Star Bulk Carriers Corp. announces decision not to proceed with offer for warrant exchange

ATHENS, GREECE, January 11, 2010 - Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), today announced that the Company has determined not to proceed with a previously announced plan to conduct an exchange offer to holders of its 5,916,150 outstanding warrants to purchase shares of common stock, par value $0.01 per share, of the Company (the "Existing Warrants"). Each Existing Warrant currently entitles the holder to purchase one share of common stock at an exercise price of $8.00 per share and expires at 5 p.m. New York City time on March 15, 2010.

The Company had planned to conduct the exchange offer whereby each Existing Warrant would have been eligible, upon payment of a fee per warrant, to be exchanged for a new warrant to purchase one share of common stock of the Company at an exercise price per share to be determined at a future date and with an expiration date of March 15, 2011. The Company has carefully evaluated current market conditions, including the recent trading prices of the Company's common stock on the Nasdaq Global Market, and determined that it currently would not be in the best interests of the Company's shareholders to effect the exchange offer. Directors of the Company currently own an aggregate of 1,132,500 Existing Warrants.

About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the drybulk 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 maintains executive offices 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 drybulk carriers. The total fleet consists of four Capesize, and eight Supramax dry bulk vessels with an average age of approximately 10.1 years and a combined cargo carrying capacity of 1,106,253 deadweight tons.

Star Bulk Carriers Corp.