Star Polaris Damaged Entering Turkish Port

(Press Release)
Friday, March 02, 2012
Star Bulk Carriers Corp. (Nasdaq: SBLK) 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.

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