Star Bulk Carriers Corp. — Director's Dealing 2008

Apr 22, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Star Bulk Carriers Corp. (SBLK)
CIK: 0001386716
Period of Report: 2008-04-17

Reporting Person: RAMIUS CAPITAL GROUP LLC (10% Owner)
Reporting Person: RCG BALDWIN LP (10% Owner)
Reporting Person: RAMIUS ADVISORS LLC (10% Owner)
Reporting Person: RCG CARPATHIA MASTER FUND LTD (10% Owner)
Reporting Person: RCG Enterprise Ltd (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2008-04-18	Common Stock, $.01 par value	S	15000	$12.5000	Disposed	564865	Indirect
2008-04-18	Common Stock, $.01 par value	S	20000	$12.5922	Disposed	544865	Indirect
2008-04-21	Common Stock, $.01 par value	X	35000	$8.0000	Acquired	579865	Indirect
2008-04-18	Common Stock, $.01 par value	S	15000	$12.5000	Disposed	490865	Indirect
2008-04-18	Common Stock, $.01 par value	S	20000	$12.5922	Disposed	470865	Indirect
2008-04-21	Common Stock, $.01 par value	X	35000	$8.0000	Acquired	505865	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-04-17	Warrants (right to buy)	$8.0000	S	60000	Disposed	2009-12-16	Common Stock, $.01 par value (60000)	Indirect
2008-04-17	Warrants (right to buy)	$8.0000	S	50000	Disposed	2009-12-16	Common Stock, $.01 par value (50000)	Indirect
2008-04-21	Warrants (right to buy)	$8.0000	X	35000	Disposed	2009-12-16	Common Stock, $.01 par value (35000)	Indirect
2008-04-21	Warrants (right to buy)	$8.0000	X	35000	Disposed	2009-12-16	Common Stock, $.01 par value (35000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.01 par value	1702070	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Warrants (right to buy)	$8.0000	2009-12-16	Common Stock, $.01 par value (1247700)	1247700	Indirect
Warrants (right to buy)	$8.0000	2009-12-16	Common Stock, $.01 par value (100000)	100000	Indirect

Footnotes

F1: Each Reporting Person may be deemed to be a member of a Section 13(d) group that owns more than 10% of the Issuer's outstanding shares of Common Stock. To enable all of the Reporting Persons to gain access to the Securities and Exchange Commission's electronic filing system (which only accepts a maximum of 10 joint filers per report), this report is the first of two identical reports relating to the same transaction being filed with the Securities and Exchange Commission.

F2: Each Reporting Person disclaims beneficial ownership of the securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed to be an admission that any Reporting Person is the beneficial owner of these securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F3: Shares of Common Stock beneficially owned by RCG Baldwin, L.P. (Baldwin). As the general partner of Baldwin, Ramius Advisors, LLC (Ramius Advisors) may be deemed to beneficially own the shares of Common Stock beneficially owned by Baldwin. As the sole member of Ramius Advisors, Ramius may be deemed to beneficially own the shares of Common Stock beneficially owned by Ramius Advisors.

F4: Shares of Common Stock beneficially owned by RCG Enterprise, Ltd (RCG Enterprise). As the investment manager of RCG Enterprise, Ramius may be deemed to beneficially own the shares of Common Stock beneficially owned by RCG Enterprise.

F5: Shares of Common Stock beneficially owned by RCG Carpathia Master Fund, Ltd (Carpathia). As the investment advisor of Carpathia, Ramius may be deemed to beneficially own the shares of Common Stock beneficially owned by Carpathia.

F6: Warrants beneficially owned by Baldwin. As the general partner of Baldwin, Ramius Advisors may be deemed to beneficially own the Warrants beneficially owned by Baldwin. As the sole member of Ramius Advisors, Ramius may be deemed to beneficially own the Warrants beneficially owned by Ramius Advisors.

F7: Warrants beneficially owned by Carpathia. As the investment advisor of Carpathia, Ramius may be deemed to beneficially own the Warrants beneficially owned by Carpathia.

F8: Warrants beneficially owned by RCG Enterprise. As the investment manager of RCG Enterprise, Ramius may be deemed to beneficially own the Warrants beneficially owned by RCG Enterprise. As a result of a reorganization of certain of the Reporting Persons and their affilates, the Warrants beneficially owned by Ramius Securities, L.L.C. (Ramius Securities), were transferred to RCG Enterprise, its affiliate. As of the date hereof, Ramius Securities no longer beneficially owns any Warrants.

F9: Warrants beneficially owned by RCG Crimson Partners, L.P. (Crimson). As the general partner of Crimson, Ramius may be deemed to beneficially own the Warrants beneficially owned by Crimson.