STAR BULK DECLARES DIVIDEND OF $0.35 PER SHARE FOR THE QUARTER ENDING JUNE 30, 2008

Athens, Greece, July 29, 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 common share for the second quarter ending June 30, 2008. The dividend will be payable on or about August 18, 2008 to shareholders of record as of August 8, 2008.

This is the third consecutive quarterly dividend declared by the Company since becoming operational on November 30, 2007. 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 dividend of $0.35 per common share for our second full quarter of operations, currently representing in excess of 13.3% yield, if annualized. The annualized dividend payout represents approximately 57% of our expected 2008 free cash flow and is supported by a healthy balance sheet and approximately 27% debt to fleet value. Our fleet is now contracted 100% for 2008 and 84% for 2009 and 63% for 2010 providing for visible long-term earnings and secure dividends. We deem that the declaration of this quarterly dividend will encourage the conversion of warrants into shares and clear any remaining perceived overhang. "

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.