5043 (tbr Star Pisces)		Ultramax		60,000		JMU, Japan		September 2015
90	HN 1082		Ultramax		64,000		New Yangzijiang, China		September 2015
91	HN 1359		Newcastlemax		208,000		SWS, China		September 2015 (1)
92	HN NE 196 (tbr Star Antares)		Ultramax		61,000		NACKS, China		September 2015 (1)
93	HN NE 197 (tbr Star Lutas)		Ultramax		61,000		NACKS, China		October 2015 (1)
94	HN 1083		Ultramax		64,000		New Yangzijiang, China		November 2015
95	HN 1360		Newcastlemax		208,000		SWS, China		December 2015
96	HN 1339 (tbr Star Taurus)		Capesize		180,000		SWS, China		December 2015 (1)
97	HN 1371 (tbr Star Virgo)		Newcastlemax		208,000		SWS, China		December 2015 (1)
98	HN 1342 (tbr Star Gemini)		Newcastlemax		208,000		SWS, China		January 2016
99	HN NE 198 (tbr Star Poseidon)		Newcastlemax		209,000		NACKS, China		February 2016 (1)
100	HN 1361		Newcastlemax		208,000		SWS, China		March 2016 (1)
101	HN 1343 (tbr Star Leo)		Newcastlemax		208,000		SWS, China		April 2016
102	HN 1362		Newcastlemax		208,000		SWS, China		May 2016 (1)
103	HN 1363		Newcastlemax		208,000		SWS, China		June 2016 (1)
			Total dwt:		5,032,160

⁽¹⁾ The indicated expected delivery dates for the respective newbuilding vessels reflect delivery dates that are earlier than the respective contracted delivery dates.

About Star Bulk

Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Select Market under the symbol "SBLK." On a fully delivered basis, Star Bulk has a fleet of 103 vessels, with an aggregate capacity of 11.9 million dwt, consisting primarily of Capesize, as well as, Kamsarmax, Panamax, Ultramax, Supramax and Handymax vessels with carrying capacities between 38,800 dwt and 209,000 dwt. Our fleet currently includes 38 operating vessels and 35 currently under construction at shipyards in Japan and China. All of the newbuilding vessels are expected to be delivered during 2014, 2015 and early 2016.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.

The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, examination by the Company's management of historical operating trends, data contained in its records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Company's control, the Company cannot assure you that it will achieve or accomplish these expectations, beliefs or projections.

In addition to these important factors, other important factors that, in the Company's view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for dry bulk shipping capacity, changes in the Company's operating expenses, including bunker prices, drydocking and insurance costs, the market for the Company's vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessels breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.