Time
Year Delivery to Time Charter Charter
Vessel Name Type DWT Built Star Expiry Rate (1)
----------- -------- ------- ---- -------------- ---------------- --------
Vessels delivered to Star Bulk as of December 31, 2007
Star Dec. 15, 2008 -
Epsilon Supramax 52,402 2001 Dec. 3, 2007 March 15, 2009 $ 25,550
----------- -------- ------- ---- -------------- ---------------- --------
April 2, 2009 -
Star Theta Supramax 52,425 2003 Dec. 6, 2007 June 16, 2009 $ 32,500
----------- -------- ------- ---- -------------- ---------------- --------
Aug. 24, 2010 -
Star Kappa Supramax 52,055 2001 Dec. 14, 2007 Nov. 23, 2010 $ 47,800
----------- -------- ------- ---- -------------- ---------------- --------
Feb. 5, 2010 -
Star Beta Capesize 174,691 1993 Dec. 28, 2007 May. 5, 2010 $106,500
----------- -------- ------- ---- -------------- ---------------- --------
Vessels delivered to Star Bulk after December 31, 2007
Feb. 7, 2009 -
Star Delta Supramax 52,434 2000 Jan. 2, 2008 May 7, 2009 $ 25,800
----------- -------- ------- ---- -------------- ---------------- --------
Apr. 12, 2008 (2)$ 30,500
March 12, 2013 -
Star Zeta Supramax 52,994 2003 Jan. 2, 2008 June 12,2013 $ 38,750
----------- -------- ------- ---- -------------- ---------------- --------
Jan. 4, 2009 -
Star Gamma Supramax 53,098 2002 Jan. 4, 2008 Feb. 14, 2009 $ 28,500
----------- -------- ------- ---- -------------- ---------------- --------
Jul. 5, 2009 -
Star Alpha Capesize 175,075 1992 Jan. 9, 2008 Oct. 5, 2009 $ 47,500
----------- -------- ------- ---- -------------- ---------------- --------
Feb. 2009 -
Star Iota Panamax 78,585 1983 March, 7, 2008 April 2009 $ 18,000
----------- -------- ------- ---- -------------- ---------------- --------
Vessel to be delivered
Star Sigma Capesize 184,000 1991 April 2008(*) May 31, 2009 $100,000
----------- -------- ------- ---- -------------- ---------------- --------
Grand Total 10 927,759
----------- -------- ------- ---- -------------- ---------------- --------
(*) Indicates expected delivery date to Star Bulk.
(1) Represents the gross daily rate
(2) Star Zeta is currently under a pre-existing time charter employment
contract at a gross daily rate of USD 30,500 until the end of March
2008; thereafter, the vessel will enter into a five-year Time Charter
until March 2013 at a gross daily rate of USD 38,750.
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 nine dry bulk carriers, plus
a definitive agreement to acquire a Capesize dry bulk carrier. The total
fleet consists of three Capesize, one Panamax and six Supramax dry bulk
vessels with an average age of approximately 11 years and a combined cargo
carrying capacity of 927,759 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.
Contact Information: Contacts: Company: Akis Tsirigakis President and CEO Star Bulk Carriers Corp. Aethrion Center, Suite B-34 40 Ag. Konstantinou Maroussi 15124 Athens, Greece E-mail: ir@starbulk.com 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: nbornozis@capitallink.com www.capitallink.com