ATHENS, GREECE–(EMWNews – July 29, 2008) – Star Bulk Carriers Corp. (NASDAQ: SBLK)

announced today that its Board of Directors declared a cash dividend on its

common stock of $0.35 per common share for the second quarter ending June

30, 2008. The dividend will be payable on or about August 18, 2008 to

shareholders of record as of August 8, 2008.

This is the third consecutive quarterly dividend declared by the Company

since becoming operational on November 30, 2007. Star Bulk intends to pay

quarterly cash dividends to the holders of its common shares, in February,

May, August and November.

Akis Tsirigakis, President and CEO of Star Bulk, commented: “We are pleased

to declare a dividend of $0.35 per common share for our second full

quarter of operations, currently representing in excess of 13.3% yield, if

annualized. The annualized dividend payout represents approximately 57% of

our expected 2008 free cash flow and is supported by a healthy balance

sheet and approximately 27% debt to fleet value. Our fleet is now

contracted 100% for 2008 and 84% for 2009 and 63% for 2010 providing for

visible long-term earnings and secure dividends. We deem that the

declaration of this quarterly dividend will encourage the conversion of

warrants into shares and clear any remaining perceived overhang.”

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,

plus definitive agreements to acquire 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,” “will,”

“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 their 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.