Star Bulk Is Selling Its Oldest Vessel

1. Selling its oldest vessel, the Capesize m/v Star Triumph (built in 2004), for $20 million. The sale is expected to generate $13 million in net proceeds and approximately $7.7 million in proceeds in the third quarter of 2024.

2. Repurchasing 791,015 common shares at an average price of $20.58 per share for approximately $16.3 million. The shares will be withdrawn and canceled.

Management believes that the sale price of the vessel implies that the value of the shares is significantly higher than the repurchase price, which can create shareholder value. Profit from the sale of the vessel is expected to be $7.7 million in the third quarter of 2024. However, repurchasing 791,015 common shares at an average price of $20.58

Management believes that the sale price of the vessel implies that the value of the shares is higher than the repurchase price.

Star Bulk Carriers Corp. announced today. (the “Company” or “Star Bulk”) (NASDAQ: SBLK), a global shipping company focused on dry bulk shipping, announced the sale of the Capesize vessel Star Triumph, the oldest vessel in its fleet (built-in 2004), for a total price of $20 million, with net proceeds (after repayment of related debt) of approximately $13 million. The Company expects a profit of approximately $7.7 million from the sale of the vessel in the third quarter of 2024.

In addition, under the Company’s previously announced “Stock Repurchase” program, 791,015 shares of common stock (the “Repurchased Shares”) were repurchased in open market transactions last week at an average price of $20.58 per share for a total value of approximately $16.3 million.

The Repurchased Shares will be withdrawn and canceled. Management believes that the sale price of the Star Triumph mv represents a per-share value significantly higher than the price at which the Company acquired the Repurchased Shares, thereby creating value for the Company’s shareholders.

About Star Bulk

Star Bulk is a global shipping company providing global shipping solutions in the dry bulk sector. Star Bulk vessels transport large bulk materials, including iron ore, ores, and grains, and small bulk materials, including bauxite, fertilizers, and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006, and has executive offices in Athens, New York, Limassol, Singapore, Germany, and Denmark.

Its common shares are listed on the NASDAQ Global Select Market under the symbol “SBLK.” Upon delivery to the new owner, Star Bulk will have a fleet of 153 owned vessels with a total capacity of 15 million dwt, including Newcastlemax, Capesize, Post Panamax, Kamsarmax, Panamax, Ultramax, and Supramax vessels, with carrying capacities of 53,489 and 209,537 dwt.