SOURCE: Star Bulk Carriers Corp.

April 30, 2008 16:05 ET

STAR BULK Announces 3-Year and 5-Year Time Charters for Its Supramax Vessels Star Epsilon and Star Zeta

ATHENS, GREECE--(Marketwire - April 30, 2008) - Star Bulk Carriers Corp. (NASDAQ: SBLK) announced today that it has agreed to a three-year time charter for the M/V "Star Epsilon" and a five-year time charter for the M/V "Star Zeta."

The "Star Epsilon," a 2001 built, Supramax vessel of 52,402 dwt has been committed to a five-year Time Charter, at a gross daily rate of USD 32,400. The new charter will commence in March 2009 when the vessel's current time charter expires.

The "Star Zeta," a 2003 built, Supramax vessel of 52,994 dwt has been committed to a three-year Time Charter, at a gross daily rate of USD 42,500. The new charter will commence in May 2008. The vessel is currently performing a short term time charter at a gross daily rate of USD 65,000 which commenced on April 21, 2008.

The "Star Zeta," had been previously committed to a 5-year time charter, at a gross daily rate of USD 38,750, which was terminated by mutual agreement without further obligations due to delays in the vessel's delivery into the charter, which resulted from operational delays of the port of Karachi.

Akis Tsirigakis, President and CEO of Star Bulk, commented: "We continue to believe in the strength of the dry bulk fundamentals and to implement our strategy to secure our fleet under long term charters in order to provide our investors with visible strong revenues as well as to protect from any market volatility that may arise. We believe this strategy should provide for long-term shareholder value. Specifically, we were able to secure the Star Epsilon at a rate that is 27% higher from what the vessel is earning today. Our fleet while fully contracted for 2008; is now contracted 79% and 52% for 2009 and 2010 respectively.

"In regards to the 'Star Zeta,' the termination of the previous charter has enabled management to re-charter the vessel at a rate that is approximately 10% higher than Star Bulk would have received under the terminated charter."

Fleet Table
The following table sets forth summary information regarding Star Bulk's
fleet.

                                                                     Time
                                        Year     Time Charter      Charter
Vessel Name              Type     DWT   Built      Expiry (1)      Rate (2)
                       -------- ------- ----- -------------------- --------
Capesize Fleet
Star Alpha             Capesize 175,075  1992 Jul 5  - Oct 5, 2009 $ 47,500
                       -------- ------- ----- -------------------- --------

Star Beta              Capesize 174,691  1993 Feb 12 - May 2, 2010 $106,500
                       -------- ------- ----- -------------------- --------
                                              Mar 1 - Mar 31, 2009 $100,000
                                              Mar 2010             $ 69,000
                                              Mar 2011             $ 63,000
Star Sigma             Capesize 184,400  1991 Mar - Aug 2012       $ 57,000
                       -------- ------- ----- -------------------- --------
Panamax Fleet
Star Iota               Panamax  78,585  1983 Mar 7 - Apr 17, 2009 $ 18,000
                       -------- ------- ----- -------------------- --------
Supramax Fleet
                                              Jan 4 - Feb 14, 2009 $ 28,500
                                              Feb 2010             $ 45,000
                                              Feb 2011             $ 38,000
Star Gamma             Supramax  53,098  2002 Jan - Mar 2012       $ 31,000
                       -------- ------- ----- -------------------- --------
Star Delta             Supramax  52,434  2000  Feb 7 - May 7, 2009 $ 25,800
                       -------- ------- ----- -------------------- --------
                                              Dec 15, '08 -
                                               Mar 15, '09         $ 25,550
Star Epsilon           Supramax  52,402  2001 Feb. - May 2014      $ 32,400
                       -------- ------- ----- -------------------- --------
                                              May 2008             $ 65,000
Star Zeta              Supramax  52,994  2003 April - July 2011    $ 42,500
                       -------- ------- ----- -------------------- --------
                                              April 2 -
Star Theta             Supramax  52,425  2003  Jun 16, 2009        $ 32,500
                       -------- ------- ----- -------------------- --------
Star Kappa             Supramax  52,055  2001 Aug 24 - Nov 23,2010 $ 47,800
                       -------- ------- ----- -------------------- --------
Star Omicron           Supramax  53,489  2005 Feb - May 2011       $ 43,000
                       -------- ------- ----- -------------------- --------
Grand Total                  11 981,648
                       -------- ------- ----- -------------------- --------

(1) Range represents the earliest and latest expiry dates allowed by the
charter party. Charterers have the right to add off-hire days, if any,
which occurred during the charter period.
(2) Represents the gross daily rate.

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 such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and is headquartered in Athens, Greece. Its common stock and warrants trade on the NASDAQ Global Market under the symbols "SBLK" and "SBLKW" respectively. Currently, Star Bulk has an operating fleet of eleven dry bulk carriers, which consists of three Capesize, one Panamax and seven Supramax dry bulk vessels with an average age of approximately 10 years and a combined cargo carrying capacity of 981,648 deadweight tons.

Forward-Looking Statements

The information in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding: (1) the delivery and operation of assets of Star Bulk; (2) Star Bulk's future operating or financial results; (3) future, pending or recent acquisitions, business strategy, areas of possible expansion, and expected capital spending or operating expenses; (4) drybulk market trends, including charter rates and factors affecting vessel supply and demand; and (5) other statements identified by words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "should," "may," or words of similar meaning.

Such forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, Star Bulk's examination of historical operating trends, data contained in their records and other data available from third parties. Although Star Bulk 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 their control, Star Bulk cannot assure you that Star Bulk will achieve or accomplish these expectations, beliefs or projections. Important factors that could cause actual results to differ materially from those discussed in the forward-looking statements include the failure of a seller to deliver one or more vessels, the strength of world economies and currencies, general market conditions, including changes in charterhire rates and vessel values, changes in demand that may affect attitudes of time charterers to scheduled and unscheduled drydocking, changes in Star Bulk's operating expenses, including bunker prices, dry-docking and insurance costs, or actions taken by regulatory authorities, potential liability from pending or future litigation, domestic and international political conditions, potential disruption of shipping routes due to accidents and political events or acts by terrorists. Additional factors that could cause Star Bulk's results to differ materially from those described in the forward-looking statements can be found in Star Bulk's Registration Statement on Form F-1/F-4 and reports on Form 6-K filed with the Securities and Exchange Commission (the "SEC") and available at the SEC's Internet site (http://www.sec.gov). The information set forth herein speaks only as of the date hereof, and Star Bulk disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication.

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