STAR BULK CARRIERS CORP. REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2007

ATHENS, GREECE, February 26, 2008 - Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), a global shipping company focusing on transportation of dry bulk cargoes, today reported net income of $1.61 million for the fourth quarter of 2007 compared to net income of $0.62 million for the fourth quarter of 2006.

The Company completed its merger with and into Star Maritime Acquisition Corp., a special purpose acquisition company, with the Company as the surviving corporation, on November 30, 2007. The Company took delivery of four vessels and commenced operations in the fourth quarter 2007. Voyage and time charter revenues amounted to $3.69 million for the fourth quarter of 2007, compared to nil in the fourth quarter of 2006.

Net income for the full year 2007 amounted to $3.41 million, compared to net income of $2.98 million for 2006. Voyage and time charter revenues for 2007 are the same as voyage and time charter revenues for the fourth quarter 2007 referenced above.

Earnings per share, basic for the three months ended December 31, 2007 was $0.05, based on a weighted average of 33,155,178 shares outstanding, basic in the fourth quarter of 2007.

Earnings per share, basic for the year ended December 31, 2007 was $0.11, based on a weighted average of 30,067,470 shares outstanding, basic at December 31, 2007.

Akis Tsirigakis, President and CEO of Star Bulk Carriers commented: "We are pleased to announce our first financial results since we became an operating company as of the completion of our Redomiciliation Merger on November 30, 2007. In a short period of time we have been able to achieve a number of important objectives we set for ourselves including the delivery of four vessels during the month of December thereby allowing us to realize initial cash flow from operations. We look forward to increased cash flows as of the first quarter of 2008 when we will have an operational fleet of nine vessels with a tenth scheduled for delivery in May 2008.

In addition to the eight vessels we had agreed to acquire as part of our initial fleet we acquired an additional two vessels thereby expanding our revenue and profit capability. In this context, we acquired and have taken delivery of the Star Kappa, a 2001 Supramax bulk carrier and have a definitive agreement to acquire the M/V Star Sigma, a 1991 built Capesize vessel, which we expect to take delivery of during the second quarter 2008, bringing our total fleet to ten vessels. Furthermore, all of our vessels are secured under time charters, and we have thus contracted 100% of our fleet days for 2008 securing a healthy revenue stream which can support our growth objectives and our dividend policy.

We believe Star Bulk Carriers is strategically positioned to take full advantage of the positive fundamentals in the dry bulk sector. Star Bulk Carriers has significant potential for further growth due to our under-leveraged balance sheet and our strong and secure cash flow based on our charter coverage.

Star Bulk Carriers Corp.