Star Bulk announces the sale of the capesize vessel Star Ypsilon and settlement of the claim with Deiulemar

ATHENS, GREECE, February 24, 2012

Star Bulk Carriers Corp. (the "Company” or "Star Bulk”) (Nasdaq: SBLK) today announced that the Company has entered into an agreement to sell the Star Ypsilon, a 150,940 dwt Capesize vessel, built 1991, to a third party for a contracted sale price of $9.12 million. The Company plans to deliver the vessel to the buyers within March 2012.

Furthermore, Star Bulk today announced that its subsidiary Star Beta LLC and Deiulemar Shipping S.p.A ("Deiulemar") agreed to settle all claims that were the subject of an ongoing arbitration. In connection with the settlement, the Company received a major portion of its arbitration claim and the arbitration proceedings were discontinued. In addition, the cash collateral posted by the Company as security in the arbitration proceedings was released and returned to the Company.

The settlement of the claim with Deiulemar is considered an adjusting subsequent event in accordance with U.S. GAAP and the Company will include the settlement amount in its audited financial statements that will appear in its annual report on Form 20-F for the year ended December 31, 2011. The net effect of this adjustment in our Statement of Operations was a write-off of $0.69 million.

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 maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Market under the symbol "SBLK". Currently, Star Bulk has an operating fleet of fifteen dry bulk carriers, consisting of seven Capesize, and eight Supramax dry bulk vessels with a combined cargo carrying capacity of 1,625,945 deadweight tons. The average age of our current operating fleet is 10.7 years.

Star Bulk Carriers Corp. press release