The Star Beta, a 1993-built Capesize vessel of 174,691 dwt., was timechartered by Star Bulk to Industrial Carriers Inc. of Ukraine ("ICI").Under the related time charter agreement, ICI was obligated to pay StarBulk a gross daily charter hire rate of $106,500 until February 2010. Inturn, ICI sub-chartered the vessel for one year to Oldendorff Gmbh & Co. KGof Germany ("Oldendorff") at a gross daily charter hire rate of $130,000until February 2009.

ICI has assigned its rights and obligations under the sub-charter to StarBulk in exchange for it being released from the remaining term of the ICIcharter.

Oldendorff has notified Star Bulk that it considers the assignment of thesub-charter to be an effective repudiation of the sub-charter by ICI. StarBulk believes that the assignment is valid and that its position willprevail in this dispute.

According to press reports, a branch office of ICI has today filed aninsolvency proceeding in the Greek courts.

About Star Bulk

Star Bulk is a global shipping company providing worldwide seabornetransportation solutions in the dry bulk sector. Star Bulk's vesselstransport major bulks, which include iron ore, coal and grain and minorbulks such as bauxite, fertilizers and steel products. Star Bulk wasincorporated in the Marshall Islands on December 13, 2006 and isheadquartered in Athens, Greece. Its common stock and warrants trade on theNASDAQ Global Market under the symbols "SBLK" and "SBLKW" respectively.Currently, Star Bulk has an operating fleet of twelve dry bulk carriers.The total fleet consists of four Capesize and eight Supramax dry bulkvessels with an average age of approximately 9 years and a combined cargocarrying capacity of 1,106,250 deadweight tons.

Forward-Looking Statements

The information in this press release may contain forward-lookingstatements within the meaning of the Private Securities Litigation ReformAct of 1995. Forward-looking statements include, but are not limited to,statements regarding: (1) the delivery and operation of assets of StarBulk; (2) Star Bulk's future operating or financial results; (3) future,pending or recent acquisitions, business strategy, areas of possibleexpansion, and expected capital spending or operating expenses; (4) drybulkmarket trends, including charter rates and factors affecting vessel supplyand 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 ofwhich are based, in turn, upon further assumptions, including withoutlimitation, Star Bulk's examination of historical operating trends, datacontained in their records and other data available from third parties.Although Star Bulk believes that these assumptions were reasonable whenmade, because these assumptions are inherently subject to significantuncertainties and contingencies which are difficult or impossible topredict and are beyond their control, Star Bulk cannot assure you that StarBulk will achieve or accomplish these expectations, beliefs or projections.Important factors that could cause actual results to differ materially fromthose discussed in the forward-looking statements include the failure of aseller to deliver one or more vessels, the strength of world economies andcurrencies, general market conditions, including changes in charterhirerates and vessel values, changes in demand that may affect attitudes oftime charterers to scheduled and unscheduled drydocking, changes in StarBulk's operating expenses, including bunker prices, dry-docking andinsurance costs, or actions taken by regulatory authorities, potentialliability from pending or future litigation, domestic and internationalpolitical conditions, potential disruption of shipping routes due toaccidents and political events or acts by terrorists. Additional factorsthat could cause Star Bulk's results to differ materially from thosedescribed in the forward-looking statements can be found in Star Bulk'sRegistration Statement on Form F-1/F-4, Annual Report on Form 20-F for theyear ended December 31, 2007 and reports on Form 6-K filed with theSecurities and Exchange Commission (the "SEC") and available at the SEC'sInternet site (http://www.sec.gov). The information set forth herein speaksonly as of the date hereof, and Star Bulk disclaims any intention orobligation to update any forward-looking statements as a result ofdevelopments occurring after the date of this communication.

Contacts:Company:George SyllantavosCFOStar Bulk Carriers Corp.7 Fragoklisias StreetMaroussi 15125Athens, GreeceE-mail: ir@starbulk.comwww.starbulk.comInvestor Relations / Financial Media:Nicolas BornozisPresidentCapital Link, Inc.230 Park Avenue, Suite 1536New York, NY 10169Tel. (212) 661-7566E-mail: nbornozis@capitallink.comwww.capitallink.com