Fleet Profile (As of February 22, 2011)
Vessel Name Type DWT Year Built
------------- ------------- -------------
Star Aurora Capesize 171,199 2000
Star Sigma Capesize 184,403 1991
Star Ypsilon Capesize 150,940 1991
Star Cosmo Supramax 52,247 2005
Star Delta Supramax 52,434 2000
Star Epsilon Supramax 52,402 2001
Star Gamma Supramax 53,098 2002
Star Kappa Supramax 52,055 2001
Star Omicron Supramax 53,489 2005
Star Theta Supramax 52,425 2003
Star Zeta Supramax 52,994 2003
Newbuildings
Vessel Name Type DWT Delivery Date
------------- ------------- -------------
Star Bulk TBN Capesize 180,000 Sept-2011
Star Bulk TBN Capesize 180,000 Nov-2011
Total 13 1,287,686
Fourth Quarter 2010and 2009 Results
For the fourth quarter 2010, total revenues amounted to $31.9 million
compared to $31.2 million for the fourth quarter 2009, despite the decrease
in the average number of vessels to 11.0 for the fourth quarter 2010 from
11.8 for the fourth quarter 2009. This increase was mainly due to higher
average TCE rates, a non-US GAAP measure representing time charter
equivalent daily cash rates earned from chartering of the Company's
vessels, during the fourth quarter 2010 as compared to the fourth quarter
2009. During the fourth quarter 2010 the Company earned $26,644 TCE rate
per day as compared to $23,012 TCE rate per day for the fourth quarter
2009. Operating income amounted to $22.0 million for the fourth quarter
2010 compared to an operating loss of $2.8 million for the fourth quarter
2009. This increase was mainly due to other operating income that amounted
to $21.6 million arising from a claim settlement related to the early
termination of the time charter of the vessel Star Ypsilon that occurred in
July 2009. Net income for the fourth quarter 2010 amounted to $20.7 million
or $0.33 earnings per share calculated on 62,167,272 and 62,682,939
weighted average number of shares, basic and diluted, respectively. Net
loss for the fourth quarter 2009 amounted to $4.6 million or $0.07 loss per
basic and diluted shares calculated on 61,049,760 weighted average numbers
of basic and diluted shares.
The fourth quarter 2010 net income figure includes the following non-cash
items:
-- Revenue of $0.3 million representing amortization of fair value of
below market acquired time charters, attached to vessels acquired, over
the remaining period of the time charter into revenue.
-- Expenses of $3.4 million relating to the amortization of stock based
compensation recognized in connection with the restricted shares issued
to directors and employees.
-- Excluding these items, net income for the fourth quarter of 2010
would amount to $23.8 million or $0.38 earnings per basic and
diluted share.
The fourth quarter 2009 net loss figure includes the following non-cash
items:
-- Net revenue of $0.3 million representing amortization of fair value of
below/above market acquired time charters, attached to vessels acquired,
over the remaining period of the time charter into revenue.
-- A loss of $0.9 million associated with a loss on the time charter
agreement termination which relates to the write-off of unamortized fair
value of an above-market acquired time charter on a vessel due to an
early redelivery date.
-- Expenses of $0.1 million relating to the amortization of stock based
compensation recognized in connection with the restricted shares issued
to directors and employees.
-- An unrealized gain of $0.3 million associated with the mark-to-market
valuation of the Company's derivatives.
-- Excluding these items, net loss for the fourth quarter of 2009 would
amount to $4.2 million or $0.07 loss per basic and diluted share.
Adjusted EBITDA for the fourth quarter 2010 and 2009 was $37.3 million and
$10.7 million, respectively. A reconciliation of EBITDA and adjusted EBITDA
to net cash provided by cash flows from operating activities is set forth
below.
An average of 11.0and 11.8 vessels were owned and operated during the
fourth quarter 2010 and 2009, respectively, earning an average Time Charter
Equivalent, ('TCE") rate of $26,644 per day and $23,012 per day,
respectively. We refer you to the information under the heading "Summary
of Selected Data" later in this earnings release for further information
regarding our calculation of TCE rates.
Vessel operating expenses decreased approximately 10% to $6.1 million for
the fourth quarter 2010 compared to $6.8million for the same period last
year. The decrease is mainly due to a more cost efficient in-house
management of the vessels which was fully implemented during the first
quarter of 2010 and due to the decrease in the number of vessels that
operated during the fourth quarter of 2010 compared to the fourth quarter
of 2009.
Depreciation expense decreased to $12.2 million for the fourth quarter 2010
from $13.1million for the fourth quarter 2009. The decrease in depreciation
expense was due to the fact that our fleet was reduced from an average of
11.8 vessels during the fourth quarter 2009, to an average of 11.0 during
the fourth quarter 2010.
General and administrative expenses increased to $6.3 million for the
fourth quarter 2010 from $2.4 million for the fourth quarter 2009,
respectively. This increase is mainly due to increased stock-based
compensation expenses.
Year ended December 31, 2010 and 2009 Results
For the year ended December 31, 2010, total revenues amounted to $121.0
million compared to $142.4 million for the same period of 2009. This
decrease is mainly due to lower average TCE rates, a non-US GAAP measure
representing time charter equivalent daily cash rates earned from
chartering of the Company's vessels, during the year ended December 2010 as
compared to the year ended December 31, 2009. During the year ended
December 31, 2010 the Company earned $26,859 TCE rate per day as compared
to $29,450 TCE rate per day for the year ended December 31, 2009.
Furthermore the number of vessels operated decreased from 12.0 in 2009 to
10.8 in 2010. In addition, the Company recorded lower revenue of $4.3
million associated with the amortization of fair value of below market
acquired time charters, attached to vessels acquired, over the remaining
period of the time charters. Operating income amounted to $0.3 million for
the year ended December 31, 2010 compared to operating loss of $49.3
million for same period of 2009. This increase was mainly due to other
operating income that amounted to $26.6 million partly arising from a claim
settlement related to the early termination of the time charter of the
vessel Star Ypsilon that occurred in July 2009 and the Company's sale of a
45% interest in the future proceeds related to the settlement of several
commercial claims amounting to $5 million. Net loss for the year ended
December 31, 2010 amounted to $5.1 million representing $0.08 loss per
basic and diluted share calculated on 61,489,162 weighted average number of
basic and diluted shares. Net loss for the year ended December 31, 2009
amounted to $58.4 million representing $0.96loss per share calculated on
60,873,421 weighted average number of shares, basic and diluted.
The year ended December 31, 2010 net loss figure includes the following
non-cash items:
-- Impairment loss of $34.7 million in connection with the sale of the
vessel Star Beta.
-- An increase in revenue of $1.4 million representing amortization of
fair value of below market acquired time charters, attached to vessels
acquired, over the remaining period of the time charter into revenue.
-- Expenses of $6.5 million relating to the amortization of stock based
compensation recognized in connection with the restricted shares
issued to directors and employees.
-- An unrealized loss of $0.3 million associated with the mark-to-market
valuation of the Company's derivatives.
-- A bad debt expense of $2.1 million associated with a write-off of a
Charterer's balance.
-- Excluding these items, net income for the year ended December 31,
2010 would amount to $37.1 million or $0.60 earnings per basic and
diluted share.
The year ended December 31, 2009 net loss figure includes the following
non-cash items:
-- Impairment loss of $75.2 million in connection with the sale of the
vessel Star Alpha.
-- Net revenue of $5.7 million representing amortization of fair value of
below/above market acquired time charters, attached to vessels acquired,
over the remaining period of the time charter into revenue.
-- Expenses of $1.8 million relating to the amortization of stock based
compensation recognized in connection with the restricted shares issued
to directors and employees.
-- Excluding these items, net income for the year ended December 31,
2009 would amount to $12.9 million or $0.21 earnings per basic and
diluted share.
Adjusted EBITDA for year ended December 31, 2010 and 2009 was $89.5 million
and $80.4 million respectively. A reconciliation of EBITDA and adjusted
EBITDA to net cash provided by cash flows from operating activities is set
forth below.
An average of 10.8 and 12.0 vessels were owned and operated during the year
ended December 31, 2010 and 2009, respectively, earning an average TCE rate
of $26,859 and $29,450 per day, respectively. We refer you to the
information under the heading "Summary of Selected Data" later in this
earnings release for further information regarding our calculation of TCE
rates.
Vessel operating expenses decreased approximately 26% to $22.2 million for
the year ended December 31, 2010 compared to $30.2 million for the same
period last year. The decrease is mainly due to a more cost efficient
in-house management which was fully implemented during the year ended
December 31, 2010 and the decrease in the number of vessels that operated
during year ended December 31, 2010 compared to the same period of2009.
Depreciation expense decreased to $46.9 million for the year ended December
31, 2010 from $58.3 million for the same period last year. The decrease in
depreciation expense was due to the fact that our fleet was reduced from an
average of 12.0 vessels during the year ended December 31, 2009, to an
average of 10.8 during the same period this year. Furthermore, depreciation
expense was further reduced due to the reclassification of the vessel Star
Beta during the first quarter of 2010 as an asset held for sale.
General and administrative expenses increased to $15.4 million for year
ended December 31, 2010 from $8.7 million the same period of 2009,
respectively. This increase is mainly due to higher professional fees and
increased stock-based compensation expenses.
Liquidity and Capital Resources
Cash Flows
Net cash provided by operating activities for the year ended December 31,
2010 and 2009, was $87.9 million and $65.8 million, respectively. Cash
flows generated by the operation of our fleet decreased due to a lower
average number of vessels to 10.8 for the year ended December 31, 2010
compared to 12.0 for the year ended December 31, 2009 and lower average TCE
rates, (a non-US GAAP measure representing time charter equivalent daily
cash rates earned from chartering of the Company's vessels) as a result of
the decline in the Drybulk vessel shipping industry. During the year ended
December 31, 2010 the Company earned $26,859 TCE rate per day as compared
to $29,450 TCE rate per day for the year ended December 31, 2009. However
there was an increase in cash provided by operating activities for the year
ended December 31, 2010 which was mainly due to $ 21.6 million in cash
collected arising from the Star Ypsilon claim settled in 2010 and the
Company's sale of a 45% interest in the future proceeds related to the
settlement of several commercial claims for $5 million. Furthermore,
vessel operating expenses decreased by approximately 26% for the year ended
December 31, 2010 mostly due to a more efficient in-house management and
operation of a smaller fleet.
Net cash used in investing activities for the year ended December 31,
2010and 2009 was $60.2 million and $1.4 million, respectively. Net cash
used in investing activities for the year ended December 31, 2010, was
primarily due to additions to vessel cost mainly related to the acquisition
of the vessel Star Aurora amounting to $44.1 million plus installments
related to the Company's two newbuildings amounting to $43.5 million in
aggregate and offset by a net decrease in restricted cash amounting to $7.0
million and by the proceeds from the sale of Star Beta amounting to $20.3
million. Net cash used in investing activities for the year ended December
31, 2009, was primarily a result of the proceeds from the sale of vessel
Star Alpha amounting to $19.1 million offset by an increase in restricted
cash of $20.5 million relating to the waivers obtained for existing loan
agreements.
Net cash used in financing activities for the year ended December 31, 2010
and 2009 was $55.1 million and $53.8 million respectively. For the year
ended December 31, 2010, net cash used in financing activities consisted of
loan installment payments amounting to $68.4 million, cash dividend
payments of $12.4 million and financing fees amounting $0.3 million offset
by proceeds from new loans related to the acquisition of Star Aurora
amounting to $26.0 million. For the year ended December 31, 2009, net cash
used in financing activities consisted of loan installment payments
amounting to $49.3 million and cash dividend payments of $6.2 million,
offset by cash provided from our directors' dividend reinvestment of $1.9
million.
Summary of Selected Data
(TCE rates expressed in U.S. dollars)
3 months 3 months
ended ended
December December
31, 2009 31, 2010
-------- --------
Average number of vessels (1) 11.8 11.0
-------- --------
Number of vessels (as of the last day of the periods
reported) 11.0 11.0
-------- --------
Average age of operational fleet (in years) (2) 10.0 10.4
-------- --------
Ownership days (3) 1,094 1,012
-------- --------
Available days (4) 1,048 994
-------- --------
Voyage days for fleet (5) 1,000 985
-------- --------
Fleet utilization (6) 95.4% 99.1%
-------- --------
Average per-day TCE rate (7) $ 23,012 $ 26,644
-------- --------
12 months 12 months
ended ended
December December
31, 2009 31, 2010
-------- --------
Average number of vessels (1) 12.0 10.8
-------- --------
Number of vessels (as of the last day of the periods
reported) 11.0 11.0
-------- --------
Average age of operational fleet (in years) (2) 10.0 10.4
-------- --------
Ownership days (3) 4,370 3,945
-------- --------
Available days (4) 4,240 3,847
-------- --------
Voyage days for fleet (5) 4,117 3,829
-------- --------
Fleet utilization (6) 97.1% 99.5%
-------- --------
Average per-day TCE rate (7) $ 29,450 $ 26,859
-------- --------
(1) Average number of vessels is the number of vessels that constituted our
fleet for the relevant period, as measured by the sum of the number of days
each vessel was a part of our fleet during the period divided by the number
of calendar days in that period.
(2) Average age of operational fleet is calculated as at December 31, 2009
and 2010, respectively.
(3) Ownership days are the total calendar days each vessel in the fleet was
owned by Star Bulk for the relevant period.
(4) Available days for the fleet are the ownership days after subtracting
for off-hire days for dry-docking or special or intermediate surveys.
(5)Voyage days are the total days the vessels were in our possession for
the relevant period after subtracting all off-hire days incurred for any
reason (including off-hire for dry-docking, major repairs, special or
intermediate surveys).
(6) Fleet utilization is calculated by dividing voyage days by available
days for the relevant period and takes into account the dry-docking
periods.
(7) Represents the weighted average per-day TCE rates, of our entire fleet.
TCE rate is a measure of the average daily revenue performance of a vessel
on a per voyage basis. Our method of calculating TCE rate is determined by
dividing voyage revenues (net of voyage expenses and amortization of fair
value of above/below market acquired time charter agreements) by voyage
days for the relevant time period. Voyage expenses primarily consist of
port, canal and fuel costs that are unique to a particular voyage, which
would otherwise be paid by the charterer under a time charter contract, as
well as commissions. TCE rate is a standard shipping industry performance
measure used primarily to compare period-to-period changes in a shipping
company's performance despite changes in the mix of charter types (i.e.,
spot charters, time charters and bareboat charters) under which the vessels
may be employed between the periods. We included TCE revenues, a non-GAAP
measure, as it provides additional meaningful information in conjunction
with voyage revenues, the most directly comparable GAAP measure, because it
assists our management in making decisions regarding the deployment and use
of its vessels and in evaluating their financial performance. TCE rate is
also included herein because it is a standard shipping industry performance
measure used primarily to compare period-to-period changes in a shipping
company's performance despite changes in the mix of charter types (i.e.,
spot charters, time charters and bareboat charters) under which the vessels
may be employed between the periods and because we believe that it presents
useful information to investors.
Unaudited Consolidated Condensed Statements of Operations
3 months 3 months 12 months 12 months
(Expressed in thousands of ended ended ended ended
U.S. dollars except for December December December December
share and per share data) 31, 2009 31, 2010 31, 2009 31, 2010
---------- ---------- ---------- ----------
Revenues: 31,228 31,896 142,351 121,042
Expenses:
Voyage expenses (7,895) (5,309) (15,374) (16,839)
Vessel operating expenses (6,843) (6,132) (30,168) (22,212)
Drydocking expenses (1,368) (1,543) (6,122) (6,576)
Depreciation (13,082) (12,206) (58,298) (46,937)
Management fees (69) (41) (771) (164)
Loss on derivative instruments (1,352) (4) (2,154) (2,083)
General and administrative
expenses (2,424) (6,250) (8,742) (15,404)
Vessel impairment loss (116) - (75,208) (34,947)
Other operating income - 21,648 - 26,648
(Loss)/gain on time charter
agreement termination (903) - 5,179 -
Bad debts expense - (35) - (2,131)
Loss on sale of vessel - (35) - (137)
---------- ---------- ---------- ----------
Operating (loss)/income (2,824) 21,989 (49,307) 260
---------- ---------- ---------- ----------
Interest and finance costs (2,056) (1,328) (9,914) (5,916)
Interest income 320 25 806 525
---------- ---------- ---------- ----------
Total other expenses, net (1,736) (1,303) (9,108) (5,391)
---------- ---------- ---------- ----------
---------- ---------- ---------- ----------
Net (loss)/income (4,560) 20,686 (58,415) (5,131)
========== ========== ========== ==========
(Loss)/earnings per share,
basic (0.07) 0.33 (0.96) (0.08)
========== ========== ========== ==========
(Loss)/earnings, diluted (0.07) 0.33 (0.96) (0.08)
========== ========== ========== ==========
Weighted average number of
shares outstanding, basic 61,049,760 62,167,272 60,873,421 61,489,162
========== ========== ========== ==========
Weighted average number of
shares outstanding,
diluted 61,049,760 62,682,939 60,873,421 61,489,162
========== ========== ========== ==========
Unaudited Consolidated Condensed Balance Sheets
(Expressed in thousands of U.S. dollars)
December 31, December 31,
ASSETS 2009 2010
------------ ------------
Cash and restricted cash 48,495 14,374
Other current assets 12,333 9,544
------------ ------------
TOTAL CURRENT ASSETS 60,828 23,918
Fixed assets, net 668,698 654,290
Restricted cash 29,920 24,020
Other non-current assets 1,195 1,022
------------ ------------
TOTAL ASSETS 760,641 703,250
============ ============
Current portion of long-term debt 59,675 33,785
Other current liabilities 11,417 9,450
------------ ------------
TOTAL CURRENT LIABILITIES 71,092 43,235
Long-term debt 187,575 171,044
Other non-current liabilities 2,717 719
------------ ------------
TOTAL LIABILITIES 261,384 214,998
STOCKHOLDERS' EQUITY 499,257 488,252
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 760,641 703,250
============ ============
Unaudited Consolidated Condensed Cash Flow Data
12 months 12 months
ended ended
December December
(Expressed in thousands of U.S. dollars) 31, 2009 31, 2010
----------- -----------
Net cash provided by operating activities 65,877 87,949
Net cash used in investing activities (1,431) (60,151)
Net cash used in financing activities (53,779) (55,116)
EBITDA and adjusted EBITDA Reconciliation
Star Bulk considers EBITDA to represent net income before interest, income
taxes, depreciation and amortization. EBITDA does not represent and should
not be considered as an alternative to net income or cash flow from
operations, as determined by United States generally accepted accounting
principles, ("U.S. GAAP"), and our calculation of EBITDA may not be
comparable to that reported by other companies. EBITDA is included herein
because it is a basis upon which the Company assesses its liquidity
position it is used by our lenders as a measure of our compliance with
certain loan covenants and because the Company believes that it presents
useful information to investors regarding the Company's ability to service
and/or incur indebtedness.
The Company excluded amortization of the fair value of above/below market
acquired time charters associated with time charters attached to vessels
acquired, vessel impairment loss, non-cash gain or loss related to early
time charter termination, bad debts expenses stock-based compensation
expense recognized during the period and change in fair value of
derivatives, to derive adjusted EBITDA. The Company excluded the above
non-cash items to derive adjusted EBITDA because the Company believes that
these
non-cash items do not reflect the operational cash inflows and outflows of
the Company's fleet.
The following table reconciles net cash provided by operating activities to
EBITDA and adjusted EBITDA:
3 months 3 months 12 months 12 months
ended ended ended ended
(Expressed in thousands of U.S. December December December December
dollars) 31, 2009 31, 2010 31, 2009 31, 2010
Net cash provided by operating
activities 6,900 36,452 65,877 87,949
Net increase/(decrease) in current
assets 2,013 (7,570) 5,140 (6,163)
Net (increase)/ decrease in
operating liabilities, excluding
current portion of long term debt 179 7,172 846 2,610
Amortization of fair value of
above/below market acquired time
charter agreements 330 343 5,735 1,360
Vessel impairment loss (116) - (75,208) (34,692)
Other non-cash charges 1 19 (5) (5)
Amortization of deferred finance
charges (82) (79) (580) (329)
Stock - based compensation (82) (3,410) (1,832) (6,511)
Change in fair value of derivatives 282 - 31 (282)
Bad debts expense - (35) - (2,131)
Non-cash (loss)/gain on time
charter agreement termination (903) - (121) -
Net Interest expense 1,736 1,303 9,108 5,391
-------- -------- -------- --------
EBITDA 10,258 34,195 8,991 47,197
======== ======== ======== ========
Less:
Amortization of fair value of below
market acquired time charter
agreements (330) (343) (5,735) (1,360)
Change in fair value of derivatives (282) - (31) -
Plus:
Bad debts expense - 35 - 2,131
Stock - based compensation 82 3,410 1,832 6,511
Non-cash loss on time charter
agreement termination 903 - 121 -
Vessel impairment loss 116 - 75,208 34,692
Change in fair value of derivatives - - - 282
-------- -------- -------- --------
Adjusted EBITDA 10,747 37,297 80,386 89,453
======== ======== ======== ========
Conference Call details:
Star Bulk's management team will host a conference call to discuss the
Company's financial results tomorrow, Wednesday, February 23, 2011 at 8:30
a.m. Eastern Standard Time (EST). Participants should dial into the call 10
minutes before the scheduled time using the following numbers: 1(866)
819-7111 (from the US), 0(800) 953-0329 (from the UK) or +(44) (0) 1452 542
301 (from outside the US). Please quote "Star Bulk."
A replay of the conference call will be available until March 2, 2011. The
United States replay number is 1(866) 247-4222; from the UK 0(800)
953-1533; the standard international replay number is (+44) (0) 1452 550
000 and the access code required for the replay is: 3128607#.
Slides and audio webcast:
There will also be a simultaneous live webcast over the Internet, through
the Star Bulk website (www.starbulk.com). Participants to the live webcast
should register on the website approximately 10 minutes prior to the start
of the webcast.
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 trades on the Nasdaq
Global Market under the symbol "SBLK". Currently, Star Bulk has an
operating fleet of eleven dry bulk carriers and definitive agreements to
build two Capesize vessels. The total fleet consists of thirteen vessels,
five Capesize, and eight Supramax dry bulk vessels with a combined cargo
carrying capacity of 1,287,686 deadweight tons. The average age of our
current operating fleet is 10.5 years.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides
safe harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of
historical facts.
The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "anticipate," "intends," "estimate," "forecast,"
"project," "plan," "potential," "may," "should," "expect," "pending" and
similar expressions identify forward-looking statements.
The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, examination by the Company's management of
historical operating trends, data contained in its records and other data
available from third parties. Although the Company 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 the Company's control,
the Company cannot assure you that it will achieve or accomplish these
expectations, beliefs or projections.
In addition to these important factors, other important factors that, in
the Company's view, could cause actual results to differ materially from
those discussed in the forward-looking statements include the strength of
world economies and currencies, general market conditions, including
fluctuations in charter rates and vessel values, changes in demand for dry
bulk shipping capacity, changes in the Company's operating expenses,
including bunker prices, drydocking and insurance costs, the market for the
Company's vessels, availability of financing and refinancing, changes in
governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation, general
domestic and international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels breakdowns
and instances of off-hires and other factors. Please see our filings with
the Securities and Exchange Commission for a more complete discussion of
these and other risks and uncertainties. The information set forth herein
speaks only as of the date hereof, and the Company 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. 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