Star Bulk Carriers Corp., a global shipping company focusing on transportation of dry bulk cargoes, today announced that the Company has entered into an agreement to sell the Star Beta, a 174,691 dwt Capesize vessel, built 1993,

to a third party for a contracted sale price of $22 million. The
company expects to deliver the vessel to the buyers in the second
quarter of 2010 upon its redelivery from the current time charter.

Akis
Tsirigakis, President and CEO of Star Bulk, commented: “We are pleased
having agreed to sell one of our oldest vessels. We look forward to
concentrate on renewing and growing our fleet. Our entire fleet is
secured by period contracts and following the sale of the Star Beta,
92% of the fleet operating days for 2010 will be contracted and the
fleet average age will be 9.4 years.”

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 eleven dry bulk carriers
with a definitive agreement to sell one of its carriers. The total
fleet consists of three Capesize, the largest type of dry bulk vessel
and eight modern type Supramax dry bulk vessels, equipped with cranes
and fitted with grabs for self-discharging. The average age of the
fleet is approximately 10.1 years with a combined cargo carrying
capacity of 931,178 deadweight tons.

Source: Star Bulk Carriers Corp.

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