Star Bulk announces incident involving
the Star Polaris

ATHENS, GREECE, MARCH 2 2012

Star Bulk Carriers Corp. (the "Company”) (Nasdaq: SBLK) today announced that one of its vessels, the STAR POLARIS, sustained bottom damage when entering the port of Eregli, Turkey.

Following a survey of the damages, the vessel proceeded for permanent repairs to Daewoo Mangalia shipyard in Romania. The repairs are expected to be completed in approximately thirty days. As a result of the incident, the vessel has been declared off hire by its charterers.

The Company has commenced an investigation into the circumstances of the incident and has reserved its rights relating to the unsafeness of the port. The Company expects the cost of the repairs to be covered by the vessel’s hull and machinery insurance policy, subject to the applicable terms.

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