STAR BULK CARRIERS CORP. ANNOUNCES CHANGE IN POLICY OF ACCOUNTING FOR VESSEL DRYDOCKING COSTS

ATHENS, Greece, May 13, 2008 - Star Bulk Carriers Corp. (the "Company") (Nasdaq: SBLK) announced today that starting with its fiscal first quarter ended March 31, 2008, it has elected to change its policy for accounting for vessel drydocking costs from the deferral method, under which the Company deferred and amortized its drydocking costs over the estimated period of benefit between drydockings, to the direct expense method, under which the Company expenses all drydocking costs as incurred.

There have been no drydocking costs that the Company has incurred prior to the first quarter of 2008, therefore, there will be no impact on the Company's prior financial statements as a result of the adoption of this change in policy. The Company believes that the new direct expensing method eliminates the significant amount of subjectivity that is needed to determine which costs and activities related to drydocking should be deferred. The first effect of this change in accounting policy, will appear in the Company's results for the quarter ended March 31, 2008. This change in accounting policy will not impact the Company's dividend distributions per share, given that the Company has a fixed dividend policy.

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.