ATHENS, GREECE–(MARKET WIRE)–Jun 4, 2008 — Star Bulk Carriers Corp. (the “Company” or “Star Bulk”) (NasdaqGM:SBLK – News), a global shipping company focusing on transportation of dry bulk cargoes, today announced the unaudited financial and operating results for the quarter ended March 31, 2008. Financial Highlights:
— 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.