Star Bulk Expands Fleet

Friday, May 23, 2008

Star Bulk Carriers Corp., announced that it has entered into a definitive agreement to acquire a Supramax bulk carrier of approx. 52,200 dwt, built in 2005, for approx. $68.8 million. The vessel, to be renamed the Star Cosmo, will be financed through a combination of company cash and bank debt.The Star Cosmo is scheduled to be delivered to Star Bulk within June/July 2008. The vessel comes with a staggered 3-year charter to Korea Line that commenced on March 17, 2008, at a gross daily rate of $55,900, $41,900 and $27,900 for the first, second and third year respectively.Following this acquisition, Star Bulk's fleet will increase to twelve vessels of approximately 1,033,850 dwt. With the addition of the Star Cosmo the contracted fleet operating days under time charter in 2008, 2009 and 2010 will be 100%, 81% and 56% respectively.

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