Star Bulk Secures Funding for Its Newbuilding Program

Star Bulk Carriers Corp. (Star Bulk), announced yesterday the successful completion of the Company’s previously announced $75 million backstopped equity rights offering and concurrent private placement.

The company has agreed to use the net proceeds from this offering to enhance liquidity and to partially fund the purchase price of its previously announced newbuilding program, which consists of contracts for the construction of two fuel-efficient 180,000 dwt Capesize dry bulk carriers and two fuel-efficient 60,000 dwt Ultramax dry bulk carriers.

Due to the level of participation by existing shareholders, back stop providers were issued the minimum amounts under their purchase commitments and the total gross proceeds of this capital raising transaction increased to approximately $80.1 million.

The rights offering expired on July 19, 2013 and was backstopped by certain existing shareholders and other investors, including investment funds managed by Oaktree Capital Management L.P., investment funds managed by Monarch Alternative Capital LP, BlueShore Global Equity Fund L.P., Far View Partners L.P. and certain of the Company’s directors and executive officers. As a result of the participation by the existing shareholders in the rights offering and the terms of agreement with the entities backstopping the rights offering, the Company issued an aggregate of 15,338,861 common shares in the rights offering and in a private placement pursuant to the transactions described in the Company’s registration statement on Form F-l that was initially filed with the Securities and Exchange Commission on May 2, 2013.

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Star Bulk Carriers, July 26, 2013