Fleet Profile (As of November 17, 2010)
Vessel Name Type DWT Year Built
------------- ------------- -------------
Star Aurora (1) Capesize 171,199 2000
Star Sigma Capesize 184,403 1991
Star Ypsilon Capesize 150,940 1991
Star Gamma Supramax 53,098 2002
Star Delta Supramax 52,434 2000
Star Epsilon Supramax 52,402 2001
Star Zeta Supramax 52,994 2003
Star Theta Supramax 52,425 2003
Star Kappa Supramax 52,055 2001
Star Omicron Supramax 53,489 2005
Star Cosmo Supramax 52,247 2005
Newbuildings
Vessel Name Type DWT Delivery Date
------------- ------------- -------------
Star Bulk TBN (2) Capesize 180,000 Oct-2011
Star Bulk TBN (2) Capesize 180,000 Nov-2011
Total 13 1,287,686
(1) On February 18, 2010 the Company entered into a agreement to purchase a
Capesize vessel of approximately 171,000 dwt, built in 2000 in Japan,
for $42.5 million from a third party. The Company also entered into a
time charter agreement with Rio Tinto for the vessel for a period of
approximately 3 years at a gross daily rate of $27,500. The vessel was
delivered to the Company on September 8, 2010.
(2) On March 24 and April 6, 2010 the Company signed two contracts with the
shipbuilder Hanjin to build two Capesize vessels at a price of $106.9
million in aggregate with expected delivery in October and
December 2011, respectively. The Company intends to finance both
newbuildings through a combination of company cash and bank debt.
Results of 2010 Annual General Meeting of Shareholders
At the 2010 Annual General Meeting the following proposals were approved
and adopted: 1) the reelection of Messrs. Prokopios (Akis) Tsirigakis and
George Syllantavos as Class C Directors to serve on the Board of Directors
of the Company until the 2013 Annual Meeting of Shareholders 2) the
appointment of Deloitte Hadjipavlou Sofianos & Cambanis S.A., Certified
Auditors Accountants S.A., as the Company's independent auditors for the
fiscal year ending December 31, 2010.
Third Quarter 2010 and 2009 Results
For the third quarter 2010, total revenues amounted to $29.9 million
compared to $33.6 million for the third quarter 2009. This decrease was
mainly due to the decrease in the number of vessels that operated, from an
average of 12.0 vessels during the third quarter of 2009 to 10.2 vessels
for the third quarter of 2010. Operating income amounted to $2.5 million
for the third quarter 2010 compared to an operating loss of $70.7 million
for the third quarter 2009. Net income for the third quarter 2010 amounted
to $1.2 million or $0.02 earnings per share calculated on 61,669,446 and
62,072,050 weighted average number of shares, basic and diluted,
respectively. Net loss for the third quarter 2009 amounted to $72.9 million
or $1.19 loss per basic and diluted shares calculated on 61,049,760
weighted average numbers of shares.
The third quarter 2010 net income figure includes the following non-cash
items:
-- Net revenue of $0.3 million representing amortization of fair value of
below market acquired time charters, attached to vessels acquired, over
the remaining period of the time charter into revenue.
-- Expenses of $0.6 million, relating to the amortization of stock based
compensation recognized in connection with the restricted shares issued
to directors and employees.
-- An unrealized loss of $0.1 million associated with the mark-to-market
valuation of the Company's derivatives.
-- An expense of $2.1 million associated with a bad debt adjustment of a
Charterer's balance.
Excluding these non-cash items net income for the third quarter of 2010
would amount to $3.7 million or $0.06 earnings per basic and diluted share.
The third quarter 2009 net loss figure includes the following non-cash
items:
-- Impairment loss of $75.1 million in connection with the sale of the
vessel Star Alpha, which has been classified as an asset held for sale
and recorded at fair value less cost to sell.
-- A loss of $10.1 million associated with a loss on the time charter
agreement termination which mainly relates to the reversal of
unamortized fair value of an above-market acquired time charter on a
vessel due to an early redelivery date.
Excluding these non-cash items net income for the third quarter of 2009
would amount to $12.3 million or $0.20 earnings per basic and diluted
share.
Adjusted EBITDA for the third quarter 2010 and 2009 was $16.6 million and
$28.3 million, respectively. A reconciliation of EBITDA and adjusted EBITDA
to net cash provided by cash flows from operating activities is set forth
below.
An average of 10.2 and 12.0 vessels were owned and operated during the
third quarter 2010 and 2009, respectively, earning an average Time Charter
Equivalent, ("TCE") rate of $26,146 per day and $29,474 per day,
respectively. We refer you to the information under the heading "Summary
of Selected Data" later in this earnings release for further information
regarding our calculation of TCE rates.
Vessel operating expenses decreased approximately 31% to $5.2 million for
the third quarter 2010 compared to $7.5 million for the same period last
year. The decrease is mainly due to a more cost efficient in-house
management of the vessels which was fully implemented during the first
quarter of 2010 and due to the decrease in the number of vessels that
operated during the third quarter of 2010 compared to the third quarter of
2009.
Depreciation expense decreased to $11.7 million for the third quarter 2010
from $13.7 million for the third quarter 2009. The decrease in depreciation
expense was due to the fact that our fleet was reduced from an average of
12.0 vessels during the third quarter 2009, to an average of 10.2 during
the third quarter 2010.
General and administrative expenses increased to $3.5 million for the third
quarter 2010 from $1.7 million for the third quarter 2009, respectively.
This increase is mainly due to higher one-off professional fees and
increased stock-based compensation expense.
Nine months ended September 30, 2010 and 2009 Results
For the nine months ended September 30, 2010, total revenues amounted to
$89.1 million compared to $111.1 million for the same period of 2009. This
decrease is mainly due to lower charter rates earned for most of our
vessels during 2010 as well as a decrease in the number of vessels operated
from 12.0 in 2009 to 10.7 in 2010. In addition, the company recorded lower
revenue of $4.4 million associated with the amortization of fair value of
below market acquired time charters, attached to vessels acquired, over the
remaining period of the time charters. Operating loss amounted to $21.7
million for the nine months ended September 30, 2010 compared to operating
loss of $46.5 million for same period of 2009. Net loss for the nine
months ended September 30, 2010 amounted to $25.8 million representing
$0.42 loss per basic and diluted share calculated on 61,260,641 weighted
average number of basic and diluted shares. Net loss for the nine months
ended September 30, 2009 amounted to $53.9 million representing $0.89 loss
per share calculated on 60,813,996 weighted average number of shares, basic
and diluted.
The nine months ended September 30, 2010 net loss figure includes the
following non-cash items:
-- Impairment loss of $34.7 million in connection with the sale of the
vessel Star Beta.
-- An increase of revenue of $1.0 million representing amortization of
fair value of below market acquired time charters, attached to vessels
acquired, over the remaining period of the time charter into revenue.
-- Expenses of $3.1 million, relating to the amortization of stock based
compensation recognized in connection with the restricted shares issued
to directors and employees.
-- An unrealized loss of $0.3 million associated with the mark-to-market
valuation of the Company's derivatives.
-- An expense of $2.1 million associated with a bad debt adjustment of a
Charterer's balance.
Excluding these non-cash items a net income for the nine months ended
September 30, 2010 would amount to $13.4 million or $0.22 earnings per
basic and diluted share.
The nine months ended September 30, 2009 net loss figure includes the
following non-cash items:
-- Impairment loss of $75.1 million in connection with the sale of the
vessel Star Alpha, which has been classified as an asset held for sale
and recorded at fair value less cost to sell.
-- Net revenue of $5.4 million representing amortization of fair value of
below/above market acquired time charters, attached to vessels
acquired, over the remaining period of the time charter into revenue.
-- A gain of $0.8 million associated with the gain on the time charter
agreement termination which mainly relates to the reversal of
unamortized fair value of below-market acquired time charter on a
vessel due to an early redelivery date.
-- Expenses of $1.8 million relating to the amortization of stock based
compensation recognized in connection with the restricted shares issued
to directors and employees.
-- An unrealized loss of $0.3 million associated with the mark-to-market
valuation of the Company's derivatives.
Excluding these non-cash items net income for the nine months ended
September 30, 2009 would amount to $17.1 million or $0.28 earnings per
basic and diluted share.
Adjusted EBITDA for nine months ended September 30, 2010 and 2009 was $52.2
million and $69.6 million respectively. A reconciliation of EBITDA and
adjusted EBITDA to net cash provided by cash flows from operating
activities is set forth below.
An average of 10.7 and 12.0 vessels were owned and operated during the nine
months ended September 30, 2010 and 2009, respectively, earning an average
TCE rate of $26,937 and $31,515 per day, respectively. We refer you to the
information under the heading "Summary of Selected Data" later in this
earnings release for further information regarding our calculation of TCE
rates.
Vessel operating expenses decreased approximately 31% to $16.1 million for
the nine months ended September 30, 2010 compared to $23.3 million for the
same period last year. The decrease is mainly due to a more cost efficient
in-house management which was fully implemented during the nine months
ended September 30, 2010 and the decrease in the number of vessels that
operated during nine months ended September 30, 2010 compared to the same
period of 2009.
Depreciation expense decreased to $34.7 million for the nine months ended
September 30, 2010 from $45.2 million for the same period last year. The
decrease in depreciation expense was due to the fact that our fleet was
reduced from an average of 12.0 vessels during the nine months ended
September 30, 2009, to an average of 10.7 during the same period this year.
Furthermore, depreciation expense was further reduced due to the
reclassification of the vessel Star Beta during the first quarter of 2010
as an asset held for sale.
General and administrative expenses increased to $9.2 million for nine
months ended September 30, 2010 from $6.3 million the same period of 2009,
respectively. This increase is mainly due to higher professional fees and
increased stock-based compensation expense.
Liquidity and Capital Resources
Cash Flows
Net cash provided by operating activities for the nine months ended
September 30, 2010 and 2009, was $51.5 million and $59.0 million,
respectively. Net cash provided by operating activities for the nine month
period ended September 30, 2010 was primarily a result of recorded net loss
of $25.8 million, adjusted for depreciation of $34.7 million, and an
impairment loss of $34.7 million resulting from the sale of vessel Star
Beta. Net cash provided by operating activities for the nine -month period
ended September 30, 2009 was primarily a result of recorded net loss of
$53.9 million, adjusted for depreciation of $45.2 million, and an
impairment loss from sale of vessel Star Alpha of $75.1 million, and
amortization of fair value of below/above market acquired time charter
agreements of $5.4 million.
Net cash used in investing activities for the nine months ended September
30, 2010 and 2009 was $49.1 million and $21.5 million, respectively. Net
cash used in investing activities for the nine month ended September 30,
2010, was primarily due to additions to vessel cost related to the
acquisition of the vessel Star Aurora amounting to $44.1 million plus
installments related to our two newbuildings amounting to $32.4 million in
aggregate and offset by a net decrease in restricted cash amounting to $7.0
million and the proceeds from the sale of Star Beta amounting to $20.3
million. For the nine-month period ended September 30, 2009, there was an
increase in restricted cash of $21.5 million relating to the waivers
obtained for existing loan agreements and the FFA's.
Net cash used in financing activities for the nine months ended September
30, 2010 and 2009 was $38.0 million and $38.4 million respectively. For the
nine month ended September 30, 2010, net cash used in financing activities
consisted of loan installment payments amounting to $54.4 million, cash
dividend payments of $9.3 million and financing fees amounting $0.3 million
offset by proceeds from new loans related to the acquisition of Star Aurora
amounting to $26.0 million. For the nine months ended September 30, 2009,
net cash used in financing activities consisted of the payments of loan
installments amounting to $37.0 million and a cash dividend payment of $3.1
million, mainly offset by cash provided from our directors' dividend
reinvestment of $1.9 million.
Summary of Selected Data
(TCE rates expressed in U.S. dollars)
3 months 3 months
ended ended
September 30, September 30,
2009 2010
------------ ------------
Average number of vessels(1) 12.0 10.2
------------ ------------
Number of vessels (as of the last day of the
periods reported) 12.0 11.0
------------ ------------
Average age of operational fleet (in years) (2) 10.4 10.1
------------ ------------
Ownership days (3) 1,104 942
------------ ------------
Available days (4) 1,090 883
------------ ------------
Voyage days for fleet (5) 1,046 881
------------ ------------
Fleet utilization (6) 96.0% 99.8%
------------ ------------
Average per-day TCE rate (7) $ 29,474 $ 26,146
------------ ------------
9 months 9 months
ended ended
September 30, September 30,
2009 2010
------------ ------------
Average number of vessels(1) 12.0 10.7
------------ ------------
Number of vessels (as of the last day of the
periods reported) 12.0 11.0
------------ ------------
Average age of operational fleet (in years) (2) 10.4 10.1
------------ ------------
Ownership days (3) 3,276 2,933
------------ ------------
Available days (4) 3,192 2,853
------------ ------------
Voyage days for fleet (5) 3,117 2,844
------------ ------------
Fleet utilization (6) 97.7% 99.7%
------------ ------------
Average per-day TCE rate (7) $ 31,515 $ 26,937
------------ ------------
(1) Average number of vessels is the number of vessels that constituted
our
fleet for the relevant period, as measured by the sum of the number of days
each vessel was a part of our fleet during the period divided by the number
of calendar days in that period.
(2) Average age of operational fleet is calculated as at September 30, 2009
and 2010, respectively.
(3) Ownership days are the total calendar days each vessel in the fleet was
owned by Star Bulk for the relevant period.
(4) Available days for the fleet are the ownership days after subtracting
for off-hire days with major repairs, dry-docking or special or
intermediate surveys or transfer of ownership.
(5) Voyage days are the total days the vessels were in our possession for
the relevant period after subtracting all off-hire days incurred for any
reason (including off-hire for dry-docking, major repairs, special or
intermediate surveys).
(6) Fleet utilization is calculated by dividing voyage days by available
days for the relevant period and takes into account the dry-docking
periods.
(7) Represents the weighted average per-day TCE rates, of our entire fleet.
TCE rate is a measure of the average daily revenue performance of a vessel
on a per voyage basis. Our method of calculating TCE rate is determined by
dividing voyage revenues (net of voyage expenses and amortization of fair
value of above/below market acquired time charter agreements) by voyage
days for the relevant time period. Voyage expenses primarily consist of
port, canal and fuel costs that are unique to a particular voyage, which
would otherwise be paid by the charterer under a time charter contract,
as well as commissions. TCE rate is a standard shipping industry
performance measure used primarily to compare period-to-period changes in
a shipping company's performance despite changes in the mix of charter
types (i.e., spot charters, time charters and bareboat charters) under
which the vessels may be employed between the periods. We included TCE
revenues, a non- GAAP measure, as it provides additional meaningful
information in conjunction with voyage revenues, the most directly
comparable GAAP measure, because it assists our management in making
decisions regarding the deployment and use of its vessels and in
evaluating their financial performance. TCE rate is also included
herein because it is a standard shipping industry performance measure
used primarily to compare period-to-period changes in a shipping
company's performance despite changes in the mix of charter types
(i.e., spot charters, time charters and bareboat charters) under which
the vessels may be employed between the periods and because we
believe that it presents useful information to investors.
Unaudited Consolidated Condensed Statement of Operations
3 months 3 months 9 months 9 months
(Expressed in thousands of ended ended ended ended
U.S. dollars except for September September September September
share and per share data) 30, 2009 30, 2010 30, 2009 30, 2010
---------- ---------- ---------- ----------
Revenues: 33,638 29,876 111,123 89,146
Expenses:
Voyage expenses (2,859) (6,507) (7,479) (11,530)
Vessel operating expenses (7,486) (5,184) (23,325) (16,080)
Drydocking expenses (981) (3,532) (4,754) (5,033)
Depreciation (13,719) (11,697) (45,216) (34,731)
Management fees (169) (42) (702) (123)
Gain/(loss) on derivative
instruments 2,808 252 (802) (2,079)
General and administrative
expenses (1,717) (3,481) (6,318) (9,154)
Vessel impairment loss (75,092) - (75,092) (34,947)
Other operating income* - 5,000 - 5,000
(Loss)/gain on time charter
agreement termination (5,097) - 6,082 -
Bad debts expense - (2,096) - (2,096)
Loss on sale of vessel - (102) (102)
---------- ---------- ---------- ----------
Operating income /(loss) (70,674) 2,487 (46,483) (21,729)
---------- ---------- ---------- ----------
Interest and finance costs (2,382) (1,470) (7,858) (4,588)
Interest income 191 200 486 500
---------- ---------- ---------- ----------
Total other expenses, net (2,191) (1,270) (7,372) (4,088)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Net income / (loss) (72,865) 1,217 (53,855) (25,817)
========== ========== ========== ==========
Earnings/ (loss) per share,
basic (1.19) 0.02 (0.89) (0.42)
========== ========== ========== ==========
Earnings /(loss) per share,
diluted (1.19) 0.02 (0.89) (0.42)
========== ========== ========== ==========
Weighted average number of
shares outstanding, basic 61,049,760 61,669,446 60,813,996 61,260,641
========== ========== ========== ==========
Weighted average number of
shares outstanding,
diluted 61,049,760 62,072,050 60,813,996 61,260,641
========== ========== ========== ==========
*On September 29, 2010 the Company agreed with a third party to sell a 45%
interest in the future proceeds related to the settlement of several
commercial claims for $5 million which is included under Other operating
income in the unaudited consolidated condensed statements of operations.
This amount was subsequently collected in October 2010.
Unaudited Consolidated Condensed Balance Sheets
(Expressed in thousands of U.S. dollars)
December 31, September 30,
ASSETS 2009 2010
------------- -------------
Cash and restricted cash 48,495 8,097
Other current assets 12,333 17,105
------------- -------------
TOTAL CURRENT ASSETS 60,828 25,202
Fixed assets, net 668,698 666,147
Restricted cash 29,920 22,020
Other non-current assets 1,195 1,138
------------- -------------
TOTAL ASSETS 760,641 714,507
============= =============
Current portion of long-term debt 59,675 39,628
Other current liabilities 11,417 27,272
------------- -------------
TOTAL CURRENT LIABILITIES 71,092 66,900
Long-term debt 187,575 179,233
Other non-current liabilities 2,717 1,108
------------- -------------
TOTAL LIABILITIES 261,384 247,241
STOCKHOLDERS' EQUITY 499,257 467,266
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 760,641 714,507
============= =============
Unaudited Cash Flow Data
9 months 9 months
ended ended
September 30, September 30,
(Expressed in thousands of U.S. dollars) 2009 2010
------------- -------------
Net cash provided by operating activities 58,977 51,497
Net cash used in investing activities (21,544) (49,125)
Net cash used in financing activities (38,399) (37,974)
EBITDA and adjusted EBITDA Reconciliation
Star Bulk considers EBITDA to represent net income before interest, income
taxes, depreciation and amortization. EBITDA does not represent and should
not be considered as an alternative to net income or cash flow from
operations, as determined by United States generally accepted accounting
principles, ("U.S. GAAP"), and our calculation of EBITDA may not be
comparable to that reported by other companies. EBITDA is included herein
because it is a basis upon which the Company assesses its liquidity
position it is used by our lenders as a measure of our compliance with
certain loan covenants and because the Company believes that it presents
useful information to investors regarding the Company's ability to service
and/or incur indebtedness.
The Company excluded amortization of the fair value of above/below market
acquired time charters associated with time charters attached to vessels
acquired, vessel impairment loss, non-cash gain or loss related to early
time charter termination, bad debts expenses and stock-based compensation
expense recognized during the period, to derive adjusted EBITDA. The
Company excluded the above non-cash items to derive adjusted EBITDA because
the Company believes that these non-cash items do not reflect the
operational cash inflows and outflows of the Company's fleet.
The following table reconciles net cash provided by operating activities to
EBITDA and adjusted EBITDA:
3 months 3 months 9 months 9 months
ended ended ended ended
(Expressed in thousands of September September September September
U.S. dollars) 30, 2009 30, 2010 30, 2009 30, 2010
---------- ---------- ---------- ----------
Net cash provided by
operating activities 16,841 18,194 58,977 51,497
Net increase in current
assets 2,772 5,435 3,127 1,407
Net (increase)/ decrease in
operating liabilities,
excluding current portion
of long term debt 6,826 (8,235) 667 (4,562)
Amortization of fair value
of above/below market
acquired time charter
agreements 47 343 5,405 1,017
Vessel impairment loss (75,092) 71 (75,092) (34,692)
Other non-cash charges (6) (17) (6) (24)
Amortization of deferred
finance charges (313) (81) (498) (250)
Stock-based compensation (84) (586) (1,750) (3,101)
Change in fair value of
derivatives (114) (251) (282)
Bad debts expense - (2,096) - (2,096)
Non-cash (loss)/gain on
time charter agreement
termination (10,137) - 782 -
Net Interest expense 2,191 1,270 7,372 4,088
---------- ---------- ---------- ----------
EBITDA (56,955) 14,184 (1,267) 13,002
========== ========== ========== ==========
Less:
Amortization of fair value
of below market acquired
time charter agreements (47) (343) (5,405) (1,017)
Non-cash gain on time
charter agreement
termination - - (782) -
Plus:
Bad debts expense - 2,096 - 2,096
Stock-based compensation 84 586 1,750 3,101
Non-cash loss on time
charter agreement
termination 10,137 - - -
Vessel impairment loss 75,092 - 75,092 34,692
Change in fair value of
derivatives - 114 251 282
---------- ---------- ---------- ----------
Adjusted EBITDA 28,311 16,637 69,639 52,156
========== ========== ========== ==========
Conference Call details:
Star Bulk's management team will host a conference call to discuss the
Company's financial results tomorrow, Thursday November 18 at 8:30 a.m.,
Eastern Standard Time (EST). Participants should dial into the call 10
minutes before the scheduled time using the following numbers: 1(866)
819-7111 (from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542
301 (from outside the US). Please quote "Star Bulk."
A replay of the conference call will be available until November 25, 2010.
The United States replay number is 1(866) 247-4222; from the UK 0(800)
953-1533; the standard international replay number is (+44) (0) 1452 550
000 and the access code required for the replay is: 3128607#.
Slides and audio webcast:
There will also be a simultaneous live webcast over the Internet, through
the Star Bulk website (www.starbulk.com). Participants to the live webcast
should register on the website approximately 10 minutes prior to the start
of the webcast.
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 maintains
executive offices in Athens, Greece. Its common stock trades on the Nasdaq
Global Market under the symbol "SBLK". Currently, Star Bulk has an
operating fleet of eleven dry bulk carriers and definitive agreements to
build two Capesize vessels. The total fleet consists of thirteen vessels,
five Capesize, and eight Supramax dry bulk vessels with a combined cargo
carrying capacity of 1,287,686 deadweight tons. The average age of our
current operating fleet is 10 years.
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.
Contact Information: Contacts: Company: George Syllantavos CFO Star Bulk Carriers Corp. c/o Star Bulk Management Inc. 7 Fragoklisias Str. Maroussi 15125 Athens, Greece www.starbulk.com Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: starbulk@capitallink.com www.capitallink.com