Star Bulk Carriers Corp. Reports Financial Results for the Second Quarter and First Half 2009

ATHENS, GREECE--(Marketwire - August 12, 2009) - Star Bulk Carriers Corp. (the "Company" or
"Star Bulk") (NASDAQ: SBLK), a global shipping company focusing on the
transportation of dry bulk cargoes, announced today its unaudited
financial and operating results for the second quarter and first half ended
June 30, 2009.

Akis Tsirigakis, President and CEO of Star Bulk, commented: "Our Company
remains financially strong and strategically positioned to take advantage
of the protracted volatility in the shipping and financial markets. This is
evidenced by the fact that after securing lender approval we were able to
declare the previously announced dividend of $0.05 per share for the second
quarter of 2009, the first shipping company to declare a dividend after
having suspended it.

Our relatively low debt level and strong cash position together with our
universal shelf registration statement filed earlier in 2009 give us the
flexibility to take advantage of opportunities as they arise."

George Syllantavos, Chief Financial Officer of Star Bulk, commented: "As of
June 30, 2009, our senior debt was $272 million while our cash position
stood at $64.5 million, translating into a net debt of approximately 26% of
our fixed assets. Our remaining principal debt repayments are approximately
$23 million for 2009 and $60 million for 2010, $32 million for 2011,
thereafter reducing to approximately $25 million while we have no other
capital expenditure commitments. With the high contract coverage on our
fleet we expect our cash reserves to continue growing. It is worth pointing
out that as a result of tighter cost controls the G&A costs per vessel
decreased by a substantial margin of approximately 34% compared to the same
period last year."

Fleet Profile (As of August 12, 2009)

Fleet Profile (As of August 12, 2009)

Year
Vessel Name Type DWT Built
----------- --------- --------- ---------
Star Alpha (1) Capesize 175,075 1992
Star Beta Capesize 174,691 1993
Star Sigma Capesize 184,403 1991
Star Ypsilon Capesize 150,940 1991
Star Gamma Supramax 53,098 2002
Star Delta Supramax 52,434 2000
Star Epsilon Supramax 52,402 2001
Star Zeta Supramax 52,994 2003
Star Theta Supramax 52,425 2003
Star Kappa Supramax 52,055 2001
Star Omicron Supramax 53,489 2005
Star Cosmo Supramax 52,247 2005
Grand Total 12 1,106,253

(1) The Company has agreed to sell the Star Alpha to a third party for a
contracted sale price of $19.85 million. The Company expects to deliver the
vessel to the buyers in December 2009.

Second Quarter 2009 Results

For the quarter ended June 30, 2009, total revenues amounted to $32.4
million compared to $59.2 million for the quarter ended June 30, 2008
mainly due to lower charter rates achieved for some of our vessels and 46
scheduled dry-docking days for the vessel Star Ypsilon. Operating loss
amounted to $1.0 million for the quarter ended June 30, 2009 compared to
operating income of $33.2 million for the quarter ended June 30, 2008. Net
loss for the second quarter of 2009 amounted to $3.4 million or $0.06 loss
per share calculated on 60,994,760 weighted average number of shares, basic
and diluted. Net income for the second quarter of 2008 amounting to $31.6
million or $0.62 earnings per share calculated on 50,963,213 weighted
average number of shares, basic and $0.56 earnings per share calculated on
56,047,237 weighted average number of shares, diluted.

The second quarter of 2009 net loss figure includes the following non-cash
items:

-- A loss of $1.0 million or $0.02 per basic and diluted share associated
with amortization of fair value of below/above market acquired time
charters, attributable to the amortization of the fair value of time
charters attached to vessels acquired, which are amortized over the
remaining period of the time charter into revenue.

-- Expenses of $0.2 million, which relates to the amortization of stock
based compensation recognized in connection with the 1,385,000 restricted
shares (vested and unvested) issued to directors and employees pursuant to
the Company's equity incentive plan.

-- An unrealized gain of $0.6 million or $0.01 per basic and diluted
share associated with the mark-to-market valuation of the Company's Freight
Forward Agreements (FFAs).

The second quarter of 2008 net income figure includes the following
non-cash items:

-- A gain of $17.1 million or $0.33 and $0.30 per basic and diluted
share, respectively, associated with amortization of fair value of
below/above market acquired time charters, attributable to the amortization
of the fair value of time charters attached to vessels acquired, which are
amortized over the remaining period of the time charter into revenue.

-- Expenses of $0.8 million, or $0.02 and 0.01 per basic and diluted
share, respectively, relating to the amortization of stock based
compensation recognized in connection with the 315,000 restricted shares
(vested and unvested) issued to directors and employees pursuant to the
Company's equity incentive plan.

-- Vessel impairment loss of $0.6 million, or $0.01 per basic and diluted
share, in connection with the sale of the vessel Star Iota.

EBITDA for the second quarter of 2009 was $14.9 million as compared to
$45.4 million for the quarter ended June 30, 2008. Adjusted EBITDA for the
second quarter of 2009 and 2008 excluding all the above items was $15.5
million and $29.7 million, respectively. A reconciliation of EBITDA and
adjusted EBITDA to net cash provided by cash flows from operating
activities is set forth below.

An average of 12 and 10.6 vessels were owned and operated during the second
quarter of 2009 and 2008, respectively, earning an average Time Charter
Equivalent, or TCE rate of $30,019 per day and $46,068 per day,
respectively. We refer you to the information under the heading "Summary
of Selected Data" later in this release for further information regarding
our calculation of TCE rate.

Total expenses increased to $33.4 million for the three-month period ended
June 30, 2009 compared to $26.0 million for the three-month period ended
June 30, 2008 due to higher vessel operating and voyage expenses and
depreciation related to the operation of a larger fleet. Vessel operating
expenses were $9.1 million for the second quarter of 2009 compared to $5.8
million for the same period last year. The increase in vessel operating
expenses was due to the operation of a larger fleet, higher crewing and
insurance expenses.

Depreciation expenses increased approximately 30% to $15.8 million for the
second quarter of 2009 from $12.2 million for the second quarter of 2008
mainly due to the growth of our fleet.

General and administrative expenses decreased approximately 35% to $1.7
million for the quarter ended June 30, 2009 from $2.7 million for the
quarter ended June 30, 2008, respectively. Therefore, on a per vessel and
per day basis, general and administrative expenses decreased by
approximately 42%. This decrease is mainly due to the economies of scale
that reduce our average cost per vessel as we expand our fleet.

First Half 2009 Results

For the first half year ended June 30, 2009, total revenues amounted to
$77.5 million compared to $100.9 million for the first half year ended June
30, 2008. This decrease is mainly due to lower charter rates achieved for
some of our vessels. Operating income amounted to $24.2 million for the
first half ended June 30, 2009 compared to operating income of $50.9
million for the first half ended June 30, 2008. Net Income for the first
half of the year 2009 amounted to $19.0 million representing $0.31 earnings
per share calculated on 60,694,160 weighted average number of shares, basic
and diluted. Net Income for the first half of the year 2008 amounted to
$48.3 million or $1.01 earnings per share calculated on 47,855,865 weighted
average number of shares, basic and $0.91 earnings per share calculated on
52,798,013 weighted average number of shares, diluted.

The first half of the year 2009 net income figure includes the following
non-cash items:

-- A gain of $5.4 million or $0.09 per basic and diluted share,
associated with amortization of fair value of below/above market acquired
time charters, attributable to the amortization of the fair value of time
charters attached to vessels acquired, which are amortized over the
remaining period of the time charter into revenue.

-- A gain of $10.9 million or $0.18 per basic and diluted share
associated with the gain on the time charter agreement termination which
mainly relates to the unamortized fair value of below market acquired time
charter on a vessel early redelivery date.

-- Expenses of $1.7 million, or $0.03 per basic and diluted share
relating to the amortization of stock based compensation recognized in
connection with the 1,385,000 restricted shares (vested and unvested)
issued to directors and employees.

-- An unrealized loss of $2.2 million or $0.04 per basic and diluted
share associated with the mark-to-market valuation of the Company's Forward
Freight Agreements.

The first half of the year 2008 net income figure includes the following
non-cash items:

-- A gain of $34.9 million, or $0.73 and $0.66 per basic and diluted
share, respectively, associated with amortization of fair value of
below/above market acquired time charters, attributable to the amortization
of the fair value of time charters attached to vessels acquired, which are
amortized over the remaining period of the time charter into revenue.

-- Expenses of $2.2 million, or $0.05 and 0.04 per basic and diluted
share relating to the amortization of stock based compensation recognized
in connection with the 315,000 restricted shares (vested and unvested)
issued to directors and employees under the Company's equity incentive
plan.

-- Vessel impairment loss of $4.6 million, or $0.10 per basic and $0.09
per diluted share, in connection with the sale of the vessel Star Iota.

EBITDA for the first half of the year 2009 was $55.7 million as compared to
$71.9 million for the first half ended June 30, 2008. Adjusted EBITDA for
the first half of the year 2009 and 2008 excluding all the above items was
$43.3 million and $43.9 million respectively. A reconciliation of EBITDA
and adjusted EBITDA to net cash provided by cash flows from operating
activities is set forth below.

An average of 12 and 9.4 vessels were owned and operated during the first
half of 2009 and 2008, respectively, earning an average Time Charter
Equivalent, or TCE rate of $32,591 per day and $41,749 per day,
respectively. We refer you to the information under the heading "Summary
of Selected Data" later in this release for further information regarding
our calculation of TCE rate.

Total expenses increased to $64.5 million for the six-month period ended
June 30, 2009 compared to $50.0 million for the six-month period ended June
30, 2008 due to higher vessel operating and voyage expenses and
depreciation related to the operation of a larger fleet. Vessel operating
expenses were $15.8 million for the first half of the year 2009 compared to
$10.3 million for the same period last year. The increase in vessel
operating expenses was due to the operation of a larger fleet, higher
crewing and insurance expenses.

Depreciation expenses increased approximately 50% to $31.5 million for the
first half of the year 2009 from $21.1 million for the first half of the
year 2008 mainly due to the growth of our fleet.

General and administrative expenses decreased approximately 15% to $4.6
million for the first half of the year 2009 from $5.4 million the first
half of the year 2008, respectively. Therefore, on per vessel and per day
basis, general and administrative expenses decreased by approximately 34%.
This decrease is mainly due to the economies of scale that reduce our
average cost per vessel as we expand our fleet.

Liquidity and Capital Resources

Cash Flow

Net cash provided by operating activities for the six months ended June 30,
2009 and 2008, was $42.1 million and $47.6 million, respectively. Net cash
provided by operating activities for the six month period ended June 30,
2009 was primarily a result of recorded net income of $19.0 million,
adjusted for depreciation of $31.5 million and stock based compensation and
fair value of derivatives of $3.9 million, offset by amortization of fair
value of below/above market acquired time charter agreements of $5.4
million and non-cash gain on time charter agreement termination of $10.9
million. Net cash provided by operating activities for the six months ended
June 30, 2008 was primarily a result of recorded net income of $48.3
million, adjusted for depreciation, stock based compensation and the vessel
impairment loss related to the sale of the vessel Star Iota of $27.9
million offset by the amortization of fair value of below/above market
acquired time charter agreements of $35.3 million.

Net cash used in investing activities for the six months ended June 30,
2009 and 2008, was $25.5 million and $297.0 million, respectively. For the
six month period ended June 30, 2009, there was no cash used in investing
activities due to the lack of acquisitions and/or sales of vessels during
the period, however, there was an increase in restricted cash of $25.4
million related to the waivers obtained for the existing loan agreements
and the FFA's. For the six months ended June 30, 2008 the cash used in
investing activities related mainly to the payment of the cash
consideration of $270.4 million paid for our initial fleet, the payment of
$15.6 million representing the deposit of 10% of the purchase price for the
vessels Star Cosmo and Star Star Ypsilon and $11.0 million related to the
increase in restricted cash.

Net cash used in financing activities for the six months ended June 30,
2009 was $22.6 million as compared to $268.4 million of net cash provided
by financing activities for the six months ended June 30, 2008. For the six
months ended June 30, 2009, net cash used in financing activities consisted
of the payments of loan installments amounting to $24.5 million offset by
cash provided from our Director's dividend reinvestment of $1.9 million.
For the first half of the year 2008 net cash provided by financing
activities consisted of the drawdown of $213.5 million related to our loan
facilities and the proceeds from exercise of warrants of $94.0 million
mainly offset by $23.4 million of cash dividends paid, $8.5 million of
repayments under our loan agreements and payments of $6.1 million in
connection with our repurchase of common stock and warrants.

Summary of Selected Data

(TCE rate expressed in U.S. dollars)
3-months 3-months
Ended Ended
June 30, June 30,
2008 2009
---------- ----------
Average number of vessels(1) 10.6 12.0
Number of vessels (as of the last day of the
periods reported) 11 12
Average age of operational fleet (in years) (2) 10.4 10.2
Ownership days (3) 965 1,092

Available days (4) 911 1,046
Voyage days for fleet (5) 896 1,035
Fleet Utilization (6) 98.4% 98.9%
Time charter equivalent rate(7) 46,068 30,019

6-months 6-months
Ended Ended
June 30, June 30,
2008 2009
---------- ----------
Average number of vessels(1) 9.4 12
Number of vessels (as of the last day of the
periods reported) 11 12
Average age of operational fleet (in years) (2) 10.4 10.2
Ownership days (3) 1,702 2,172

Available days (4) 1,573 2,102
Voyage days for fleet (5) 1,543 2,071
Fleet Utilization (6) 98.1% 98.5%
Time charter equivalent rate(7) 41,749 32,591

(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 and
2009, respectively.

(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 ownership days 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 available
days for the relevant period and takes into account the dry-docking
periods.

(7) Represents the weighted average time charter equivalent, or TCE rate,
of our entire fleet. 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
and amortization of fair value of above/below market acquired time charter
agreements) 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. We 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 our 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 we believe that it presents useful information to
investors.

EBITDA and adjusted EBITDA Reconciliation

Star Bulk Carriers Corp. considers EBITDA to represent net income before
interest, income taxes, depreciation and amortization. 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 EBITDA
may not be comparable to that reported by other companies. 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 Company excluded amortization of the fair value of above/below market
acquired time charters associated with time charters attached to vessels
acquired, the unrealized loss resulting from Freight Forward Agreements and
expenses relating to the amortization of stock-based compensation
recognized during the period , to derive adjusted EBITDA. The Company
excluded the above non-cash items to derive adjusted EBITDA because the
Company believes that these non-cash items do not reflect the operational
cash inflows and outflows of the Company's fleet.

The following table reconciles net cash provided by operating activities to
EBITDA and adjusted EBITDA:

3-months 3-months 6-months 6-months
period period period period
ended ended ended ended
June 30, June 30, June 30, June 30,
(Dollars in thousands) 2008 2009 2008 2009
--------- --------- --------- ---------

Net cash provided by operating
activities 30,776 17,585 47,647 42,136
Net increase/(decrease) in
current assets 183 (2,922) 1,882 (34)
Net decrease in current
liabilities, excluding current
portion of long term debt (2,817) (1,479) (8,089) (3,790)
Amortization of fair value of
above/below market acquired
time charter agreements 17,050 (1,006) 34,919 5,358

Vessel impairment loss (588) - (4,642) -

Other non cash charges (16) - (74) -
Amortization of deferred
finance charges (64) (129) (81) (185)

Stock - based compensation (789) (214) (2,222) (1,666)
Change in fair value of
derivatives - 557 - (2,231)
Non-cash (loss)/gain on time
charter agreement termination - - - 10,919
Net Interest expense 1,628 2,462 2,596 5,181
--------- --------- --------- ---------
EBITDA 45,363 14,854 71,936 55,688
========= ========= ========= =========
Less:
Amortization of fair value of
above/below market acquired
time charter agreements (17,050) 1,006 (34,919) (5,358)
Non-cash loss/(gain) on time
charter agreement termination - - - (10,919)
Plus:
Stock - based compensation 789 214 2,222 1,666
Change in fair value of
derivatives - (557) - 2,231
Vessel impairment loss 588 - 4,642 -
--------- --------- --------- ---------
Adjusted EBITDA 29,690 15,517 43,881 43,308
========= ========= ========= =========

Unaudited Consolidated Condensed Income Statements

3-months 3-months 6-months 6-months
(Expressed in thousands of period period period period
U.S. dollars except for ended ended ended ended
share and per share data) June 30, June 30, June 30, June 30,
2008 2009 2008 2009
---------- ---------- ---------- ----------
Unaudited Unaudited Unaudited Unaudited
Revenues:
Hire voyage revenue 42,176 32,446 66,002 70,832
Freight voyage revenue - 1,717 - 4,563
Straight line adjustment,
and amortization of fair
value of below/above
market acquired time
charters 17,050 (1,793) 34,919 2,090
---------- ---------- ---------- ----------
Total Revenues: 59,226 32,370 100,921 77,485

Expenses:
Voyage expenses (899) (2,314) (1,584) (4,620)
Vessel operating expenses (5,781) (9,118) (10,333) (15,839)
Drydocking expenses (3,598) (3,511) (6,392) (3,773)
Depreciation (12,166) (15,836) (21,046) (31,497)
Management fees (340) (248) (590) (533)
Loss on FFA's - (587) - (3,610)
Vessel impairment loss (588) - (4,642) -
General and administrative
expenses (2,657) (1,738) (5,444) (4,601)
---------- ---------- ---------- ----------
Total expenses (26,029) (33,352) (50,031) (64,473)

(Loss) / gain on time
charter agreement
termination - - - 11,179

---------- ---------- ---------- ----------
Operating income/(loss) 33,197 (982) 50,890 24,191
---------- ---------- ---------- ----------

Interest and finance costs (1,875) (2,734) (3,242) (5,476)
Interest income 247 272 646 295
---------- ---------- ---------- ----------
Total other income
(expenses), net (1,628) (2,462) (2,596) (5,181)
---------- ---------- ---------- ----------

---------- ---------- ---------- ----------

Net income/(loss) 31,569 (3,444) 48,294 19,010
========== ========== ========== ==========

Earnings per share, basic 0.62 (0.06) 1.01 0.31
========== ========== ========== ==========

Earnings per share, diluted 0.56 (0.06) 0.91 0.31
========== ========== ========== ==========

Weighted average number of
shares outstanding, basic 50,963,213 60,994,760 47,855,865 60,694,160
========== ========== ========== ==========

Weighted average number of
shares outstanding,
diluted 56,047,237 60,994,760 52,798,013 60,694,160
========== ========== ========== ==========

Unaudited Consolidated Condensed Balance Sheets

(Expressed in thousands of U.S. dollars)

December 31, 2008 June 30, 2009
ASSETS

Cash and restricted cash 31,961 35,950
Other current assets 10,312 10,297
---------------- ----------------
TOTAL CURRENT ASSETS 42,273 46,247

Fixed assets 821,284 789,821

Restricted Cash 12,010 27,510
Other non-current assets 15,809 12,944
---------------- ----------------
TOTAL ASSETS 891,376 876,522
================ ================

Current portion of long term debt 49,250 56,975
Other current liabilities 8,037 15,701
---------------- ----------------
TOTAL CURRENT LIABILITIES 57,287 72,676

Long term debt 247,250 215,025
Other non-current liabilities 26,699 9,175
---------------- ----------------
TOTAL LIABILITIES 331,236 296,876

STOCKHOLDERS' EQUITY 560,140 579,646

---------------- ----------------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY 891,376 876,522
================ ================

Unaudited Cash flow Data
6-months 6-months
period period
ended ended
(Expressed in thousands of U.S. dollars) June 30, June 30,
2008 2009
----------- -----------

Net cash provided by operating activities 47,647 42,136

Net cash (used in) investing activities (297,006) (25,457)

Net cash provided by/(used in) financing
activities 268,417 (22,614)

Conference Call details:

Star Bulk's management team will host a conference call to discuss the
Company's financial results tomorrow, August 13, 2009, at at 9:30 a.m.,
Eastern Daylight Time (EDT).

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
"Star Bulk."

A replay of the conference call will be available until August 20, 2009.
The United States replay number is 1(866) 247-4222; from the UK 0(800)
953-1533; the standard international replay number is (+44) (0) 1452 550
000 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 twelve dry bulk carriers.
The total fleet consists of four Capesize, and eight Supramax dry bulk
vessels with an average age of approximately 10.3 years and a combined
cargo carrying capacity of 1,106,253 deadweight tons.

Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking
statements. The Private Securities Litigation Reform Act of 1995 provides
safe harbor protections for forward-looking statements in order to
encourage companies to provide prospective information about their
business. Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements of
historical facts.

The Company desires to take advantage of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995 and is including this
cautionary statement in connection with this safe harbor legislation. The
words "believe," "anticipate," "intends," "estimate," "forecast,"
"project," "plan," "potential," "may," "should," "expect," "pending" and
similar expressions identify forward-looking statements.

The forward-looking statements in this press release are based upon various
assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, examination by the Company's management of
historical operating trends, data contained in its records and other data
available from third parties. Although the Company 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 the Company's control,
the Company cannot assure you that it will achieve or accomplish these
expectations, beliefs or projections.

In addition to these important factors, other important factors that, in
the Company's view, could cause actual results to differ materially from
those discussed in the forward-looking statements include the strength of
world economies and currencies, general market conditions, including
fluctuations in charter rates and vessel values, changes in demand for dry
bulk shipping capacity, changes in the Company's operating expenses,
including bunker prices, drydocking and insurance costs, the market for the
Company's vessels, availability of financing and refinancing, changes in
governmental rules and regulations or actions taken by regulatory
authorities, potential liability from pending or future litigation, general
domestic and international political conditions, potential disruption of
shipping routes due to accidents or political events, vessels breakdowns
and instances of off-hires and other factors. Please see our filings with
the Securities and Exchange Commission for a more complete discussion of
these and other risks and uncertainties. The information set forth herein
speaks only as of the date hereof, and the Company disclaims any intention
or obligation to update any forward-looking statements as a result of
developments occurring after the date of this communication.