STAR BULK DECLARES DIVIDEND OF $0.35 PER SHARE FOR THE QUARTER ENDING MARCH 31, 2008

Athens, Greece, April 16, 2008 - Star Bulk Carriers Corp. (NASDAQ:SBLK) announced today that its Board of Directors declared a cash dividend on its common stock of $0.35 per share for the first quarter ending March 31, 2008. The dividend will be payable on or about May 26, 2008 to shareholders of record as of May 16, 2008.

This is the second consecutive quarterly dividend declared by the Company, since the completion of the Redomiciliation Merger on November 30, 2007, by which Star Maritime has merged with and into Star Bulk with Star Bulk as the surviving entity. Star Bulk intends to pay quarterly cash dividends to the holders of its common shares, in February, May, August and November.

Akis Tsirigakis, President and CEO of Star Bulk commented: "We are pleased to declare a quarterly dividend of $0.35 for our first full quarter of operations marking an important milestone for Star Bulk. Based on this quarterly dividend, the annual yield is about 11.3%, represents just 53% of our expected free cash flow and is supported by a healthy balance sheet with about 29% debt to fleet value. Our fleet is now contracted 100% for 2008 and 71% for 2009 providing for visible long-term earnings and secure dividends. We expect that the declaration of the full quarterly dividend will be the catalyst that will accelerate the conversion of warrants into shares and bring more cash into the company. "

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 such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and is headquartered in Athens, Greece. Its common stock and warrants trade on the NASDAQ Global Market under the symbols "SBLK" and "SBLKW" respectively. Currently, Star Bulk has an operating fleet of ten dry bulk carriers, plus definitive agreement to acquire one further dry bulk carrier. The total fleet consists of three Capesize, one Panamax and seven Supramax dry bulk vessels with an average age of approximately 10 years and a combined cargo carrying capacity of 981,648 deadweight tons.

Star Bulk Carriers Corp.