SOURCE: Star Bulk Carriers Corp.

April 18, 2008 09:24 ET

Star Bulk Takes Delivery of Supramax Vessel Star Omicron, Expands Its Operational Fleet to Eleven Vessels and Completes the Delivery of All Contracted Vessels

ATHENS, GREECE--(Marketwire - April 18, 2008) - Star Bulk Carriers Corp. (NASDAQ: SBLK) announced today that it has taken delivery of the Star Omicron, a Japanese built Supramax vessel of 53,489 dwt built in 2005. Upon delivery, Star Omicron commenced her three-year time charter employment at a gross daily rate of USD 43,000. The Company has now taken delivery of all vessels they agreed to acquire, including the eight initial vessels from TMT and three additional vessels following the Completion of the Redomiciliation Merger.

Star Bulk's operational fleet consists of eleven dry bulk vessels including three Capesize, one Panamax and seven Supramax vessels with a combined cargo carrying capacity of 981,648 deadweight tons.

Akis Tsirigakis, President and CEO of Star Bulk commented: "We are excited to have completed the deliveries of all our contracted vessels. Our fleet is now secured 100% for 2008 and 71% for 2009, on period charters providing visible long-term earnings, locked-in outstanding margins and secure dividends. Furthermore, our low leverage provides us the flexibility to continue to seek value-enhancing growth opportunities in the dry bulk sector as they may arise."

Fleet Table

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

                                    Year      Time Charter     Time Charter
Vessel Name       Type      DWT     Built      Expiry (1)        Rate (2)
                --------  -------   -----    --------------    ------------
Capesize Fleet
                                                Jul 5 -
Star Alpha      Capesize  175,075   1992      Oct 5, 2009        $ 47,500
                --------  -------   -----    --------------    ------------
                                                Feb 12 -
Star Beta       Capesize  174,691   1993      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
                                             Mar 7 - Apr 17,
Star Iota       Panamax    78,585   1983          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
                --------  -------   -----    --------------    ------------
                                             Feb 7 - May 7,
Star Delta      Supramax   52,434   2000          2009           $ 25,800
                --------  -------   -----    --------------    ------------
                                              Dec 15, '08 -
Star Epsilon    Supramax   52,402   2001      Mar 15, '09        $ 25,550
                --------  -------   -----    --------------    ------------
                                              Apr 19, 2008
                                                Mar 19 -         $ 30,300
Star Zeta       Supramax   52,994   2003      Jun 19, 2013       $ 38,750
                --------  -------   -----    --------------    ------------
                                                April 2 -
Star Theta      Supramax   52,425   2003      Jun 16, 2009       $ 32,500
                --------  -------   -----    --------------    ------------
                                                Aug 24 -
Star Kappa      Supramax   52,055   2001     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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