Contact Information: CONTACTS: Company: George Syllantavos CFO 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
Star Bulk Declares Dividend of $0.35 per Share for the Quarter Ending March 31, 2008
| Quelle: Star Bulk Carriers Corp.
ATHENS, GREECE--(Marketwire - April 16, 2008) - Star Bulk Carriers Corp. (NASDAQ : SBLK )
announced today that its Board of Directors declared a cash dividend on its
common stock of $0.35 per share for the first quarter ending March 31,
2008. The dividend will be payable on or about May 26, 2008 to shareholders
of record as of May 16, 2008.
This is the second consecutive quarterly dividend declared by the Company,
since the completion of the Redomiciliation Merger on November 30, 2007, by
which Star Maritime has merged with and into Star Bulk with Star Bulk as
the surviving entity. Star Bulk intends to pay quarterly cash dividends to
the holders of its common shares, in February, May, August and November.
Akis Tsirigakis, President and CEO of Star Bulk, commented: "We are pleased
to declare a quarterly dividend of $0.35 for our first full quarter of
operations marking an important milestone for Star Bulk. Based on this
quarterly dividend, the annual yield is about 11.3%, represents just 53% of
our expected free cash flow and is supported by a healthy balance sheet
with about 29% debt to fleet value. Our fleet is now contracted 100% for
2008 and 71% for 2009 providing for visible long-term earnings and secure
dividends. We expect that the declaration of the full quarterly dividend
will be the catalyst that will accelerate the conversion of warrants into
shares and bring more cash into the company."
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 ten dry bulk carriers, plus
definitive agreement to acquire one further dry bulk carrier. The total
fleet 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.