Main engine failure while sailing from the port Dangjin

Star Bulk Carriers Corp. announced that the STAR POLARIS ("the Vessel") sustained main engine failure while sailing from the port Dangjin, South Korea. The Vessel is currently docked in South Korea where it is undergoing repairs. The Company expects these repairs to be completed in approximately four months. As a result, the Vessel has been declared off hire by its charterers.

Subject to the completion of an investigation into the cause of the engine failure, the Company will seek to recover the cost of the repairs and damages related to the Vessel being off hire under the Warranty of Quality provided by the shipyard where the Vessel was constructed and the Company's Hull and Machinery insurance policy, if applicable.

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 maintains executive offices in Athens, Greece.

Its common stock trades on the Nasdaq Global Market under the symbol "SBLK." Currently, Star Bulk has an operating fleet of fifteen dry bulk carriers, consisting of seven Capesize, and eight Supramax dry bulk vessels with a combined cargo carrying capacity of 1,625,945 deadweight tons. The average age of our current operating fleet is 10.4 years.

Source: Star Bulk Carriers