Contact Information: Contacts: Company : George Syllantavos CFO Star Bulk Carriers Corp. c/o Star Bulk Management Inc. 7 Fragoklisias Str. Maroussi 15125 Athens, Greece 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: starbulk@capitallink.com www.capitallink.com
Star Bulk Carriers Corp. Announces Decision Not to Proceed With Offer for Warrant Exchange
| Source: Star Bulk Carriers Corp.
ATHENS, GREECE--(Marketwire - January 11, 2010) - Star Bulk Carriers Corp. (the "Company" or
"Star Bulk") (NASDAQ : SBLK ), today announced that the Company has
determined not to proceed with a previously announced plan to conduct an
exchange offer to holders of its 5,916,150 outstanding warrants to purchase
shares of common stock, par value $0.01 per share, of the Company (the
"Existing Warrants"). Each Existing Warrant currently entitles the holder
to purchase one share of common stock at an exercise price of $8.00 per
share and expires at 5 p.m. New York City time on March 15, 2010.
The Company had planned to conduct the exchange offer whereby each Existing
Warrant would have been eligible, upon payment of a fee per warrant, to be
exchanged for a new warrant to purchase one share of common stock of the
Company at an exercise price per share to be determined at a future date
and with an expiration date of March 15, 2011. The Company has carefully
evaluated current market conditions, including the recent trading prices of
the Company's common stock on the Nasdaq Global Market, and determined that
it currently would not be in the best interests of the Company's
shareholders to effect the exchange offer. Directors of the Company
currently own an aggregate of 1,132,500 Existing Warrants.
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 maintains
executive offices 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.
The total fleet consists of three Capesize, and eight Supramax dry bulk
vessels with an average age of approximately 9.4 years and a combined cargo
carrying capacity of 931,178 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) dry
bulk market trends, including charter rates and factors affecting vessel
supply and demand; (5) other statements identified by words such as
"anticipate," "believe," "plan," "estimate," "expect," "intend," "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 its 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 dry-docking, 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
Annual Report on Form 20-F for the year ended December 31, 2008,
Registration Statement on Form F-3 filed in September 2008 as amended, in
Registration Statement on Form F-3 filed in January 2009 as amended, 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.