Star Bulk Announces Charter

Star Bulk Carriers Corp. announced it has agreed to a further three-year time charter for its capesize vessel Star Sigma. The three-year charter will commence in April 2009 when the current one-year time charter at a gross daily rate of USD 100,000 will expire. The three-year charter has gross daily charter average rate of $63,000 staggered as follows: USD 69,000 for the first year (April 2009-April 2010), USD 63,000 for the second year (April 2010-April 2011) and USD 57,000 for the third year (April 2011-April 2012). Star Sigma is a 1991-built Capesize vessel of 184,400 dwt. Star Bulk expects to take delivery of the Star Sigma within April 2008 at which time the one-year time charter will commence.