Star Bulk Enters Time Charter

Star Bulk Carriers Corp., a shipping company focusing on the transportation of dry bulk cargoes, announced that it has entered into a time charter contract with Cargill for the Star Gamma for two years, plus an option for one additional year, at a gross daily rate of $14,050 and $15,500 for the first two years and the optional year respectively. The Star Gamma is a Supramax vessel of 53,098 dwt built in 2002. The new contract will contribute a minimum of $10.3 million to a maximum of $17.1 million in gross revenue. The vessel is expected to be delivered to Cargill in July 2011.