The Board of Directors of Blue Star Maritime S.A. is pleased to announce the successful debt refinancing of the Group.

The new € 200 million secured bond issue arranged by CITIBANK INTERNATIONAL PLC was signed yesterday on board the vessel Blue Star 2.

Participating banks, in addition to the above mentioned one, are :

Alpha Bank S.A., Piraeus Bank S.A., Emporiki Bank of Greece, National Bank of Greece, HSH Nordbank AG, DVB Bank AG, Deutsche Schiffsbank AG.

The new bond issue completes the reorganization of the Group’s capital structure and the favourable credit terms achieved add one more significant success to the Group’s management.

The new bond issue will be used for the prepayment of the existing bank loans as well as for the repayment of the convertible bond, which expires in June 2005.

For more information please contact:
Mr Dionissis Theodoratos
Blue Star Maritime S.A.
Tel.: +30 210 891 9820
Fax : +30 210 891 9829
e-mail: theodoratos@bluestarferries.com