Star Bulk Carriers Corp. Reports Financial Results for the First Quarter Ended March 31, 2013

Star Bulk Carriers Corp. Reports Financial Results for the First Quarter Ended 
March 31, 2013 
ATHENS, GREECE -- (Marketwired) -- 05/28/13 --  Star Bulk Carriers
Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), a global
shipping company focusing on the transportation of dry bulk cargoes,
today announced its unaudited financial and operating results for the
first quarter ended March 31, 2013. 
Financial Highlights  


 
                                                                            
(Expressed in thousands of U.S. dollars,                                    
except for daily rates and per share data)     3 months ended 3 months ended
                                               March 31, 2013 March 31, 2012
----------------------------------------------------------------------------
Total Revenues                                 $       18,439 $       28,005
----------------------------------------------------------------------------
EBITDA                                         $        7,122 $       12,006
----------------------------------------------------------------------------
Adjusted EBITDA ((1))                          $        8,734 $       18,001
----------------------------------------------------------------------------
Net income                                     $        1,158 $           94
----------------------------------------------------------------------------
Adjusted Net income                            $        2,770 $        6,089
----------------------------------------------------------------------------
Earnings per share basic and diluted           $         0.21 $         0.02
----------------------------------------------------------------------------
Adjusted earnings per share basic and diluted  $         0.51 $         1.14
----------------------------------------------------------------------------
Average Number of Vessels                                14.0           14.7
----------------------------------------------------------------------------
Time Charter Equivalent Rate (TCE)             $       14,316 $       16,801
----------------------------------------------------------------------------
Average OPEX per day per vessel                $        5,531 $        5,582
----------------------------------------------------------------------------
                                                                            
(1) See the table at the back of this release for a reconciliation of,      
EBITDA and Adjusted EBITDA to Net Cash Provided by Operating Activities,    
which is the most directly comparable financial measure calculated and      
presented in accordance with generally accepted accounting principles in the
United States ("U.S. GAAP").                                                

 
Spyros Capralos, President and CEO of Star Bulk, commented: "We are
pleased to be reporting positive results during another quarter of
challenging freight market conditions, when most of the dry bulk
companies are reporting losses. Star Bulk's forward charter coverage
and operational efficiency have had a very important contribution
towards this quarter's results.  
"Our strategy to fix our capesize vessels on medium to long term
charters has been and continues to be very successful, as our average
daily capesize earnings have by far outperformed the spot market
during the last 2.5 years. Our capesize coverage stands at 88% for
2013 with the current average TC rate of $23,650 per day, following
the scrapping of the Star Sigma. 
On May 2, 2013, we have announced a backstopped equity rights
offering of $75.0 million. Most of the proceeds are expected to be
used to acquire fuel efficient dry bulk vessels with some of the
proceeds being reserved for working capital and general corporate
purposes. 
"In my view, the agreements with our lenders, announced earlier this
year, and the upcoming $75 million fully backstopped equity rights
offering have the power to transform Star Bulk into one of the most
promising companies in the dry bulk sector.  
"Our overall strategy is to grow our fleet through timely
acquisitions of new eco-efficient vessels. We believe that we are
currently at a low part of the shipping cycle, where carefully
selected investments can yield attractive returns, which will enhance
long-term shareholder value." 
Simos Spyrou, Chief Financial Officer of Star Bulk, commented: "We
are happy to be announcing $2.8 million of adjusted net income at a
time when freight rates are at such low levels.  
"Our agreements with our lenders have played a significant role in
our efforts to preserve our cash. Currently our net debt stands at
$171 million vs. $192 million at the end of 2012. Our upcoming equity
rights offering will provide the Company with additional strength and
ammunition to continue growing. I believe that vessel values are
currently at attractive levels and that acquisitions made today could
prove to be very profitable. 
"Our outlook for the dry bulk industry remains positive for the
medium-term, especially as the market absorbs the record deliveries
of the past years. We expect demand for dry bulk commodities from
major developing countries to continue to grow, and the freight
market to start improving due to the lower orderbook, increased
scrapping, slow steaming and the scarcity of bank financing." 
Fleet Profile (As of May 28, 2013) 


 
                                                              
Vessel Name            Type            DWT        Year Built  
----------------- -------------- -------------- --------------
Star Aurora          Capesize        171,199         2000     
Star Big             Capesize        168,404         1996     
Star Borealis        Capesize        179,678         2011     
Star Mega            Capesize        170,631         1994     
Star Polaris         Capesize        179,546         2011     
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     
                                                              
Total                   13          1,290,602                 

 
On March 14, 2013, we concluded the sale of the vessel Star Sigma,
which we delivered to her new owners on April 11, 2013. 
Vessels Under Management (As of May 28, 2013)   


 
                                                              
Drybulk Vessels                                               
-----------------                                             
Vessel Name            Type            DWT        Year Built  
----------------- -------------- -------------- --------------
Obelix               Capesize        181,433         2011     
Serenity I           Supramax        53,688          2006     
Maiden Voyage        Supramax        58,722          2012     
Total                    3           293,843                  
                                                              
                                                              
Product Tankers *                                             
-----------------                                             
Vessel Name            Type            DWT        Year Built  
----------------- -------------- -------------- --------------
Elux Lucis        Product Tanker     45,789          2003     
Undine            Product Tanker     47,999          2004     
Total                    2           93,788                   
                                                                            
(*) For the respective vessels we have been subcontracted for certain       
management services including crewing, purchasing and insurances.           

 
First Quarter 2013 and 2012 Results (*) 
For the first quarter of 2013, total voyage revenues amounted to
$18.2 million compared to $27.9 million for the first quarter of
2012, a reduction of 35%. This decrease was mainly attributed to the
lower charter rates for some of our vessels due to the decline in the
dry bulk charter market, the lower number of voyage charters
performed by our Company during the quarter (which also led to
reduced voyage expenses) and the lower average number of vessels
during the quarter. 
For the first quarter of 2013, operating income amounted to $3.0
million compared to operating income of $2.2 million for the first
quarter of 2012, an increase of 33%. Net income for the first quarter
of 2013 amounted to $1.2 million or $0.21 earnings per basic and
diluted share, based on 5,406,306 and 5,406,373 weighted average
number of shares, basic and diluted, respectively. Net income for the
first quarter of 2012 amounted to $0.1 million, or $0.02 earnings per
share calculated on 5,348,268 shares, which was the weighted average
number of basic and diluted shares. 
Net income for the first quarter of 2013 includes the following
non-cash items: 


 
--  Amortization of fair value of above market acquired time charters of
    $1.6 million, or $0.29 per basic and diluted share, associated with
    time charters attached to vessels acquired in the third quarter of
    2011, namely the Star Big and the Star Mega, which time charters are
    amortized over the remaining period of the time charter as a decrease
    to voyage revenues.
--  Expenses of $0.05 million, or $0.01 per basic and diluted share,
    relating to the amortization of stock based compensation recognized in
    connection with the shares issued to directors and employees.

  
Excluding these non-cash items, net income for the first quarter of
2013 would amount to $2.8 million, or $0.51 earnings per basic and
diluted share, based on 5,406,306 and 5,406,373 weighted average
number of shares, basic and diluted, respectively. 
Net income for the first quarter of 2012 includes the following
non-cash items: 


 
--  Amortization of fair value of above market acquired time charters of
    $1.6 million, or $0.30 per basic and diluted share, associated with
    time charters attached to vessels acquired in the third quarter of
    2011, namely the Star Big and the Star Mega, which are amortized over
    the remaining period of the time charter as a decrease to voyage
    revenues.
--  Expenses of $1.3 million, or $0.25 per basic and diluted share,
    relating to the amortization of stock based compensation recognized in
    connection with the shares issued to directors and employees.
--  Unrealized income of $0.1 million, or $0.02 per basic and diluted
    share, associated with the mark-to-market valuation of the Company's
    derivatives.
--  Loss on sale of vessel of $3.2 million or $0.59 per basic and diluted
    share in connection with the sale of vessel Star Ypsilon, that
    concluded in March of 2012.

  
Excluding these non-cash items, net income for the first quarter of
2012 would amount to $6.1 million, or $1.14 earnings per basic and
diluted share, based on 5,348,268 shares, which was the weighted
average number of basic and diluted shares. 
Adjusted EBITDA for the first quarter of 2013 and 2012, excluding the
above items, was $8.7 million and $18.0 million, respectively. A
reconciliation of EBITDA and adjusted EBITDA to net cash provided by
cash flows from operating activities is set forth below. 
We owned and operated an average of 14.0 and 14.7 vessels during the
first quarter of 2013 and 2012, respectively, which earned an average
Time Charter Equivalent, or TCE, rate of $14,316 per day and $16,801
per day, respectively. We refer you to the information under the
heading "Summary of Selected Data" later in this earnings release for
information regarding our calculation of TCE rates. 
For the first quarter of 2013, voyage expenses decreased by $6.1
million to $2.6 million compared to $8.7 million for the first
quarter of 2012. The decrease is attributable to a) voyage expenses
of $4.0 million related to chartering-in a third party vessel to
serve a shipment under a Contract of Affreightment (COA) recorded in
the first quarter of 2012 while there was no corresponding expense
during the first quarter of 2013 and b) to the fact that during the
first quarter of 2013 our vessels were under voyage charter
agreements for 89 days while during the first quarter of 2012 our
vessels were under voyage charter agreements for 153 days . Under
voyage charter agreements all voyage costs are borne and paid by us,
as opposed to time charter agreements where they are paid by the
charterer. The revenues earned from the voyage charter agreements
during the first quarter of 2013 and 2012 were $3.0 million and $7.0
million, respectively after excluding COAs.  
For the first quarter of 2013 and 2012, vessel operating expenses and
dry-docking expenses totalled $7.2 million and $7.6 million
respectively. The decrease in operating expenses is mainly due to
fewer ownership days during the first quarter of 2013 as compared to
the same period in 2012. Ownership days for the first quarter of 2013
and 2012 were 1,260 and 1,342, respectively.  
Depreciation expense decreased to $4.2 million for the first quarter
of 2013, compared to $9.8 million for the first quarter of 2012. The
decrease was due to:
 a) the impairment losses recognized as of
September 30, 2012, in connection with our oldest Capesize vessel,
the Star Sigma, and the entire fleet of our eight Supramax vessels,
which resulted in a further reduction in the net book value for the
respective vessels.
 b) the sale of Star Ypsilon, that concluded in
March of 2012. 
General and administrative expenses during the first quarter of 2013
decreased to $2.1 million compared to $3.2 million during first
quarter of 2012. This decrease was mainly due to lower stock based
compensation expenses by $1.3 million in the first quarter of 2013
compared to the same period in 2012.  
Gain on time charter agreement termination totaled $6.5 million for
the first quarter of 2012, representing a cash payment of $5.73
million and fuel oil valued at $0.72 million received as compensation
for the early redelivery of vessel Star Sigma from its previous
charterer. No gain on time charter agreement was recorded during the
first quarter of 2013. 
Other operational gain amounted to $0.9 million during the first
quarter of 2013 and mainly consisted of non-recurring revenue of $0.5
million, which represented the payment of installments due to us
under settlement agreements for two commercial claims and a gain of
$0.4 million regarding a hull and machinery claim. Other operational
gain amounting to $0.1 during the first quarter of 2012, represents a
gain derived from a hull a machinery claim. 
In September 2010, we signed an agreement to sell a 45% interest in
the future proceeds related to the settlement of certain commercial
claims. As a result, in connection to the settlement amount of $0.5
million described in other operational gain above, during the first
quarter of 2013, we incurred an expense of $0.2 million which is
included under other operational loss. During the first quarter of
2012, no other operational loss was recorded. 
Loss on sale of vessel amounting to $3.2 million, during the first
quarter of 2012, represents a loss on sale of the vessel Star Ypsilon
that took place in March of 2012. No vessel disposal took place
during the first quarter of 2013. On March 14, 2013, we concluded the
sale of the vessel Star Sigma, for a consideration that approximated
her carrying value. The vessel was delivered to her new owners on
April 11, 2013. 
For the first quarter of 2013, interest and finance costs decreased
by $0.3 million to $1.9 million, compared to $2.2 million for the
first quarter of 2012. The decrease is mainly attributable to lower
average outstanding debt during the first quarter of 2013 amounting
to $213.4 million compared to $257.9 for the first quarter of 2012,
which though was partially off-set by an increase in weighted average
interest rates in first quarter of 2013 amounting to 3.22% as
compared to 3.04% for the first quarter of 2012. The increase in
weighted average interest rates is mainly due to the amendment of our
loan agreements, reached in December of 2012. 
(*) Amounts relating to variations in period - on - period
comparisons shown in this section are derived from the actual numbers
in our books and records 
Liquidity and Capital Resources 
Cash Flows
 Net cash provided by operating activities for the first
quarter of 2013 and 2012, was $9.0 million and $12.2 million,
respectively. Cash flows generated by the operation of our fleet
decreased mainly due to lower average TCE rates, (see "Summary of
Selected Data" below) as a result of the decline in the prevailing
freight rate environment. For the first quarter of 2013, we earned a
daily TCE rate of $14,316 compared to a daily TCE rate of $16,801 for
the first quarter of 2012. Additional net cash provided by operating
activities for the first quarter of 2013 decreased due to fewer
voyage days amounted to 1,201 compared to 1,239 days during the same
period of 2012. 
Net cash provided by investing activities for the first quarter of
2013 and 2012, was $9.1 million and $10.5 million, respectively. For
the first quarter of 2013 net cash provided by investing activities
consisted of $1.8 million representing the 20% advance received based
on the agreement signed in March 2013 to sell the vessel Star Sigma,
which was delivered to its purchaser on April 11, 2013, a decrease of
$6.5 million in restricted cash and insurance proceeds amounting to
$1.2 offset by additions to vessels cost and other fixed assets
amounting to $0.4 million. Net cash provided by investing activities
for the first quarter of 2012 consisted of the proceeds from sale of
the vessel Star Ypsilon amounting to $8.0 million, a net decrease of
$2.0 million in restricted cash and insurance proceeds amounting to
$0.5 million. 
Net cash used in financing activities for the first quarter of 2013
and 2012 was $12.7 million and $17.5 million, respectively. For the
first quarter of 2013, net cash used in financing activities
represents loan installment payments. For the first quarter of 2012,
net cash used in financing activities consisted of loan instalment
payments amounting to $16.0 million, cash dividend payments of $1.2
million, and $0.3 million paid for the repurchase of 21,294 shares
under the terms of the Company's share re-purchase plan, which
expired on December 31, 2012. 
Summary of Selected Data 


 
                                                                            
(TCE rates expressed in U.S. dollars)                                       
                                          3 months ended     3 months ended 
                                          March 31, 2013     March 31, 2012 
                                        -----------------  -----------------
Average number of vessels (1)                       14.0               14.7 
----------------------------------------------------------------------------
Number of vessels (2)                                 14                 14 
----------------------------------------------------------------------------
Average age of operational fleet (in                                        
 years) (3)                                         11.1               10.1 
----------------------------------------------------------------------------
Ownership days (4)                                 1,260              1,342 
----------------------------------------------------------------------------
Available days (5)                                 1,260              1,296 
----------------------------------------------------------------------------
Voyage days for fleet (6)                          1,201              1,239 
----------------------------------------------------------------------------
Fleet utilization (7)                               95.3%              95.6%
----------------------------------------------------------------------------
Average per-day TCE rate (8)            $         14,316   $         16,801 
----------------------------------------------------------------------------
Average per day OPEX per vessel         $          5,531   $          5,582 
----------------------------------------------------------------------------
                                                                            
(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)  As of the last day of the periods reported                             
(3)  Average age of operational fleet is calculated as at March 31, 2013 and
     2012, respectively.                                                    
(4)  Ownership days are the total calendar days each vessel in the fleet was
     owned by the Company for the relevant period.                          
(5)  Available days for the fleet are the ownership days after subtracting  
     for off-hire days with major repairs, dry-docking or special or        
     intermediate surveys or transfer of ownership.                         
(6)  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).                                              
(7)  Fleet utilization is calculated by dividing voyage days by available   
     days for the relevant period.                                          
(8)  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.      
                                                                            
                                                                            
                                                                            
Unaudited Consolidated Condensed Statement of Operations                    
                                                                            
                                                                            
(Expressed in thousands of U.S. dollars      3 months ended  3 months ended 
 except for share and per share data)        March 31, 2013  March 31, 2012 
                                             --------------  -------------- 
                                                                            
                                                                            
Revenues:                                                                   
Voyage Revenues                                      18,230          27,937 
Management Fee Income                                   209              68 
                                             --------------  -------------- 
Total revenues                                       18,439          28,005 
                                             --------------  -------------- 
                                                                            
Expenses:                                                                   
Voyage expenses                                      (2,603)         (8,705)
Vessel operating expenses                            (6,969)         (7,491)
Dry-docking expenses                                   (272)            (96)
Depreciation                                         (4,153)         (9,771)
Gain on derivative instruments                            -              64 
General and administrative expenses                  (2,145)         (3,203)
Gain on time charter agreement termination                            6,454 
Other operational gain                                  897             140 
Other operational loss                                 (225)              - 
Loss on sale of vessel                                               (3,162)
                                                                            
                                             --------------  -------------- 
Operating income                                      2,969           2,235 
                                             --------------  -------------- 
                                                                            
Interest and finance costs                           (1,875)         (2,164)
Interest and other income                                64              23 
                                             --------------  -------------- 
Total other expenses, net                            (1,811)         (2,141)
                                             --------------  -------------- 
                                                                            
                                             --------------  -------------- 
Net income                                            1,158              94 
                                             ==============  ============== 
                                                                            
Earnings per share, basic                              0.21            0.02 
                                             ==============  ============== 
Earnings per share, diluted                            0.21            0.02 
                                             ==============  ============== 
Weighted average number of shares                                           
 outstanding, basic                               5,406,306       5,348,268 
                                             ==============  ============== 
Weighted average number of shares                                           
 outstanding, diluted                             5,406,373       5,348,268 
                                             --------------  -------------- 
                                                                            
                                                                            
                                                                            
Unaudited Consolidated Condensed Balance Sheets                             
                                                                            
(Expressed in thousands of U.S. dollars)                                    
                                                                            
                                                   March 31,    December 31,
ASSETS                                                2013          2012    
                                                 ------------- -------------
Cash and restricted cash                                21,308        22,276
Other current assets                                     9,772        15,687
Vessel held for sale                                     8,354             -
                                                 ------------- -------------
TOTAL CURRENT ASSETS                                    39,434        37,963
                                                 ============= =============
                                                                            
Fixed assets, net                                      279,086       291,207
Restricted cash                                          9,370         9,570
Fair value of above market acquired time charter        12,764        14,330
Other non-current assets                                 1,490         1,636
                                                 ------------- -------------
TOTAL ASSETS                                           342,144       354,706
                                                 ============= =============
                                                                            
Current portion of long-term debt                       25,500        28,766
Other current liabilities                               12,648        13,684
                                                 ------------- -------------
TOTAL CURRENT LIABILITIES                               38,148        42,450
                                                 ============= =============
                                                                            
Long-term debt                                         185,876       195,348
Other non-current liabilities                              170           162
                                                 ------------- -------------
TOTAL LIABILITIES                                      224,194       237,960
                                                 ============= =============
                                                                            
STOCKHOLDERS' EQUITY                                   117,950       116,746
                                                                            
                                                 ------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY             342,144       354,706
                                                 ------------- -------------

 
*As of March 31, 2013, we had $30,678 thousand in cash which included
$18,312 thousand free cash and $12,366 thousand restricted cash.
Restricted cash consisted of $5,366 thousand deposited in pledged
accounts and $7,000 thousand minimum liquidity required by our loan
agreements. 


 
                                                                            
                                                                            
Unaudited Cash Flow Data                                                    
                                                                            
                                                                            
                                             3 months ended  3 months ended 
(Expressed in thousands of U.S. dollars)     March 31, 2013  March 31, 2012 
                                            --------------- --------------- 
                                                                            
Net cash provided by operating activities             8,977          12,214 
                                                                            
Net cash provided by investing activities             9,123          10,530 
                                                                            
Net cash used in financing activities               (12,738)        (17,543)

 
EBITDA and adjusted EBITDA Reconciliation
 We consider 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,
or 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 we assess our liquidity position it is used
by our lenders as a measure of our compliance with certain loan
covenants and because we believe that it presents useful information
to investors regarding our ability to service and/or incur
indebtedness.  
We excluded amortization of the fair value of above market acquired
time charters associated with time charters attached to vessels
acquired, non-cash loss related to sale of vessel, change in fair
value of derivatives and stock-based compensation expense recognized
during the period, to derive adjusted EBITDA. We excluded the above
non-cash items to derive adjusted EBITDA because we believe that
these non-cash items do not reflect the operational cash inflows and
outflows of our fleet. 
The following table reconciles net cash provided by operating
activities to EBITDA and adjusted EBITDA: 


 
                                                                            
                                              3 months ended  3 months ended
(Expressed in thousands of U.S. dollars       March 31, 2013  March 31, 2012
                                                                            
                                             --------------- ---------------
Net cash provided by operating activities              8,977          12,214
Net increase in current assets                       (5,142)         (2,014)
Net increase in operating liabilities,                                      
 excluding current portion of long term debt           2,845           5,687
Amortization of fair value of above/below                                   
 market acquired time charter agreements             (1,566)         (1,584)
Other non-cash charges                                   (8)            (31)
Amortization of deferred finance charges               (146)           (136)
Stock - based compensation                              (46)         (1,331)
Change in fair value of derivatives                        -              82
Total other expenses, net                              1,811           2,141
Loss on sale of vessel                                     -         (3,162)
Gain from Hull & Machinery claim                         397             140
                                             --------------- ---------------
EBITDA                                                 7,122          12,006
                                             =============== ===============
Less:                                                                       
                                                                            
Change in fair value of derivatives                        -            (82)
Plus:                                                                       
                                                                            
Amortization of fair value of above/below                                   
 market acquired time charter agreements               1,566           1,584
Stock-based compensation                                  46           1,331
Loss on sale of vessel                                     -           3,162
                                             --------------- ---------------
Adjusted EBITDA                                        8,734          18,001
                                             --------------- ---------------

 
Conference Call details:  
Our management team will host a conference call to discuss our
financial results today, May 28th at 11 a.m., Eastern Time (ET).  
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 June 4,,
2013. 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 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 has an operating fleet of thirteen dry bulk
carriers. The total fleet consists of five Capesize and eight
Supramax dry bulk vessels with a combined cargo carrying capacity of
1,290,602 deadweight tons. The average age of our current operating
fleet is approximately 11.1 years. Additionally, we have three third
party drybulk vessels under our management, one Capesize and two
Supramax vessels and we have been sub-contracted for certain
management services, including crewing, purchasing and insurances,
for two product tankers. The total combined cargo carrying capacity
of these vessels amounts to 387,631 deadweight tons. 
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 
 
 
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