Time
Year Time Charter Expiry Charter
Vessel Name Type DWT Built (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
-------- --------- ----- -------------------- ---------
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 2014 - May 2014 $ 32,400
-------- --------- ----- -------------------- ---------
May 2008 $ 65,000
Star Zeta Supramax 52,994 2003 Apr 2011 - Jul 2011 $ 42,500
-------- --------- ----- -------------------- ---------
Star Theta Supramax 52,425 2003 April 2-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
-------- --------- ----- -------------------- ---------
Bought Vessels - To be Delivered to Star Bulk
Mar 2009 $ 55,900
Mar 2010 $ 41,900
Star Cosmo (3) Supramax 52,247 2005 Mar 2011 $ 27,900
-------- --------- ----- -------------------- ---------
Jul 2009 $ 112,600
Jul 2010 $ 93,300
Star Ypsilon (4) Capesize 150,940 1991 Jul 2011 $ 74,100
-------- --------- ----- -------------------- ---------
Sold Vessels - To be Delivered to Buyers
Star Iota (5) Panamax 78,585 1983 Mar 7 - Apr 17, 2009 $ 18,000
-------- --------- ----- -------------------- ---------
Grand Total 13 1,184,835
-------- --------- ----- -------------------- ---------
(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
(3) Star Cosmo is expected to be delivered to Star Bulk in June / July
2008
(4) Star Ypsilon is expected to be delivered to Star Bulk in August /
September 2008
(5) Star Iota is expected to be delivered to its new owners in July /
August 2008
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,
plus definitive agreements to acquire one Supramax and one Capesize dry
bulk carrier and sell its Panamax dry bulk carrier. The total fleet
consists of four Capesize, one Panamax and eight Supramax dry bulk vessels
with an average age of approximately 10 years and a combined cargo carrying
capacity of 1,184,835 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: 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