The Board of Directors of Blue Star Maritime S.A. announces that in the first quarter of 2008, revenue stood at Euro 30.09 mln against Euro 28.45 mln in the first quarter of 2007, an increase of 5.7%. Earnings before taxes, investing and financial results, depreciation and amortization (EBITDA) stood at Euro 1.46 mln against Euro 3.79 mln (61.4% decrease) while Losses after tax and minority interests grew to Euro 3.86 mln against Euro 1.85 mln in the same period of previous year.

The Group’s key financials for the first quarter of 2008 compared to the first quarter of 2007 were in Euro thousand (except sailings):

Sailings: 907 in 2008, 979 in 2007, Change -7.3%
Revenue: 30,092 in 2008, 28,455 in 2007, Change +5.7%
Earnings before Taxes, Investing & Financial Results,
Depreciation & Amortization (EBITDA): 1,465 in 2008, 3,796 in 2007, Change -61.4%
Losses after Tax & Minority interests: (3,866) in 2008, (1,853) in 2007, Change 108.6%

Contributing to the growth in revenue was the marked improvement in load factors for passengers in the Cycladic Islands’ routes and for freight units in the Dodecanese Islands’ routes. Another contributing factor to the increase in revenue was the increase in the average fare obtained per passenger and vehicle carried compared to the first quarter of 2007.

The improvement in load factors in the Greece-Italy routes, also contributed to the revenue growth, where with 36% fewer sailings, the Group has significantly improved the volumes carried and revenue per sailing compared to the same period last year.

Group’s operational profitability (EBITDA) and financial results after taxes posted a decrease despite the revenue increase. This development was mainly due to the fact that the average price of heavy fuel oil (380Cst, 3.5% sulphur) rose by 49% compared to the average price of the same period of the previous year. The Group’s total expenses for fuel oil and lubricants rose by Euro 3.8 mln compared to the first quarter of 2007.

The most important developments in our Group in the course of the first quarter of 2008 were:

On 4th January, 2008, MIG Shipping S.A., announced the results of the mandatory Public Offer to the shareholders of Blue Star Maritime S.A. According to the announcement, MIG Shipping S.A., MIG and Attica Holdings S.A., held shares representing 84.45% of the Company’s total share capital.

On 26th February, 2008, the Board of Directors announced its decision to merge by absorption Blue Star Maritime S.A. by the Athens Exchange listed Attica Group.

On 19th May, 2008, the Annual General Shareholders Meeting of Blue Star Maritime S.A., approved the distribution of profits and payment of dividend amounting to Euro 9,450,000 or Euro 0.09 per share. The payment of the dividend will commence on Monday 23rd June, 2008.

Total traffic volumes for the Group, for the first quarter stood at 507,247 passengers, 69,532 private vehicles and 35,688 freight units. Compared to the same period of last year, total volumes carried decreased by 6.8% in passengers, by 8.6% in private vehicles and by 7.4% in freight units, with 7.3% fewer sailings.

Following the developments presented above, in terms of financial results and traffic volumes, the Group’s management takes all necessary actions in order to improve revenues and maximize load factors as well as to restrain the negative impact of the remarkably high increase of fuel oil prices to the Group’s financial results.

Blue Star Ferries