Star Bulk Carrier Corp (Nasdaq:SBLK) Sells Capesize Star Beta

On February 2, 2010, Star Bulk Carrier Corp (Nasdaq: SBLK) issued a Press Release regarding the sale of one of their Capesize vessels.

"Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), 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 in 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 concentrat(ing) 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."

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.