Star Bulk Announces Agreements With All of Its Lenders to Defer

Star Bulk Announces Agreements With All of Its Lenders to Defer Up to
Approximately $24 Million of Its Principal Repayment Obligations for
Years 2013 and 2014, Reclassify $7 Million of Restricted Cash to Free
Cash and Waive Certain Financial Covenants 
ATHENS, GREECE -- (Marketwire) -- 01/03/13 --  Star Bulk Carriers
Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), today announced
that it has agreed in principle with all of its lenders to amend the
terms of the current loan agreements subject to the execution of
definitive documentation. 
In relation to the loan facilities with Commerzbank AG, the Company
has agreed to the deferral of payments of $16.7 million representing
60% of the value of the installments payable in year 2013 and 50% of
the value of the installments payable in 2014 and to a prepayment of
the loan of $2 million. The deferred amounts have been added to the
loan's final installment, payable upon the expiration of the loan
agreements in the fourth quarter of 2016.  
In relation to the loan facility with HSH Nordbank AG (HSH), the
Company has agreed to the deferral of a minimum of approximately $3.5
million of the subsequent 8 consecutive quarterly installments and to
the release of approximately $7.4 million of pledged cash already
held by HSH in order to be applied as prepayment to the loan
facility. This prepayment, which is expected to take place in January
2013, will lower the Company's annual interest expenses by
approximately $240,000. Under certain conditions, the Company may
increase the deferral of certain principal repayments up to
approximately $7 million under the loan facility during 2013 and
2014. 
Finally, all of our lenders, including ABN AMRO Bank N.V. and Credit
Agricole C.I.B., have agreed to waive or amend certain of the
existing financial covenants. Said covenants include the reduction of
minimum liquid funds per fleet vessel to $0.5 million which will
result to a $7 million reclassification of restricted cash to free
cash. 
Certain terms of the above-mentioned agreements are subject to the
satisfaction of certain conditions. For details on these agreements
please refer to the Company's report on Form 6-K, filed today with
the Securities and Exchange Commission. Investors can find all
Company filings at www.sec.gov. 
Spyros Capralos, President and CEO of Star Bulk, commented: "We are
pleased to have the support of our lenders during this adverse market
environment. We believe our agreements with our lenders provide the
Company with significant liquidity and financial flexibility for the
next two years and will help us withstand the current low freights
and low asset values. 
"Following the restructuring of our loan facilities, we estimate our
cash break-even point for our available days in 2013 to be
approximately $9,500 per vessel per day, a reduction of approximately
$4,000 per day. In addition, by adding $7 million to the Company's
free cash balance, we strengthen the Company and enhance its
viability." 
Simos Spyrou, Chief Financial Officer of Star Bulk, commented: "The
agreement with our lenders improves the Company's business prospects
and secures our strength and competitiveness. We estimate that we
will defer approximately $24 million of principal repayments out of
our original $64.9 million of obligations during 2013 and 2014. This
constitutes a deferral of more than 35% of our total repayment
obligations for the next two years." 
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, which include 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's fleet consists of
fourteen dry bulk carriers, consisting of six Capesize vessels and
eight Supramax vessels and a combined cargo carrying capacity of
1,475,005 deadweight tons and an average age of approximately 10.8
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. 
Contacts: 
Company:
Simos Spyrou
CFO
Star Bulk Carriers Corp.
c/o Star Bulk Management Inc.
40 Ag. Konstantinou Av.
Maroussi 15124
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