STAR BULK TAKES DELIVERY OF CAPESIZE VESSEL; EXPANDS ITS OPERATIONAL FLEET TO THIRTEEN VESSELS

Athens, Greece, October 1, 2008 - Star Bulk Carriers Corp. (NASDAQ:SBLK) announced today that it has taken delivery of the Star Ypsilon, a Capesize bulk carrier of approximately 150,940 dwt, built in 1991 in Japan. The vessel is chartered for about 3 years at charter rates significantly higher than current market levels.

With the delivery of Star Ypsilon, Star Bulk's operational fleet currently consists of thirteen dry bulk carriers, plus the Company has a definitive agreement to sell its oldest vessel, Star Iota, a Panamax vessel. The contracted fleet operating days under time charter in 2008, 2009 and 2010 is currently 100%, 90% and 69% respectively.

Akis Tsirigakis, President and CEO of Star Bulk commented: "We are pleased to have taken delivery of the Star Ypsilon a vessel with a period time charter at significantly higher rates than current market levels. Of particular significance is the fact that the contracted revenue over three years exceeds the purchase price of the vessel. Our strategy of significant forward coverage provides a visible and secure revenue stream which counteracts charter rate volatility. "

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 thirteen dry bulk carriers, plus definitive agreements to 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.