Star Bulk Carriers Corp. — Director's Dealing 2008

Apr 17, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Star Bulk Carriers Corp. (SBLK)
CIK: 0001386716
Period of Report: 2008-04-14

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
2008-04-14	Common Stock, $.01 par value	S	5000	$12.2900	Disposed	0	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $.01 par value	579865	Indirect
Common Stock, $.01 par value	1702070	Indirect
Common Stock, $.01 par value	505865	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: The Reporting Persons may also be deemed to beneficially own an aggregate of 2,223,400 shares of Common Stock underlying warrants convertible into Common Stock at a ratio of one warrant for one share of Common Stock (the "Warrants"). Each Reporting Person disclaims beneficial ownership of the Warrants 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 the Warrants for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.

F4: Shares of Common Stock beneficially owned by RCG Crimson Partners, L.P. (Crimson). As the general partner of Crimson, Ramius LLC (Ramius) may be deemed to beneficially own the shares of Common Stock beneficially owned by Crimson.

F5: 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.

F6: 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.

F7: 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. As a result of a reorganization of certain of the Reporting Persons and their affiliates, the shares of Common Stock previously reported as being 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 shares of Common Stock.