STAR BULK TAKES DELIVERY OF SUPRAMAX VESSEL STAR COSMO; EXPANDS ITS OPERATIONAL FLEET TO TWELVE VESSELS

Athens, Greece, July 2, 2008 - Star Bulk Carriers Corp. (NASDAQ:SBLK) announced today that it has taken delivery of the Star Cosmo, a Supramax bulk carrier of approximately 52,247 dwt, built in 2005. The vessel comes with a staggered 3-year charter to Korea Line that commenced on March 17, 2008, at a gross daily rate of $55,900, $41,900 and $27,900 for the first, second and third year respectively.

With the delivery of Star Cosmo, Star Bulk's operational fleet currently consists of twelve dry bulk carriers. In addition, the Company has definitive agreements to acquire one Capesize dry bulk carrier and to sell its oldest vessel, a Panamax dry bulk carrier. The contracted fleet operating days under time charter in 2008, 2009 and 2010 are currently 100%, 84% and 63% respectively.

Akis Tsirigakis, President and CEO of Star Bulk commented: "We are pleased to announce that we have taken delivery of the Star Cosmo, a modern vessel with an attractive time charter attached. Our fleet is fully contracted for 2008 therefore our revenue is unaffected by the recent freight market volatility, as is our ability to pay our fixed dividend which should be mentioned, represents only approximately 57% of our free cash flow."

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 twelve dry bulk carriers, plus definitive agreements to acquire 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.