-- The Company reported net income of $17.84 million for the quarter
ending March 31, 2008 compared to net income of $0.28 million for the first
quarter of 2007.
-- Voyage and time charter revenues were $42.49 million for the first
quarter of 2008. This figure includes revenues of $18.01 million
attributable to the amortization of the fair value of below/above market
acquired time charters.
-- Earnings per share, basic and diluted for the three months ended March
31, 2008 were $0.40 and $0.36, respectively. These figures are based on a
weighted average of 44,748,517 shares outstanding, basic and on a weighted
average of 49,385,952 shares outstanding, diluted in the first quarter of
2008.
We commenced operations during the fourth quarter of 2007 (December 3,
2007). Included in this release are our Unaudited Interim consolidated
condensed financial statements which include comparisons between the first
quarter of 2008 and 2007. During the period from the Company's inception
(May 13, 2005) to the date it commenced operations (December 3, 2007), the
Company was a development stage enterprise.
The Unaudited Interim consolidated condensed Income Statements, Balance
Sheets, and Cash Flow Statements presented herein, include the accounts of
Star Bulk Carriers Corp. and its wholly owned subsidiaries and of its
predecessor Star Maritime Acquisition Corp. ("Star Maritime").
Star Maritime was organized under the laws of the State of Delaware on
May 13, 2005 as a blank check company formed to acquire, through a merger,
capital stock exchange, asset acquisition or similar business combination,
one or more assets or target businesses in the shipping industry. Star
Maritime's common stock and warrants started trading on the American Stock
Exchange under the symbols, SEA and SEA.WS, respectively, on December 21,
2005.
On November 27, 2007, the Company obtained shareholder approval for the
acquisition of the initial fleet of eight drybulk carriers and for
effecting the Redomiciliation Merger whereby Star Maritime merged with and
into Star Bulk with Star Bulk as the surviving entity. The Redomiciliation
Merger was completed on November 30, 2007 as a result of which each
outstanding share of Star Maritime common stock was converted into the
right to receive one share of Star Bulk common stock and each outstanding
warrant of Star Maritime was assumed by Star Bulk with the same terms and
restrictions except that each became exercisable for common stock of Star
Bulk. Star Bulk's common stock and warrants are listed on the Nasdaq Global
Market under the symbols "SBLK" and "SBLKW" respectively.
Akis Tsirigakis, President and CEO of Star Bulk commented: "I am very
pleased to report Star Bulk's first full operating quarter financial
results. We have taken delivery of all eight vessels of the initial fleet
within a few months since the commencement of operations in December 3,
2007 and we were able to grow our fleet to thirteen vessels, or by 63%.
Through these acquisitions, we reduced the average age of the fleet to
approximately 10 years and exceeded the 1 million deadweight tonnage mark.
Other significant milestones for the company include the exercise and/or
re-purchase of approximately 68% of the warrants that were outstanding as
well as having paid our first full operating quarter dividend of $0.35 per
share. We believe we are well-positioned to create further value for our
shareholders with the aid of our strong balance sheet and moderate debt
level."
Fleet Employment Profile (As of June 04, 2008)
Currently Star Bulk's fleet is employed as follows:
Time
Year Charter
Vessel Name Type DWT Built Time Charter Expiry (1) Rate (2)
-------- --------- ------ ------------------------- ----------
CAPESIZE
FLEET
Star Alpha Capesize 175,075 1992 Jul 5 - Oct 5, 2009 $ 47,500
-------- --------- ------ ------------------------- ----------
Star Beta Capesize 174,691 1993 Feb 12 - May 2, 2010 $ 106,500
-------- --------- ------ ------------------------- ----------
Mar 1 - Mar 31, 2009 $ 100,000
Star Sigma Capesize 184,400 1991 Mar 2010 $ 69,000
Mar 2011 $ 63,000
Mar - Aug 2012 $ 57,000
-------- --------- ------ ------------------------- ----------
SUPRAMAX FLEET Jan 4 - Feb 14, 2009 $ 28,500
Feb 2010 $ 45,000
Star Gamma Supramax 53,098 2002 Feb 2011 $ 38,000
Jan - Mar 2012 $ 31,000
-------- --------- ------ ------------------------- ----------
Star Delta Supramax 52,434 2000 Feb 7 - May 7, 2009 $ 25,800
-------- --------- ------ ------------------------- ----------
Dec 15, '08 - Mar 15, '09 $ 25,550
Star Epsilon Supramax 52,402 2001 Feb 2014 - May 2014 $ 32,400
-------- --------- ------ ------------------------- ----------
May 2008 $ 65,000
Star Zeta Supramax 52,994 2003 Apr 2011 - Jul 2011 $ 42,500
-------- --------- ------ ------------------------- ----------
Star Theta Supramax 52,425 2003 April 2 - Jun 16, 2009 $ 32,500
-------- --------- ------ ------------------------- ----------
Star Kappa Supramax 52,055 2001 Aug 24 - Nov 23, 2010 $ 47,800
-------- --------- ------ ------------------------- ----------
Star Omicron Supramax 53,489 2005 Feb - May 2011 $ 43,000
-------- --------- ------ ------------------------- ----------
VESSELS ACQUIRED - NOT YET
DELIVERED
Star Jul 2009 $ 112,600
Ypsilon(3) Capesize 150,940 1991 Jul 2010 $ 93,300
Jul 2011 $ 74,100
-------- --------- ------ ------------------------- ----------
Star Mar 2009 $ 55,900
Cosmo(4) Supramax 52,247 2005 Mar 2010 $ 41,900
Mar 2011 $ 27,900
-------- --------- ------ ------------------------- ----------
VESSELS HELD FOR SALE
Star Iota(5) Panamax 78,585 1983 Mar 7 - Apr 17, 2009 $ 18,000
-------- --------- ------ ------------------------- ----------
Grand Total 13 1,184,835
-------- --------- ------ ------------------------- ----------
(1) The date range presented represents the earliest and latest expiration
dates allowed under the respective charter party. Charterers have the
right to add off-hire days, if any, which occurred during the charter
period.
(2) Represents the gross daily rate.
(3) Star Ypsilon is expected to be delivered to Star Bulk in August /
September 2008.
(4) Star Cosmo is expected to be delivered to Star Bulk in June /
July 2008.
(5) Star Iota is expected to be delivered to its buyers in June /
July 2008.
First Quarter 2008 Results
We commenced operations during the fourth quarter of 2007 (December 3,
2007) and therefore we are unable to present a meaningful comparison of our
first quarter of 2008 and 2007 results.
For the quarter ended March 31, 2008, Voyage Revenues amounted to $42.49
million and Operating Income amounted to $18.81 million. Net Income for
the first quarter of 2008 was $17.84 million representing $0.40 earnings
per share calculated on 44,748,517 weighted average number of shares, basic
and $0.36 earnings per share calculated on 49,385,952 weighted average
number of shares, diluted.
The above Net Income figure includes vessel impairment loss of $3.14
million in connection with the sale of the vessel Star Iota and
amortization of fair value of below/above market acquired time charters of
$18.01 million.
Adjusted EBITDA for the first quarter of 2008 was $9.61 million. Please
see later in this release for a reconciliation of adjusted EBITDA to net
cash provided by cash flows from operating activities.
An average of 8.1 vessels were owned and operated during the first quarter
of 2008, earning an average Time Charter Equivalent, or TCE, rate of
$63,594 per day. Please see later in this release for further information
regarding our calculation of TCE rate.
Dry-docking related expenses
During the first quarter of 2008, we elected to change our method of
accounting for dry-docking costs from the deferral method, under which
costs associated with dry-docking a ship are deferred and charged to
expense over the period until a ship's next scheduled dry-docking, to the
direct expense method, under which we will expense all dry-docking costs as
incurred. We view this as a preferable method since it eliminates the
subjectivity and significant amount of time that is needed to determine
which costs related to dry-docking activities should be deferred and
amortized over a future period.
During the first quarter of 2008 our total costs for all vessels dry-docked
amounted to $2.79 million. If we had not elected to change our policy and
defer dry-docking costs, Net Income for the first quarter of 2008 would
have amounted to $20.63 million representing $0.46 earnings per share
calculated on 44,748,517 weighted average number of shares, basic and $0.42
earnings per share calculated on 49,385,952 weighted average number of
shares, diluted.
Fleet Developments
Vessels deliveries
The following table shows the vessels that were delivered to the Company in
the first quarter of 2008 and the respective dates that such deliveries
took place:
Vessel Date of Delivery
----------------
----------------
Star Zeta (ex I Duckling) January 02, 2008
----------------
Star Delta (ex F Duckling) January 02, 2008
----------------
Star Gamma (ex C Duckling) January 04, 2008
----------------
Star Alpha (ex A Duckling) January 09, 2008
----------------
Star Iota (ex Mommy Duckling) March 07, 2008
----------------
Vessel acquisitions
On January 22, 2008 the Company concluded a Memorandum of Agreement for the
acquisition of the Capesize dry bulk carrier vessel Sinfonia (to be renamed
Star Sigma), for an aggregate purchase price of $83.74 million. The vessel
was delivered to us on April 15, 2008.
On March 11, 2008, the Company concluded a Memorandum of Agreement for the
acquisition of the Supramax dry bulk carrier vessel Star Omicron (ex Nord
Wave) for an aggregate purchase price of $72 million. The vessel was
delivered to us on April 18, 2008.
On May 22, 2008, the Company concluded a Memorandum of Agreement for the
acquisition of the Supramax dry bulk carrier vessel Victoria (to be renamed
Star Cosmo) for an aggregate purchase price of $68.80 million. The vessel
is scheduled to be delivered to us within June/July 2008.
On June 3, 2008, the Company entered in a definitive agreement to acquire
the Capesize dry bulk carrier vessel Falcon Cape (to be renamed Star
Ypsilon) for an aggregate purchase price of $87.20 million. The vessel is
scheduled to be delivered to us within August/September 2008.
Sale of vessel
On April 24, 2008 the Company concluded a Memorandum of Agreement for the
disposal of the vessel Star Iota to unaffiliated third parties for a gross
sale price of $18.35 million with expected delivery during the second or
third quarter of 2008. On March 31, 2008 the vessel was classified as
asset held for sale and recorded at the lower of its carrying amount or
fair value less cost to sell. The resulting impairment loss of $3.14
million was recorded in the quarter ended March 31, 2008.
Financing activities
On December 27, 2007 the Company concluded a loan agreement of up to $120
million in order to partly finance the acquisition cost of the second hand
vessels Star Gamma (ex. C Duckling), Star Delta (ex. F Duckling), Star
Epsilon (ex. G Duckling), Star Zeta (ex. I Duckling), and Star Theta (ex.
J. Duckling) During January 2008 the Company had drawn down the full amount
of this loan. The loan bears interest at LIBOR plus a margin and is
repayable in twenty-eight quarterly installments through December 2016.
On April 14, 2008 (amended on April 17, 2008) the Company entered into a
loan agreement of up to $170 million with Piraeus Bank in order to partly
finance the acquisition cost of vessels Star Omicron and Star Sigma and
also to provide additional liquidity to the Company. Vessels Star Alpha,
Star Beta, and Star Sigma were collateralized to secure this loan. The
loan bears interest at LIBOR plus a margin basis and is repayable in
twenty-four quarterly installments through April 2016. As of June 04, 2008
the Company has drawn down the amount of $93.50 million.
Summary of Selected Data
(TCE rate in Dollars in thousands)
Three
Months
Ended
March 31,
2008
=========
Average number of vessels (1) 8.1
Number of vessels 9
Average age of operational fleet (in years) (2) 10.2
Ownership days (3) 737
Available days (4) 662
Voyage days for fleet (5) 647
Fleet Utilization (6) 88%
Time charter equivalent rate (7) 63,594
(1) Average number of vessels is the number of vessels that constituted our
fleet for the relevant period, as measured by the sum of the number of days
each vessel was a part of our fleet during the period divided by the number
of calendar days in that period.
(2) Average age of operational fleet is calculated as at March 31, 2008.
(3) Ownership days are the total calendar days each vessel in the fleet was
owned by Star Bulk for the relevant period.
(4) Available days for the fleet are the total calendar days the vessels
were in possession for the relevant period after subtracting for off-hire
days with major repairs dry-docking or special or intermediate surveys or
transfer of ownership.
(5) Voyage days are the total days the vessels were in our possession for
the relevant period after subtracting all off-hire days incurred for any
reason (including off-hire for dry-docking, major repairs, special or
intermediate surveys).
(6) Fleet utilization is calculated by dividing voyage days by ownership
days for the relevant period and takes into account the dry-docking
periods.
(7) Time charter equivalent rate, or TCE rate, is a measure of the average
daily revenue performance of a vessel on a per voyage basis. Our method of
calculating TCE rate is determined by dividing voyage revenues (net of
voyage expenses) or time charter equivalent revenue or TCE revenue by
voyage days for the relevant time period. Voyage expenses primarily consist
of port, canal and fuel costs that are unique to a particular voyage, which
would otherwise be paid by the charterer under a time charter contract, as
well as commissions. TCE rate is a standard shipping industry performance
measure used primarily to compare period-to-period changes in a shipping
company's performance despite changes in the mix of charter types (i.e.,
spot charters, time charters and bareboat charters) under which the vessels
may be employed between the periods.
During the three months ended March 31, 2008, our fleet utilization was
significantly affected by the scheduled dry-docking of the two vessels,
Star Beta and Star Iota, which resulted in 75 off-hire days. If days
associated with these dry-dockings were excluded from the above table,
fleet utilization would amount to approximately 98%.
TCE Rate
Star Bulk Carriers Corp. included TCE revenues, a non-GAAP measure, as it
provides additional meaningful information in conjunction with voyage
revenues, the most directly comparable GAAP measure, because it assists
Company management in making decisions regarding the deployment and use of
its vessels and in evaluating their financial performance. TCE rate is
also included herein because it is a standard shipping industry performance
measure used primarily to compare period-to-period changes in a shipping
company's performance despite changes in the mix of charter types (i.e.,
spot charters, time charters and bareboat charters) under which the vessels
may be employed between the periods and because the Company believes that
it presents useful information to investors.
The following table reflects the calculation of our TCE rates and
reconciliation of TCE revenue as reflected in the unaudited interim
consolidated condensed income statement for the three month period ended
March 31, 2008:
Three
Months
(Dollars in thousands) Ended
March 31,
2008
----------
Voyage revenues 42,492
Voyage expenses (1,347)
----------
Time Charter equivalent revenues 41,145
==========
Total voyage days for fleet 647
----------
Time charter equivalent (TCE) rate 63,594
----------
Included in Voyage revenues is the amortization of fair value of below and
above market acquired time charters in the amount of $18.01 million.
Dividend Payments
On February 14 and April 16, 2008, the Company declared dividends of $0.10
per share (amounting to $4.60 million, paid on or about February 29, 2008
to the stockholders of record as of February 25, 2007) and $0.35 per share
(amounting to $18.84 million per share, paid on or about May 26, 2008 to
the stockholders of record as of May 16, 2008), respectively.
Adjusted EBITDA Reconciliation
Star Bulk Carriers Corp. considers adjusted EBITDA to represent net income
before interest, taxes, depreciation and amortization (including
amortization of fair value of above and below market charters). Adjusted
EBITDA does not represent and should not be considered as an alternative to
net income or cash flow from operations, as determined by United States
generally accepted accounting principles, or U.S. GAAP, and our calculation
of adjusted EBITDA may not be comparable to that reported by other
companies. Adjusted EBITDA is included herein because it is a basis upon
which the Company assesses its liquidity position; it is used by our
lenders as a measure of our compliance with certain loan covenants; and
because the Company believes that it presents useful information to
investors regarding the Company's ability to service and/or incur
indebtedness.
The following table reconciles net cash provided by operating activities to
adjusted EBITDA:
Three
Months
(Dollars in thousands) Ended
March 31,
2008
Net cash provided by operating activities 16,848
Net increase in current assets 1,965
Net (increase) in current liabilities, (5,576)
Amortization of deferred finance fees (17)
Vessel impairment (3,142)
Stock-based compensation (1,433)
Net Interest expense 968
---------
Adjusted EBITDA 9,613
=========
Financial Statements
The Unaudited Interim Consolidated Condensed Income Statements, Balance
Sheets, and Cash Flow Statements include the accounts of Star Bulk Carriers
Corp. and its wholly owned subsidiaries and of its predecessor Star
Maritime Acquisition Corp.
Income Statements
The following are Star Bulk Carriers Corp.'s Unaudited Interim Consolidated
Condensed Income Statements for the three month periods ended March 31,
2007 and 2008:
Three Three
month month
period period
ended ended
(Expressed in thousands of U.S. dollars except March 31, March 31,
for share and per share data) 2007 2008
========== ==========
Unaudited Unaudited
REVENUES:
Voyage revenues - 42,492
---------- ----------
Voyage expenses - 1,347
Vessel operating expenses - 4,550
Drydocking expenses - 2,794
Depreciation 1 8,814
Management fees - 250
Vessel impairment loss - 3,142
General and administrative expenses 847 2,787
---------- ----------
Operating (loss) income (848) 18,808
---------- ----------
Interest and finance costs - (1,367)
Interest income 1,123 399
---------- ----------
Total other income (expenses), net 1,123 (968)
---------- ----------
---------- ----------
Net income 275 17,840
========== ==========
Earnings per share, basic 0.01 0.40
========== ==========
Earnings per share, diluted 0.01 0.36
========== ==========
Weighted average number of shares outstanding,
basic 29,026,924 44,748,517
========== ==========
Weighted average number of shares outstanding,
diluted 29,026,924 49,385,952
========== ==========
Balance Sheet
The following are Star Bulk Carriers Corp.'s unaudited Interim Consolidated
Condensed Balance Sheets as at December 31, 2007 and March 31, 2008:
(Expressed in thousands of U.S. dollars except for share and per share
data)
December 31, March 31,
2007 2008
Unaudited Unaudited
------------- -------------
ASSETS
Current Assets
Cash and cash equivalents 18,985 39,712
Trade accounts receivable, net - 219
Inventories 598 700
Prepaid expenses and other receivables 291 568
Due from related party - 348
Due from managers 128 1,148
Vessel held-for-sale - 16,149
------------- -------------
Total Current Assets 20,002 58,844
------------- -------------
FIXED ASSETS
Advances for vessels to be acquired 118,242 17,263
Vessels and other fixed assets, net 262,946 544,881
------------- -------------
Total Fixed Assets 381,188 562,144
------------- -------------
OTHER NON-CURRENT ASSETS
Deferred finance charges 600 583
Fair value of above market acquired time
charter 1,952 1,768
Restricted cash - 10,000
------------- -------------
TOTAL ASSETS 403,742 633,339
============= =============
LIABILITIES & STOCKHOLDERS' EQUITY
Current Liabilities
Accounts payable 168 2,285
Due to related party 200 95
Accrued liabilities 1,773 3,743
Deferred revenue 916 1,852
------------- -------------
Total Current Liabilities 3,057 7,975
------------- -------------
NON-CURRENT LIABILITIES
Bank loan payable - 120,000
Fair value of below market acquired time
charter 25,307 83,275
Other non-current liabilities - 58
------------- -------------
Total Non-current Liabilities 25,307 203,333
------------- -------------
Stockholders' Equity
Preferred Stock; $0.01 par value, authorized
25,000,000 shares; none issued or outstanding - -
Common Stock, $0.01 par value, 100,000,000
shares authorized at December 31, 2007 and
March 31, 2008; 42,516,433 and 46,602,325
shares issued and outstanding at December 31,
2007 and March 31, 2008, respectively 425 466
Additional paid-in capital 368,454 401,825
Retained earnings 6,499 19,740
------------- -------------
Total Stockholders' Equity 375,378 422,031
------------- -------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 403,742 633,339
============= =============
Cash flow Statements
The following are Star Bulk Carriers Corp.'s Unaudited Interim Consolidated
Condensed Cash Flow Statements for the three month periods ended March 31,
2007 and 2008:
(Expressed in thousands of U.S. dollars except for share and per share
data)
Three Three
month month
period period
ended ended
March 31, March 31,
2007 2008
Unaudited Unaudited
---------- ----------
Cash Flows from Operating Activities:
Net income 275 17,840
Adjustments to reconcile net income to net cash
used in operating activities:
Depreciation 1 8,814
Amortization of fair value of above market
acquired time charter - 183
Amortization of fair value of below market
acquired time charter - (18,192)
Amortization of deferred finance charges 17
Vessel impairment loss - 3,142
Stock based compensation - 1,433
Deferred interest - -
Changes in operating assets and liabilities:
(Increase)/Decrease in:
Value of Trust account (1,656) -
Accounts receivable - (219)
Inventories - (102)
Prepaid expenses and other advances (71) (276)
Due from related party - (348)
Due from managers - (1,020)
Increase/(Decrease) in:
Accounts payable (59) 2,117
Due to related party - (105)
Accrued liabilities - 2,570
Income taxes payable (207) -
Deferred revenue - 936
Deferred interest 546 -
Other non current liabilities - 58
---------- ----------
Net Cash (used in) provided by Operating
Activities (1,171) 16,848
---------- ----------
Cash Flows from Investing Activities:
Advances for vessels to be acquired - (17,263)
Purchases of vessels and other fixed assets (3) (115,638)
Increase in restricted cash - (10,000)
---------- ----------
Net cash (used in) Investing Activities (3) (142,901)
---------- ----------
Cash Flows from Financing Activities:
Proceeds of bank loan - 120,000
Proceeds from exercise of warrants - 32,687
Repurchase of warrants - (708)
Financing costs paid (600)
Cash dividend - (4,599)
---------- ----------
Net cash provided by Financing Activities - 146,780
---------- ----------
Net increase / (decrease) in cash and cash
equivalents (1,174) 20,727
Cash and cash equivalents at beginning of period 2,118 18,985
---------- ----------
Cash and cash equivalents at end of period 944 39,712
========== ==========
Conference Call details:
Star Bulk's management team will host a conference call tomorrow, Thursday,
June 05, 2008, at 10:00 a.m., Eastern Daylight Time (EDT) to discuss the
Company's financial results.
Participants should dial into the call 10 minutes before the scheduled time
using the following numbers: 1(866) 819-7111 (from the US), 0(800) 953-0329
(from the UK) or +(44) (0) 1452 542 301 (from outside the US). Please quote
"StarBulk."
In case of any problem with the above numbers, please dial 1(866) 223-0615
(from the US), 0(800) 694-1503 (from the UK) or +(44) (0) 1452 586-513
(from outside the US). Please quote "StarBulk."
A replay of the conference call will be available until June 12, 2008. The
United States replay number is 1(866) 247-4222; from the UK 0(800)
953-1533; the standard international replay number (+44) (0) 1452 55 00 00
and the access code required for the replay is: 3128607#.
Slides and audio webcast:
There will also be a simultaneous live webcast over the Internet, through
the Star Bulk website (www.starbulk.com). Participants to the live webcast
should register on the website approximately 10 minutes prior to the start
of the webcast.
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 is
headquartered 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,
plus definitive agreements to acquire one Supramax and one Capesize dry
bulk carrier and sell its Panamax dry bulk carrier. The total fleet
consists of four Capesize, one Panamax and eight Supramax dry bulk vessels
with an average age of approximately 10 years and a combined cargo carrying
capacity of 1,184,835 deadweight tons.
Forward-Looking Statements
The information in this press release may contain forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include, but are not limited to,
statements regarding: (1) the delivery and operation of assets of Star
Bulk; (2) Star Bulk's future operating or financial results; (3) future,
pending or recent acquisitions, business strategy, areas of possible
expansion, and expected capital spending or operating expenses; (4) drybulk
market trends, including charter rates and factors affecting vessel supply
and demand; and (5) other statements identified by words such as
"anticipate," "believe," "plan," "estimate," "expect," "intend," "should,"
"may," or words of similar meaning.
Such forward-looking statements are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including without
limitation, Star Bulk's examination of historical operating trends, data
contained in their records and other data available from third parties.
Although Star Bulk believes that these assumptions were reasonable when
made, because these assumptions are inherently subject to significant
uncertainties and contingencies which are difficult or impossible to
predict and are beyond its control, Star Bulk cannot assure you that Star
Bulk will achieve or accomplish these expectations, beliefs or projections.
Important factors that could cause actual results to differ materially from
those discussed in the forward-looking statements include the failure of a
seller to deliver one or more vessels, the strength of world economies and
currencies, general market conditions, including changes in charterhire
rates and vessel values, changes in demand that may affect attitudes of
time charterers to scheduled and unscheduled drydocking, changes in Star
Bulk's operating expenses, including bunker prices, dry-docking and
insurance costs, or actions taken by regulatory authorities, potential
liability from pending or future litigation, domestic and international
political conditions, potential disruption of shipping routes due to
accidents and political events or acts by terrorists. Additional factors
that could cause Star Bulk's results to differ materially from those
described in the forward-looking statements can be found in Star Bulk's
Registration Statement on Form F-1/F-4 and reports on Form 6-K filed with
the Securities and Exchange Commission (the "SEC") and available at the
SEC's Internet site (http://www.sec.gov). The information set forth herein
speaks only as of the date hereof, and Star Bulk disclaims any intention or
obligation to update any forward-looking statements as a result of
developments occurring after the date of this communication.
Contact Information: Company: George Syllantavos CFO Star Bulk Carriers Corp. Aethrion Center, Suite B-34 40 Ag. Konstantinou Maroussi 15124 Athens, Greece www.starbulk.com E-mail: ir@starbulk.com Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com www.capitallink.com