STAR BULK AGREES TO SELL ITS PANAMAX 'STAR IOTA', THE OLDEST VESSEL IN ITS FLEET

Athens, Greece, May 6, 2008 - Star Bulk Carriers Corp. (NASDAQ:SBLK) announced today that the Company has entered into an agreement to sell the Star Iota a Panamax vessel of 78,585 dwt built in 1983 for $18.35 million with the expected delivery to its buyers for June/July 2008. The vessel has been sold with her existing one-year time charter attached, at a net daily rate of USD 18,000.

Akis Tsirigakis, President and CEO of Star Bulk commented: " We are pleased that by selling our oldest asset we are able to reduce the average age of the fleet to about 8.9 years which is about 4.3 years below the industry average. The price we were able to sell the Star Iota at is considered attractive for a 25-year old vessel with a time charter substantially below current market levels.

Following the sale of the Star Iota, the fleet operating days will be 100%, 84% and 58% contracted for 2008, 2009 and 2010 respectively."

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 eleven dry bulk carriers, plus definitive agreement to sell its Panamax 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.