STAR BULK DELIVERS THE PANAMAX 'STAR IOTA' TO ITS BUYERS

Athens, Greece, October 7, 2008 - Star Bulk Carriers Corp. (NASDAQ:SBLK) announced today that it has delivered the Star Iota, a Panamax bulk carrier of approximately 78,585 dwt, built in 1983 in S. Korea to its buyers. The Star Iota had been previously sold for approximately $18.3 million.

With the delivery of Star Iota to its buyers, Star Bulk has completed all deliveries of vessels for either purchase or sale, to date. Star Bulk's fleet currently consists of twelve dry bulk carriers. 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 delivered the oldest vessel of our fleet to its buyers. This disposal has reduced by 1.3 years the average age of the fleet to 9.4 years, well below the industry average of about 17 years. Star Bulk's limited exposure to current market volatility because of its high charter coverage, coupled with a strong balance sheet affords us flexibility in planning our company's path and to take advantage of opportunities that may arise."

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. The total fleet consists of four Capesize and eight Supramax dry bulk vessels with an average age of approximately 9 years and a combined cargo carrying capacity of 1,106,250 deadweight tons.

Star Bulk Carriers Corp.