Star Bulk Acquires Two Capesize Vessels with Long Term Timecharters Attached
News Release
Star Bulk Carriers Corp.
May 13, 2011
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<DIV><FONT color=#2b2b2b size=2 face=Arial>ATHENS, GREECE, May13, 2011 - Star
Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK),a global
shipping company focusing on the transportation of dry bulk cargoes, today
announced that it has entered into definitive agreements to acquire two Capesize
bulk carriersfor an aggregate purchase price of approximately $51.5 million.
<BR><BR>The first Capesize vessel has a carrying capacity of approximately
168,000 dwt and was built in South Korea in 1996. This vessel has a time charter
agreement with a major mining company until November 2015 at the earliest, at a
gross daily rate of $25,000. The vessel is expected to generate $38-44 million
in gross revenue and is currently expected to be delivered to Star Bulk within
July 2011. <BR><BR>The second Capesize vessel has a carrying capacity of
approximately 170,000 dwt and was built in Japan in 1994. This vessel has a time
charter agreement with a major mining company until August 2014 at the earliest,
at a gross daily rate of $24,500. The vessel is expected to generate $26-31
million in gross revenue and is currently expected to be delivered to Star Bulk
within July 2011. <BR><BR>The vessels are being acquired from companies, in
which family members of our Chairman, Mr Petros Pappas, hold minority stakes.
The new vessel acquisitions will be financed through a combination of company
cash and bank debt. <BR><BR>Spyros Capralos, President and CEO of Star Bulk
commented: "We are pleased to acquire these two vessels that will increase
significantly our fleet's carrying and earnings capacity. We believe that the
time charter agreements that the two vessels have attached to them will
substantially enhance our revenue visibility and improve our financial results
going forward, since they are expected to contribute a minimum of $64 million to
a maximum of $75 million in gross revenue. We will continue to be on the lookout
for opportunities to structure accretive transactions that increase shareholder
value." </FONT><BR></DIV></BODY></HTML>
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<DIV><FONT color=#2b2b2b size=2 face=Arial>ATHENS, GREECE, May13, 2011 - Star
Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK),a global
shipping company focusing on the transportation of dry bulk cargoes, today
announced that it has entered into definitive agreements to acquire two Capesize
bulk carriersfor an aggregate purchase price of approximately $51.5 million.
<BR><BR>The first Capesize vessel has a carrying capacity of approximately
168,000 dwt and was built in South Korea in 1996. This vessel has a time charter
agreement with a major mining company until November 2015 at the earliest, at a
gross daily rate of $25,000. The vessel is expected to generate $38-44 million
in gross revenue and is currently expected to be delivered to Star Bulk within
July 2011. <BR><BR>The second Capesize vessel has a carrying capacity of
approximately 170,000 dwt and was built in Japan in 1994. This vessel has a time
charter agreement with a major mining company until August 2014 at the earliest,
at a gross daily rate of $24,500. The vessel is expected to generate $26-31
million in gross revenue and is currently expected to be delivered to Star Bulk
within July 2011. <BR><BR>The vessels are being acquired from companies, in
which family members of our Chairman, Mr Petros Pappas, hold minority stakes.
The new vessel acquisitions will be financed through a combination of company
cash and bank debt. <BR><BR>Spyros Capralos, President and CEO of Star Bulk
commented: "We are pleased to acquire these two vessels that will increase
significantly our fleet's carrying and earnings capacity. We believe that the
time charter agreements that the two vessels have attached to them will
substantially enhance our revenue visibility and improve our financial results
going forward, since they are expected to contribute a minimum of $64 million to
a maximum of $75 million in gross revenue. We will continue to be on the lookout
for opportunities to structure accretive transactions that increase shareholder
value." </FONT><BR></DIV></BODY></HTML>