STAR BULK ANNOUNCES UPDATED EMPLOYMENT STATUS OF STAR BETA

Athens, Greece, October 16, 2008 - Star Bulk Carriers Corp. (NASDAQ:SBLK) ("Star Bulk") today announced a change in the employment status of a Capesize vessel in its fleet, the Star Beta, and a dispute relating to that change. The Star Beta, a 1993-built Capesize vessel of 174,691 dwt., was time chartered by Star Bulk to Industrial Carriers Inc. of Ukraine ("ICI"). Under the related time charter agreement, ICI was obligated to pay Star Bulk a gross daily charter hire rate of $106,500 until February 2010. In turn, ICI sub-chartered the vessel for one year to Oldendorff Gmbh & Co. KG of Germany ("Oldendorff") at a gross daily charter hire rate of $130,000 until February 2009.

ICI has assigned its rights and obligations under the sub-charter to Star Bulk in exchange for it being released from the remaining term of the ICI charter.

Oldendorff has notified Star Bulk that it considers the assignment of the sub-charter to be an effective repudiation of the sub-charter by ICI. Star Bulk believes that the assignment is valid and that its position will prevail in this dispute.

According to press reports, a branch office of ICI has today filed an insolvency proceeding in the Greek courts.

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.