Star Bulk Carriers Corp.

Foreign Filer Report • May 22, 2008

6-K 1 f052208sblk6k.htm html PUBLIC "-//IETF//DTD HTML//EN" Converted by EDGARwiz

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of May 2008

STAR BULK CARRIERS CORP.

(Translation of registrant's name into English)

Star Bulk Carriers Corp. Aethrion Center, Suite B-34 40 Ag. Konstantinou Maroussi 15124 Athens, Greece

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual

reports under cover Form 20-F or Form 40-F.

Form 20-F |X| Form 40-F |_|

Indicate by check mark whether the registrant by furnishing the information

contained in this Form is also thereby furnishing the information to the

commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes |_| No |X|

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

EXHIBIT 1

STAR BULK ACQUIRES SUPRAMAX VESSEL AND EXPANDS ITS FLEET TO TWELVE VESSELS SURPASSING THE 1 MILLION DWT MARK.

Athens, Greece, May 22, 2008 - Star Bulk Carriers Corp. (NASDAQ: SBLK), announced today that it has entered into a definitive agreement to acquire a Supramax bulk carrier of approx. 52,200 dwt, built in 2005, for approx. $68.8 million. The vessel, to be renamed the Star Cosmo, will be financed through a combination of company cash and bank debt.

The Star Cosmo is scheduled to be delivered to Star Bulk within June/July 2008. The vessel comes with a staggered 3-year charter to Korea Line that commenced on March 17, 2008, at a gross daily rate of $55,900, $41,900 and $27,900 for the first, second and third year respectively.

Following this acquisition, Star Bulk's fleet will increase to twelve vessels of approximately 1,033,850 dwt. With the addition of the Star Cosmo the contracted fleet operating days under time charter in 2008, 2009 and 2010 will be 100%, 81% and 56% respectively.

Akis Tsirigakis, President and CEO of Star Bulk Carriers commented: "We are pleased to announce the acquisition of the Star Cosmo which increases our fleet capacity to over 1,000,000 dwt. With the addition of the Star Cosmo, after having recently agreed to sell the Star Iota we continue to improve our fleet’s age profile and earnings capability. In addition, the three year charter is in line with our strategy of securing visible and stable cash flows which sustain our dividend policy and enhance our growth prospects.”

Fleet Table The following table sets forth summary information regarding Star Bulk's fleet.

Vessel Name	Type	DWT	Year Built	Time Charter Expiry (1)	Time Charter Rate (2)
Capesize Fleet
Star Alpha	Capesize	175,075	1992	Jul 5 - Oct 5, 2009	$47,500
Star Beta	Capesize	174,691	1993	Feb 12 - May 2, 2010	$106,500
Star Sigma	Capesize	184,400	1991	Mar 1 - Mar 31, 2009 Mar 2010 Mar 2011 Mar - Aug 2012	$100,000 $ 69,000 $ 63,000 $ 57,000
Supramax Fleet
Star Gamma	Supramax	53,098	2002	Jan 4 - Feb 14, 2009 Feb 2010 Feb 2011 Jan -Mar 2012	$28,500 $45,000 $38,000 $31,000
Star Delta	Supramax	52,434	2000	Feb 7 - May 7, 2009	$25,800
Star Epsilon	Supramax	52,402	2001	Dec 15, ’08- Mar 15, ’09 Feb 2014 – May 2014	$25,550 $32,400
Star Zeta	Supramax	52,994	2003	May 2008 Apr 2011 – Jul 2011	$65,000 $42,500

Star Theta	Supramax	52,425	2003	April 2 - Jun 16, 2009	$32,500
Star Kappa	Supramax	52,055	2001	Aug 24 - Nov 23, 2010	$47,800
Star Omicron	Supramax	53,489	2005	Feb - May 2011	$ 43,000
Bought Vessels – To be Delivered to Star Bulk
Star Cosmo	Supramax	52,200	2005	Jun - Jul 2008 (3) Mar 2009 Mar 2010 Mar 2011	– $55,900 $41,900 $27,900
Sold Vessels – To be Delivered to Buyers
Star Iota	Panamax	78,585	1983	Jun - Jul 2008 (3) Mar 7 - Apr 17, 2009	$18,000
Grand Total	12	1,033,850

(1)

Range represents the earliest and latest expiry dates allowed by the charter party. Charterers have the right to add off-hire days, if any, which occurred during the charter period.

(2)

Represents the gross daily rate

(3)

Indicates the expected delivery date of the vessel from the seller to the buyer

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 eleven dry bulk carriers, plus definitive agreements to acquire one Supramax dry bulk carrier and sell its Panamax dry bulk carrier. The total fleet of twelve vessels consists of three Capesize, one Panamax and eight Supramax dry bulk vessels with an average age of approximately 9.7 years and a combined cargo carrying capacity of approximately 1,033,850 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.

Contacts: Company: George Syllantavos Chief Financial Officer Star Bulk Carriers Corp. Aethrion Center, Suite B-34 40 Ag. Konstantinou Maroussi 15124 Athens, Greece E-mail: ir@starbulk.com www.starbulk.com Investor Relations / Financial Media: Nicolas Bornozis President Capital Link, Inc. 230 Park Avenue, Suite 1536 New York, NY 10169 Tel. (212) 661-7566 E-mail: nbornozis@capitallink.com www.capitallink.com

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

STAR BULK CARRIERS CORP.

(Registrant)

Dated May 22, 2008

By:

/s/ PROKOPIOS TSIRIGAKIS

Name: Prokopios Tsirigakis

Title: Chief Executive Officer and President