STAR BULK ACQUIRES CAPESIZE VESSEL STAR YPSILON EXPANDING ITS FLEET TO THIRTEEN VESSELS

Athens, Greece, June 3, 2008 - Star Bulk Carriers Corp. (NASDAQ: SBLK), announced today that it has entered into a definitive agreement to acquire the Capesize bulk carrier Falcon Cape, of 150,940 dwt, built in Japan in 1991, for approximately $87.2 million. The acquisition will be financed through a combination of company cash and bank debt. The vessel is to be renamed Star Ypsilon and is scheduled to be delivered to Star Bulk within August/September 2008.

The vessel will enter into an approximately 34-month time charter to TMT as of the time of the vessel's delivery to Star Bulk at a net daily rate of $112,600 for the first 10 months, $93,300 for the following 12 months and $74,100 for last 12 months in replacement of the Star Iota which has been committed to be sold.

The vessel is being acquired from a company affiliated with Oceanbulk, which intervened to facilitate the transaction, at the same price it acquired the vessel from Dutch interests. No commissions are to be charged either on the sale or the chartering of Star Ypsilon.

Following this acquisition, Star Bulk's fleet will increase to thirteen vessels of approximately 1,184,835dwt. With the addition of the Star Ypsilon the contracted fleet operating days under time charter in 2008, 2009 and 2010 will be 100%, 84% and 63% respectively.

Akis Tsirigakis, President and CEO of Star Bulk commented: "We are pleased to have made an acquisition with a contracted revenue of approximately $93 million exceeding the vessel's purchase price. It is not commonplace to source such deals. "

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 agreements to acquire one Supramax and one Capesize dry bulk carrier and sell its Panamax dry bulk carrier. The total fleet consists of four Capesize, one Panamax and eight Supramax dry bulk vessels with an average age of approximately 10 years and a combined cargo carrying capacity of 1,184,835 deadweight tons.

Star Bulk Carriers Corp.