D R A F T

The Board of Directors of Blue Star Maritime S.A. is pleased to announce that Net Profit after Tax for the Group rose to € 17.5mln for full year 2005 against € 10.5mln in 2004, posting an increase of 66.4%.

The Group’s key financials for fiscal year 2005 as reported under the International Financial Reporting Standards (IFRS) compared to the previous year are:

In Euro thousand 2005 2004 Ch.%

(except sailings)

Sailings 4,745 6,372 -25.5%

Revenue 133,379 128,495 3.8%

Earnings before Interest,

Tax, Depreciation &

Amortization (EBITDA) 37,641 30,389 23.8%

Net Profit after Tax 17,500 10,517 66.4%

Earnings per Share (in Euro) 0.17 0.10 70.0%

Contributing factors to the Group’s increased revenue were:

· The increase in load factors on the Dodecanese and Cycladic Islands’ routes where a significant growth in volumes carried over approximately the same number of sailings as in the previous year was achieved.

· The growth in tourist traffic, both in passengers and in private vehicles, in the Greek Islands’ market and

· The high load factors achieved on the Patras – Igoumenitsa – Corfu – Bari route during the summer period. It is worth noting that the increase in volumes carried was greater than the increase in the number of sailings resulting from the addition of Blue Star 1 to the route, and this was managed despite the increase in competition witnessed on the particular route.

Total Revenue grew despite the 25.5% decrease in the number of sailings performed, compared to 2004, which explains the growth in load factors.

The growth in the Group’s EBITDA and Net Profit after Tax, despite the considerable growth in fuel oil prices, can be mainly attributed to:

· The decrease in the number of vessels of the fleet following the sale of four older vessels in the course of 2004 whose operation had a negative contribution to the Group’s results.

· The focus on profitable routes, which allow for the vessels’ optimum operational efficiency.

· The curtailment of the cost of sales, except fuel costs, as well as of administrative expenses and

· The decrease in financial expenses following the successful debt refinancing of the Group and the repayment of the Group’s Euro 30mln convertible bond.

The Group’s management in addressing the effect of high fuel oil prices on operational profitability, undertook:

- The reduction in cruising speed on some domestic market services so as to reduce fuel oil consumption.

- The imposition of a fuel surcharge on passenger, private vehicle and freight fares on the Greece – Italy routes since July, 2005.

The above commercial measures achieved partial coverage against the large increase in the cost of fuel oil to the operations of the Group. It should be noted that as regards the Group’s vessels which operate in the Greek domestic market, the continuing, for more than two years, delay in the harmonization of the Greek institutional framework to the European Regulation 3577/92, despite the reasoned opinion sent by the European Commission to the Greek government, does not allow the Group’s management to apply, among others, a free commercial policy that would balance the increase in operating expenses due to the unforeseen increase in the price of fuel oil.

The key financial data of the Group’s Balance Sheet for 2005 compared to the previous year are:

In Euro thousand 2005 2004 Ch.%

Cash and Cash Equivalents 49,225 44,130 11.5%

Equity 200,619 190,041 5.6%

Total Liabilities 213,908 228,398 -6.3%

The above data indicate the financial strength of the Group with the Liabilities over Equity coverage standing at only 1.06 times.

The Group carried 3,478,082 passengers, 422,975 private vehicles and 123,079 freight units which correspond to a 9.7% decrease in passengers, 20.6% in private vehicles and 5% in freight units compared to 2004. The decrease in volumes carried is due to the sale of four older vessels in the course of 2004 and the redeployment of one ship from the Greek Islands’ routes to the international Greece – Italy routes.

Following the above, the Group’s management having achieved the goals set in the previous year and provided that suitable market conditions develop, will continue to examine the development of new routes in the Greek domestic services and abroad through the acquisition or building of modern conventional vessels. Within this framework, and considering the outlook for the current year, the Group’s management will propose to the Annual General Shareholders’ Meeting the distribution of total dividend amounting to Euro 7,350,000 which corresponds to Euro 0.07 per share, a 16.7% increase over the previous year.

The Consolidated and Company Financial Statements will be published in the press and will be posted on the Athens Exchange and Group (www. bluestarferries.com) websites on Wednesday 22^nd February, 2006.

Voula, 21^st February, 2006

The Board of Directors

For more information please contact:

Mr. Dionissis Theodoratos

BLUE STAR MARITIME S.A.

Τel.: +30 210 891 9820

Fax: +30 210 891 9829

e-mail: theodoratos@bluestarferries.com