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<SEC-DOCUMENT>0000919574-08-007191.txt : 20081103
<SEC-HEADER>0000919574-08-007191.hdr.sgml : 20081103
<ACCEPTANCE-DATETIME>20081103171145
ACCESSION NUMBER:		0000919574-08-007191
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20081103
DATE AS OF CHANGE:		20081103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Star Bulk Carriers Corp.
		CENTRAL INDEX KEY:			0001386716
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-153304
		FILM NUMBER:		081158307

	BUSINESS ADDRESS:	
		STREET 1:		7, FRAGOKLISIAS STREET, 2ND FLOOR
		STREET 2:		MAROUSSI 151 25
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
		BUSINESS PHONE:		011-30-210-617-8400

	MAIL ADDRESS:	
		STREET 1:		7, FRAGOKLISIAS STREET, 2ND FLOOR
		STREET 2:		MAROUSSI 151 25
		CITY:			ATHENS
		STATE:			J3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>d934554_424b-3.htm
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<!-- Licensed to: Seward & Kissel LLP-->
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</head>
    <body bgcolor="#ffffff" style="DISPLAY: inline; FONT-SIZE: 10pt; MARGIN-LEFT: 10%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 10%; FONT-FAMILY: Times New Roman"><a name="Check1" />
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right">Filed pursuant
to Rule 424(b)(3)</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right">Registration
No. 333-153304</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 13pt; COLOR: #000000; FONT-FAMILY: Times New Roman">4,606,962
Common Shares</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><img src="star-bulk_logo.jpg" alt=""></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">This prospectus relates to the offer and
re</font><font style="DISPLAY: inline; COLOR: #000000">sale by the selling
stockholder</font><font style="DISPLAY: inline; COLOR: #000000"> identified in
this prospectus of up to </font><font style="DISPLAY: inline; COLOR: #000000">4,606,962</font><font style="DISPLAY: inline; COLOR: #000000"> shares of our common stock, or the
Common Shares.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">The selling stockholder </font><font style="DISPLAY: inline; COLOR: #000000">identified in this prospectus, may offer
these securities or interests therein from time to time through public or
private transactions at prevailing market prices, at prices related to
prevailing market prices or at privately negotiated prices.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Although we will incur expenses in
connection with the registration of the Common Shares, we will not receive any
of the proceeds from the sale of the Common Shares by the selling
stockholder.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Shares of our common </font><font style="DISPLAY: inline; COLOR: #000000">stock and warrants to purchase shares of
our common stock</font><font style="DISPLAY: inline; COLOR: #000000"> are listed
on the NASDAQ Global Market under the symbol</font><font style="DISPLAY: inline; COLOR: #000000">s</font><font style="DISPLAY: inline; COLOR: #000000"> &#8220;SBLK&#8221;</font><font style="DISPLAY: inline; COLOR: #000000"> and &#8220;SBLKW,&#8221;
respectively.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">An investment in these securities
involves risks.&#160;&#160;See the section </font><font style="DISPLAY: inline; COLOR: #000000">of this prospectus </font><font style="DISPLAY: inline; COLOR: #000000">entitled &#8220;R</font><font style="DISPLAY: inline; COLOR: #000000">isk Factors&#8221; beginning on page
8</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Neither the Securities and Exchange
Commission nor any state securities commission has approved or disapproved of
these securities</font><font style="DISPLAY: inline; COLOR: #000000"> or
determined if this prospectus is truthful or complete.&#160;&#160;Any
representation to the contrary is a criminal offense.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">The date of this prospectus
is&#160;&#160;November 3, 2008</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; TEXT-DECORATION: underline">Table of
Contents</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="769">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif; TEXT-DECORATION: none"><a href="#_toc207078932">PROSPECTUS SUMMARY</a></font></div>
            </td>
            <td width="32">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">3</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078933">RISK FACTORS</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">8</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078934">USE OF PROCEEDS</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">20</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078935">SELLING STOCKHOLDERS</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">21</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078936">CAPITALIZATION</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">22</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif; TEXT-DECORATION: underline"><a href="#_toc207078937">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF FINANCIAL
      CONDITION AND RESULTS OF&#160;<br>OPERATIONS</a></font></div>
            </td>
            <td valign="bottom" width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif; TEXT-DECORATION: none">23</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078939">THE INTERNATIONAL DRY BULK SHIPPING
      INDUSTRY</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">38</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078940">PLAN OF DISTRIBUTION</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">49</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078941">CAUTIONARY STATEMENT REGARDING FORWARD LOOKING
      STATEMENTS</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">51</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div align="center">
        <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td width="768">
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078942">EXPENSES</a></font></div>
              </td>
              <td width="33">
                <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">52</font></div>
              </td>
            </tr>
        </table>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078942">ENFORCEMENT OF CIVIL LIABILITIES</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">53</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078943">LEGAL MATTERS</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">53</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078944">EXPERTS</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">53</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078945">WHERE YOU CAN FIND ADDITIONAL
      INFORMATION</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">54</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078946">INCORPORATION BY REFERENCE</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">54</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td width="768">
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><a href="#_toc207078947">INDEX TO UNAUDITED INTERIM CONDENSED CONSOLIDATED
      FINANCIAL STATEMENTS</a></font></div>
            </td>
            <td width="33">
              <div style="TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">F-1</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">You
should only rely on the information in this prospectus.&#160;&#160;We have not
authorized any other person to provide you with additional or different
information or to make any representations other than those contained in this
prospectus.&#160;&#160;Do not rely upon any information or representations made
outside of this prospectus.&#160;&#160;This prospectus is not an offer to sell,
and it is not soliciting an offer to buy, (1)&#160;any securities other than our
Common Shares or (2) our Common Shares in any circumstances in which our offer
or solicitation is unlawful.&#160;&#160;The information contained in this
prospectus may change after the date of this prospectus.&#160;&#160;Do not
assume after the date of this prospectus that the information contained in this
prospectus is still correct.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">2</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">PROSPECTUS
SUMMARY</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">This
section summarizes some of the key information that appears later in this
prospectus.&#160;&#160;You should review carefully the risk factors and the more
detailed information, the financial statements included in this registration
statement and the financial information that is derived <font style="DISPLAY: inline; COLOR: #000000">from financial statements incorporated
by reference</font>.&#160;&#160;Unless otherwise indicated, all references to
currency amounts in this prospectus are to<font style="DISPLAY: inline; COLOR: #000000"> U.S. dollars and financial information
presented in this prospectus and the financial information that is derived from
financial statements incorporated by reference is prepared in accordance with
accounting principles generally accepted in the United States.</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font>Unless the context
otherwise requires, when used in this registration statement, the terms &#8220;Star
Bulk,&#8221; the &#8220;Company,&#8221; &#8220;we,&#8221; &#8220;our&#8221; and &#8220;us&#8221; refer to Star Bulk Carriers Corp. and
its subsidiaries.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
Company</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We were incorporated in the Marshall
Islands on December 13, </font><font style="DISPLAY: inline; COLOR: #000000">2006</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">as a wholly-ow</font><font style="DISPLAY: inline; COLOR: #000000">ned subsidiary of Star Maritime
Acquisition Corp., or Star Maritime.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Our executive offices&#160;are located
at </font>7, Fragoklisias Street, 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">nd</font> floor,
Maroussi 151 25, Athens, Greece <font style="DISPLAY: inline; COLOR: #000000">and our telephone number is
011-</font>30-210-617-8400<font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;We merged with Star
Maritime on November 30, 2007 and commenced operations on December 3, 2007,
which is the date we took delivery of our first vessel</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Star Maritime was organized under the
laws of the State of Delaware</font><font style="DISPLAY: inline; COLOR: #000000"> on May&#160;13, 2005 as a blank check
company formed to acquire, through a merger, capital stock exchange, asset
acquisition or similar business combination, one or more assets or target
businesses in the shipping industry</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Star Maritime&#8217;s common stock and
warrants started trading on the American Stock Exchange under the symbols, SEA
and SEA.WS, respe</font><font style="DISPLAY: inline; COLOR: #000000">ctively,
on December 21, 2005.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On November 27, 2007, Star Maritime
obtained shareholder approval for the acquisition of the initial fleet of eight
drybulk carriers and for effecting a redomiciliation merger whereby Star
Maritime merged with and into Star Bulk with Star Bulk as the surviving entity,
which we refer to throughout this prospectus as the Redomiciliation
Merger</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">The Redomiciliation Merger was completed
on November 30, 2007 as a result of which each outstanding share of Star
Maritime common stock was converted into the right to receive one share of Star
Bulk common stock and each outstanding warrant of Star Maritime was assumed by
Star Bulk with the same terms and restrictions except that each became
exercisable for common stock of Star Bulk</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Star Bulk&#8217;s common stock and warrants
are listed on the NASDAQ Global Market under the symbols &#8220;SBLK&#8221; and
&#8220;SBLKW</font><font style="DISPLAY: inline; COLOR: #000000">,</font><font style="DISPLAY: inline; COLOR: #000000">&#8221; respectively.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">As
of December 31, 2007, we paid no dividends to our shareholders.&#160;&#160;On
February 14, April 16, and July 29, 2008, the Company declared dividends
amounting to approximately $4.6 million ($0.10 per share, paid on February 28,
2008 to the stockholders of record on February 25, 2008), approximately $18.8
million ($0.35 per share, paid on May 23, 2008 to the shareholders of record on
May 16, 2008), and approximately $19.4 million ($0.35 per share, paid on August
18, 2008 to the shareholders of record on August&#160;8, 2008),
respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">For
a more detailed summary of our dividend policy, we refer you to the section of
this prospectus entitled &#8220;Our Dividend Policy.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
Fleet</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">W</font><font style="DISPLAY: inline; COLOR: #000000">e own and operate a fleet of 12 vessels
consisting of&#160;four <font size="+0">Capesize</font> and eight Supramax drybulk
car</font><font style="DISPLAY: inline; COLOR: #000000">riers with an average
age of 9.4</font><font style="DISPLAY: inline; COLOR: #000000"> years and a
combined cargo carrying capacity of approximately 1.1</font><font style="DISPLAY: inline; COLOR: #000000"> million
dwt.&#160;&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">Our fleet carries a variety of drybulk commodities including coal,
iron ore, and grains, or major bulks, as well as bauxite, phosphate, fertilizers
and steel products, or minor bulks.&#160;&#160;We charter all of our vessels
pursuant to medium- to long-term time charters with terms of approximately one
to five years <font style="FONT-SIZE: 11pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">other
than the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Beta</font>, which is currently employed on a short-term time charter for a term
of two to four months.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">3</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
following table <font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">represents</font> a list
of all of the vessels in our fleet as of&#160;October&#160;30,
2008:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="101%">
          <tr>
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Vessel
      Name</font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Vessel
      Type</font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" colspan="2" valign="bottom" width="10%">
              <div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Size
      (dwt.)</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Year
      Built</font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" colspan="2" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Average
      Daily</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Hire
      </font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Rate</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Type/Remaining
      Term</font></div>
            </td>
            <td align="left" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Vessel
      Delivery Date</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Star
      <font size="+0" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Alpha</font></font><font size="+0" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman"> </font>(ex A
      <font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Duckling</font>)</font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Capesize</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">175,075</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1992</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">47,500</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
      charter/0.9 years</font></div>
            </td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 16.35pt; TEXT-ALIGN: right" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">January 9,
    2008</font></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic"><font size="+0" style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Star</font>
      Beta </font>(ex B Duckling)<font style="DISPLAY: inline; FONT-STYLE: italic"><font style="DISPLAY: inline; FONT-SIZE: 6pt; VERTICAL-ALIGN: super; FONT-STYLE: italic; FONT-FAMILY: times new roman">(2)</font></font></font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Capesize</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">174,691</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1993</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">17,803</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
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            </td>
            <td align="right" valign="bottom" width="19%">
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      2007</font></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Star Gamma</font> (ex C
      Duckling)</font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Supramax</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">53,098</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2002</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">28,500</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
      charter/3.4 years</font></div>
            </td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 16.35pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">January 4,
    2008</font></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Star Delta</font> (ex F
      Duckling)</font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Supramax</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">52,434</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2000</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">25,800</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
      charter/0.5 year</font></div>
            </td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 16.35pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">January 2,
    2008</font></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Star Epsilon</font> (ex G
      Duckling)</font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Supramax</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">52,402</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2001</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">25,550</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
      charter/5.4 year</font></div>
            </td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 16.35pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">December 3,
      2007</font></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Star Zeta</font> (ex I
      Duckling)</font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Supramax</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">52,994</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2003</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">42,500</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
      charter/2.6 years</font></div>
            </td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 16.35pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">January 2,
    2008</font></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Star Theta</font> (ex J
      Duckling)</font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Supramax</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">52,425</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2003</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">32,500</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
      charter/0.6 year</font></div>
            </td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 16.35pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">December 6,
      2007</font></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Star Kappa</font> (ex E
      Duckling)</font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Supramax</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">52,055</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2001</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">47,800</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
      charter/2.0 years</font></div>
            </td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 16.35pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">December 1</font><font style="DISPLAY: inline; COLOR: #000000">4</font><font style="DISPLAY: inline; COLOR: #000000">, 2007</font></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Star Sigma</font> (ex
      Sinfonia)</font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Capesize</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">184,403</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1991</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">100,000</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
      charter/3.5 years</font></div>
            </td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 16.35pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">April 15,
    2008</font></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Star Omicron</font> (ex Nord
      Wave)</font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Supramax</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">53,489</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2005</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">43,000</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
      charter/2.4 years</font></div>
            </td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 16.35pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">April 17,
    2008</font></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Star Cosmo</font> (ex
      Victoria)</font></div>
            </td>
            <td align="left" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Supramax</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">52,200</font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2005</font></div>
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            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 16.6pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">July</font><font style="DISPLAY: inline; COLOR: #000000"> 1</font><font style="DISPLAY: inline; COLOR: #000000">, 2008</font></font></div>
            </td>
          </tr>
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            <td align="left" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Star Ypsilon </font>(ex Falcon
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Capesize</font></div>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1991</font></div>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">$</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Time
      charter/2.9 years</font></div>
            </td>
            <td align="left" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 7pt; TEXT-ALIGN: left" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;September
      18,&#160; 2008&#160;&#160;</font></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="FONT-WEIGHT: bold">Recently&#160;Sold</font></font></td>
            <td align="left" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><a name="check1"><font style="FONT-SIZE: 9pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Star
      Iota </font>(ex Mommy Duckling<font style="FONT-STYLE: italic"><font style="FONT-STYLE: italic"><font style="FONT-STYLE: italic"><font style="FONT-SIZE: 6pt; FONT-FAMILY: times new roman">)<font style="DISPLAY: inline; FONT-SIZE: 6pt; VERTICAL-ALIGN: super; FONT-STYLE: italic; FONT-FAMILY: times new roman">(1)</font></font></font></font></font></font></a></font></font></td>
            <td align="left" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Panamax</font></font></td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%">
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            </td>
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            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">1983</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;$</font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">18,000</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="15%"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">Time
      charter/0.1 year</font></font></td>
            <td align="left" valign="bottom" width="19%">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman">March
      7, 2008</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div align="left">
      <div>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    </div>
    <div style="TEXT-ALIGN: center">
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%" style="TEXT-ALIGN: center">
          <tr valign="top" style="TEXT-ALIGN: center;">
            <td style="WIDTH: 28px">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font size="2">(1)</font></font></div>
            </td>
            <td width="953">
              <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On April 24, 2008, we entered into
      an agreement to sell </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star Iota
      </font><font style="DISPLAY: inline; COLOR: #000000">for $18.4
      million.&#160;&#160;We delivered th</font><font style="DISPLAY: inline; COLOR: #000000">is</font><font style="DISPLAY: inline; COLOR: #000000"> vessel to its purchasers&#160;on
      October 6, 2008.&#160;</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="TEXT-ALIGN: center">&#160;</div>
    <div style="TEXT-ALIGN: left">
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 26px">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">(2)</font></div>
              </td>
              <td width="955">
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font size="3" style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">On October 30,
      2008, we entered into a time charter with Companhia Vale do Rio Doce
      (Vale) for the <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
      Beta </font>for a minimum of two months and maximum of four months at the
      gross daily rate of $15,500 for the first fifty days and $25,000 for the
      <font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">balance of the
      time charter plus a repositioning fee of
      $525,000.</font></font></font></div>
                <div align="justify">&#160;</div>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman">The <font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
      Beta </font>had been time chartered by us to Industrial </font>Carriers
      Inc. (&#8220;ICI&#8221;).&#160;&#160;Under that time charter ICI was obligated to pay
      us a gross daily charter hire rate of $106,500 until February 2010.
      In&#160;January 2008, ICI sub-chartered the vessel for one year to
      Oldendorff Gmbh &amp; Co. KG of Germany (&#8220;Oldendorff&#8221;) at a gross daily
      charter hire rate of $130,000 until February 2009.&#160;&#160;In October,
      ICI assigned its rights and obligations under the sub-charter to us in
      exchange for it being released from the remaining term of the ICI
      charter.&#160;&#160;Oldendorff notified us that it considers the
      assignment of the sub-charter to be an effective repudiation of the
      sub-charter by ICI.&#160;&#160;We believe that the assignment was valid
      and that Oldendorff has erroneously repudiated the sub-charter.&#160; Star
      Bulk intends to pursue its rights against Oldendorff under the
      sub-charter.</font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font size="+0"><font size="+0"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman"><font size="+0" style="FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">W</font>e actively manage the <font style="FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">deployment</font>
of our fleet on time charters, which generall<font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">y
</font></font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">can
last up to several years.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Currently,
all of our vessels are employed on medium to long-term time <font size="+0" style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">charters</font>
<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">other
than the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Beta</font>, which is currently employed on a short-term time charter for a term
of two to four months.&#160;&#160;</font>A time charter is generally a contract
to charter a vessel for a fixed period of time at a set daily rate. &#160;Under
time charters, the charterer pays voyage expenses such as port, canal and fuel
costs. &#160;We pay for vessel operating expenses, which include crew costs,
provisions, deck and engine stores, lubricating oil, insurance, maintenance and
repairs, as well as for commissions.&#160; We are also<font size="+0" style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"> responsible
</font>for the drydocking</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;costs
relating to each vessel.</font></font></font></font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">Our
vessels operate worldwide within the trading limits imposed by our insurance
terms and do not operate in areas where United States, European Union or United
Nations sanctions have been imposed.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">As
of&#160;October</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">
30</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">,
2008, we had 20 employees. &#160; Eighteen of our employees, through Star Bulk
Management Inc., or Star Bulk Management, are engaged in the day to day
management of the vessels in our fleet.&#160; Our wholly-owned subsidiary, Star
Bulk Management performs operational and technical management services for the
vessels in our fleet. &#160;Our Chief Executive Officer and our Chief Financial
Officer are also the senior management of Star Bulk Management.&#160; Star Bulk
Management employs such number of additional shore-based executives and
employees designed to ensure the efficient </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">performance
of its activities.</font></font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">We
reimburse and/or advance <font style="FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">funds</font>
as necessary to Star Bulk Management in order for it to conduct its activities
and discharge its obligations, at cost.&#160; We also maintain&#160;working
capital reserves as may be agreed between Star Bulk and Star Bulk Management
from time to time.&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Star Bulk Management is responsible for
the management of the vessels</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Star Bulk Management&#8217;s responsibilities
include, among other things, locating, purchasing, financing and selling
vessels, deciding on capital expenditures for the vessels, paying vessels&#8217;
taxes, negotiating charters for the vessels, managing the mix of various types
of charters, developing and managing the relationships with charterers and the
operational and technical management of the vessels</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Technical management includes
maintenance, drydocking, repairs, insurance, regulatory and classification
society compliance, arranging for and managing crews, appointing technical
consultants and providing technical support.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We do not intend to pay commissions to
our affiliates in connection with the chartering of vessels to or from any of
our affiliates or for the purchase of vessels from or sale to </font><font style="DISPLAY: inline; COLOR: #000000">our</font><font style="DISPLAY: inline; COLOR: #000000"> affiliates.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Star Bulk Management subcontracts the
technical and crew management of our vessels to Combine Marine S.A., or
Combine</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000">Bernhardt Sc<font size="+0">hul</font>te
Shipmanagement Ltd., or Bernhardt,&#160;and&#160;Union Commercial Inc., or
Union.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On
September 17, 2008, we entered into an agreement with Bernhardt for the
technical management of the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Ypsilon</font>.&#160;&#160;Under this agreement we pay Bernhardt an aggregate
annual management fee of $90,000.&#160;&#160;The agreement continues
indefinitely unless either party terminates the agreement upon three months&#8217;
written notice or a certain termination event occurs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On June 18, 2008, we entered into an
agreement with Union for the technical management of the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Cosmo</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Under the agreement, we pay a daily fee
of $450</font><font style="DISPLAY: inline; COLOR: #000000">, which is reviewed
two months before the beginning of each calendar year.&#160;&#160;The agreement
continues <font size="+0">indefinitely </font>unless either party terminates the
agreement after the first voyage upon two months' written notice or a certain
termination event occurs.</font></font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">4</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">On March
24, 2008, we entered into an agreement with Bernhardt for the technical
management of <font style="FONT-STYLE: italic">Star Omicron</font>.&#160; Under
this agreement we pay Bernhardt an aggregate annual management fee of
$110,000.</font></font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">On
November 2 and December 5, 2007, we entered into agreements with Bernhardt for
the technical management of the </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">Star
Alpha, </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">the</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">&#160;Star
Beta,</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">&#160;the</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">&#160;Star
Delta, </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">the</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">&#160;Star
Epsilon</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">&#160;and
the</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">&#160;Star
Theta </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">and</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">the</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">&#160;Star
Kappa, </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">respectively</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">Under these agreements,
we pay Bernhardt an aggregate annual management fee of $</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">11</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">0,000 per
vessel</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">The agreements continue
indefinitely unless either party terminates the agreements upon three months'
written notice or a certain termination event occurs</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">.</font></font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-SIZE: 11pt"><font style="FONT-SIZE: 11pt">Under
an agreement dated May 4, 2007, we appointed Combine, a company affiliated with
Mr. Tsirigakis, our Chief Executive Officer, Mr. Pappas, the Chairman of our
Board and one of our directors and Mr. Christos Anagnostou, a former officer of
Star Maritime, as interim manager of the vessels in the initial fleet.
&#160;Under the agreement, Combine provides interim technical management and
associated services, including legal services,&#160;to the vessels in exchange
for a flat fee of $10,000 per vessel prior to delivery and at a daily fee of
$450 U.S. dollars per vessel during the term of the agreement until such time as
the technical management of the vessel is transferred to another technical
management company.&#160; Combine is entitled to be reimbursed at cost by us for
any and all expenses incurred by them in the <font size="+0">management</font> of
the vessels, but shall provide us the full benefit of all discounts and rebates
enjoyed by them. &#160;The term of the agreement is for one year from the date
of delivery of each vessel. &#160;Either party may terminate the agreement upon
thirty days&#8217; written notice. &#160;The <font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">Star
Gamma</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">, the
</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">Star
Zeta</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000"> and
the </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">Star
Sigma</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000"> are
currently managed by Combine.</font></font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Certain
Risks</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Our
business is dependant on our ability to manage a number of risks relating to our
industry and our operations.&#160;&#160;These risks include the
following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div>
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            <tr valign="top">
              <td style="WIDTH: 37.4pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline;" face="Symbol">&#183;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Cyclical
      nature of charter hire rates</font>.&#160;&#160;The cyclical nature of the
      drybulk shipping industry and the volatility in charter hire rates for our
      vessels may affect our ability to successfully charter our vessels in the
      future or renew existing charters at rates sufficient to allow us to meet
      our obligations or to pay dividends.&#160;&#160;<font size="3" style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Charter rates
      are affected by, among other factors, the demand for carriage of drybulk
      cargo and the supply of drybulk vessels in the global fleet,&#160;which,
      according to Drewry, as of September 2008, amounted to 69.8% of the
      existing&#160;drybulk carried fleet based on current newbuilding orders.
      </font>Charter hire rates have&#160;decreased sharply&#160;from their
      historical highs and the value of secondhand vessels&#160;has also
      decreased sharply from their historically high levels. T<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">he
      <font size="+0">Baltic</font> Dry Index, or BDI, a daily average of charter
      rates in 26 shipping routes measured on a time charter and voyage basis
      and covering Supramax, Panamax, and Capesize drybulk carriers, has fallen
      over 90% from May 2008 through October
  2008.</font></font></font></div>
              </td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 37.4pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline;" face="Symbol">&#183;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Our operations are subject to
      international laws and regulations</font>.&#160;&#160;Our business and the
      operation of our vessels are materially affected by applicable government
      regulation in the form of international conventions and national, state
      and local laws and regulations.&#160;&#160;Because such conventions, laws,
      and regulations are often revised, we cannot predict the ultimate cost of
      complying with them or with additional regulations that may be applicable
      to our operations that are adopted in the
  future.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 37.4pt">
                <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;
      </font></div>
              </td>
              <td style="WIDTH: 18pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline;" face="Symbol">&#183;</font></font></div>
              </td>
              <td>
                <div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-STYLE: italic">Servicing our current and
      future debt limits funds available for other purposes, including the
      payment of dividends.&#160;&#160;</font>To finance our future fleet
      expansion, we expect to incur additional secured debt.&#160;&#160;We must
      dedicate a portion of our cash flow from operations to pay the principal
      and interest on our debt.&#160;&#160;These payments limit funds otherwise
      available for working capital, capital expenditures and other purposes and
      may limit funds available for other purposes, including distributing cash
      to our shareholders, and our inability to service debt could lead to
      acceleration of our debt payments and foreclosure on our
      fleet.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Prospective
investors in our Common Shares should also carefully consider the factors set
forth in the section of this prospectus entitled &#8220;Risk Factors&#8221; beginning on
page 8.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Drybulk
Shipping Industry Trends</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
maritime shipping industry is fundamental to international trade with
ocean-going vessels representing the most efficient and often the only method of
transporting large volumes of many essential commodities, finished goods and
crude and refined petroleum products between the continents and across the
seas.&#160;&#160;It is a global industry whose performance is closely tied to
the level of economic activity in the world.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
drybulk shipping industry involves the carriage of bulk
commodities.&#160;&#160;According to Drewry Shipping Consultants,&#160;Ltd., or
Drewry, since the fourth quarter of 2002, the drybulk shipping industry has
experienced the highest charter rates and vessel values in its modern history
due to the favorable imbalance between the supply of drybulk carriers and demand
for drybulk transportation service.&#160;&#160;Charter hire rates have been
volatile since the start of 2008 and have fallen sharply from the highs recorded
in 2007.&#160; <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
Baltic Dry Index, or BDI, a daily average of charter rates in 26 shipping routes
measured on a time charter and voyage basis and covering Supramax, Panamax, and
Capesize drybulk carriers, has fallen over 90% from May 2008 through October
2008.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Corporate
Structure</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Star
Bulk is a holding company that owns its vessels through separate wholly-owned
subsidiaries.&#160;&#160;Star Bulk&#8217;s wholly-owned subsidiary, Star Bulk
Management, performs operational and technical management services for the
vessels in the initial fleet, including chartering, marketing, capital
expenditures, personnel, accounting, paying vessel taxes and maintaining
insurance.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Star Maritime Acquisition Corp., or Star
Maritime, was organized under the laws of the State of Delaware on May&#160;13,
2005 as a blank check company formed to</font><font style="DISPLAY: inline; COLOR: #000000"> acquire, through a merger, capital
stock exchange, asset acquisition or similar business combination, one or more
assets or target businesses in the shipping industry.&#160; Following the
formation of Star Maritime, our officers and directors were the holders of
9,026,924 shares of common stock representing all of our then issued and
outstanding capital stock. &#160;On December&#160;21, 2005, Star Maritime
consummated its initial public offering of 18,867,500 units, at a price of
$10.00 per unit, each unit consisting of one share of Star Maritime common stock
and one warrant to purchase one share of Star Maritime common stock at an
exercise price of $8.00 per share. &#160;In addition, Star Maritime completed
during December 2005 a private placement of an aggregate of 1,132,500 units, or
</font><font style="DISPLAY: inline; COLOR: #000000">the </font><font style="DISPLAY: inline; COLOR: #000000">Private Placement, each unit consisting
of one share of common stock and one warrant, to Messrs.&#160;Tsirigakis and
Syllantavos, our Chief Executive Officer and Chief Financial Officer,
respectively, and Messrs.&#160;Pappas and Erhardt, our Chairman of the Board and
one of our directors. &#160;The gross proceeds of the private placement of $11.3
million were used to pay all fees and expenses of the initial public offering
and as a result, the entire gross proceeds of the initial public offering
amounting to $188.7 million were deposited in a trust account maintained by
American Stock Transfer&#160;&amp; Trust Company, or the Trust Account.
&#160;Star Maritime&#8217;s common stock and warrants started trading on the American
Stock Exchange under the symbols, SEA and SEA.WS, respectively on December 21,
2005.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On January 12, 2007, Star Maritime and
Star Bulk entered into definitive agreements to acquire a fleet of eight drybulk
carriers with a combined cargo-carrying capacity of approximately 692,000 dwt.
from certain subsidiaries of TMT Co. Ltd., or TMT, a shipping company
headquartered in Taiwan</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">These eight drybulk carriers are
referred to as the initial fleet, or initial vessels</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">The aggregate purchase price specified
in the Master Agreement by and among the Company, Star Maritime and TMT, or the
Master Agreement&#160;for the initial fleet was $224.5 million in cash and
12,537,645 shares of common stock of Star Bulk</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">As additional consideration for eight
vessels, we are obligated to issue 1,606,962&#160;shares of common stock of Star
Bulk to TMT in two installments as follows: (i)&#160;803,481 additional shares
of Star Bulk&#8217;s common stock, no more than 10 business days following Star Bulk&#8217;s
filing of its Annual Report on Form&#160;20-F for the fiscal year ended
December&#160;31, 2007, and (ii)&#160;803,481 additional shares of Star Bulk&#8217;s
common stock, no more than 10 business days following Star Bulk&#8217;s filing of its
Annual Report on Form&#160;20-F for the fiscal year ended December&#160;31,
2008.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
November 2, 2007, the U.S. Securities and Exchange Commission, SEC or
Commission,&#160;declared effective our joint proxy/registration statement filed
on Forms F-1/F-4 and on November 27, 2007 we obtained shareholder approval for
the acquisition of the initial fleet and for effecting the Redomiciliation
Merger as a result&#160;of which Star Maritime merged into Star Bulk with Star
Maritime merging out of existence and Star Bulk being the surviving
entity.&#160; Each share of Star Maritime common stock was exchanged for one
share of Star Bulk common stock and each warrant of Star Maritime was assumed by
Star Bulk with the same terms and conditions except that each became exercisable
for common stock of Star Bulk.&#160; The Redomiciliation Merger became effective
after stock markets closed on Friday, November 30, 2007 and the common shares
and warrants of Star Maritime ceased trading on the American Stock Exchange
under the symbols SEA and SEAU, respectively. &#160;Star Bulk shares and
warrants started trading on the NASDAQ Global Market on Monday, December 3, 2007
under the ticker symbols SBLK and SBLKW, respectively.&#160;&#160;Immediately
following the effective date of the Redomiciliation Merger, TMT and its
affiliates owned 30.2% of Star Bulk&#8217;s outstanding common stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We began operations on December&#160;3,
2007 with the delivery of our first vessel the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Epsilon</font><font style="DISPLAY: inline; COLOR: #000000">.&#160; Of the
initial fleet of</font><font style="DISPLAY: inline; COLOR: #000000"> eight
drybulk vessels Star Bulk agreed to acquire, three of such eight vessels were
delivered by the end of December 2007.&#160;&#160;Additionally, on December 3,
2007, we entered into an agreement to acquire an additional Supramax vessel, the
</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Kappa</font><font style="DISPLAY: inline; COLOR: #000000"> from TMT, which was
not included in the initial fleet</font><font style="DISPLAY: inline; COLOR: #000000"> and</font><font style="DISPLAY: inline; COLOR: #000000"> was delivered to us on December 14,
2007.&#160;</font><font style="DISPLAY: inline; COLOR: #000000"> On July 17,
2008, we issued 803,481 additional shares to TMT as the first installment of
additional shares in accordance with the Master Agreement.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
maintain our principal executive offices at 7, Fragoklisias Street, 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">nd</font> floor,
Maroussi 151 25, Athens, Greece.&#160;&#160;Our telephone number at that address
is 30-210-617-8400.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
Dividend Policy</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Based
upon and subject to the assumptions contained in this section, we currently
intend to pay quarterly dividends to the holders of our common shares, in
February, May, August and November, in amounts that will allow us to retain a
portion of our cash flows to fund vessel or fleet acquisitions, and for debt
repayment and other corporate purposes, as determined by our management and
board of directors.&#160;&#160;The payment of dividends is not guaranteed or
assured and may be discontinued at the sole discretion of our board of directors
and may not be paid in the anticipated amounts and frequency set forth in this
prospectus.&#160;&#160;Our board of directors will continually review its
dividend policy and make adjustments that it believes appropriate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
timing and amount of dividend payments will be dependent upon our earnings,
financial condition, cash requirements and availability, fleet renewal and
expansion, restrictions in our credit facility, the provisions of Marshall
Islands law affecting the payment of distributions to stockholders and other
factors.&#160;&#160;Our ability to pay dividends will be limited by the amount
of cash we can generate from operations, primarily the charterhire, net of
commissions, received by the Company under the charters for our vessels during
the preceding calendar quarter, less expenses for that quarter, consisting
primarily of vessel operating expenses (including management fees), general and
administrative expenses, debt service, maintenance expenses and the
establishment of any reserves as well as additional factors unrelated to its
profitability.&#160;&#160;These reserves may cover, among other things, future
dry-docking, repairs, claims, liabilities and other obligations, interest
expense and debt amortization, acquisitions of additional assets and working
capital.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Because
we are a holding company with no material assets other than the shares of our
subsidiaries which directly own the vessels in our fleet, our ability to pay
dividends depends on the earnings and cash flow of our subsidiaries and their
ability to pay dividends to us.&#160;&#160;We cannot assure you that, after the
expiration or earlier termination of our charters, we will have any sources of
income from which dividends may be paid.&#160;&#160;If there is a substantial
decline in the charter market, this would negatively affect our earnings and
limit our ability to pay dividends.&#160;&#160;In particular, our ability to pay
dividends is subject to our ability to satisfy certain financial covenants that
are contained in our credit facility.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
believe that, under current law, our dividend payments from earnings and profits
will constitute &#8220;qualified dividend income&#8221; and as such will generally be
subject to a 15% United States federal income tax rate with respect to
non-corporate individual stockholders.&#160;&#160;Distributions in excess of our
earnings and profits will be treated first as a non-taxable return of capital to
the extent of a United States stockholder&#8217;s tax basis in our common stock on a
dollar-for-dollar basis and thereafter as capital gain.&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
February 14, April 16, and July&#160;29, 2008, the Company declared dividends
amounting to approximately $4.6 million ($0.10 per share, paid on February 28,
2008 to the stockholders of record on February 25, 2008), approximately $18.8
million ($0.35 per share, paid on May 23, 2008 to the shareholders of record on
May 16, 2008), and approximately $19.4 million ($0.35 per share, paid on
August&#160;18, 2008 to the shareholders of record on August&#160;8, 2008),
respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">The
Offering</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">This prospectus relates to the resale by
the selling stockholder of up to 4,606,962</font><font style="DISPLAY: inline; COLOR: #000000"> shares of our common stock</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Shares of our common stock
are traded on the </font><font style="DISPLAY: inline; COLOR: #000000">NASDAQ
Global Market</font><font style="DISPLAY: inline; COLOR: #000000"> under the
symbol &#8220;SBLK.&#8221;</font></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
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      <div id="HDR">
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</font></div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">RISK
FACTORS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Some of the following risks relate
principally to the industry in which we operate and our business in
general</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Other risks relate principally to the
securities market and ownership of our common stock</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">The occurrence of any of the events
described in this section could significantly and negatively affect our
business, financial condition, operating results or cash available for dividends
or the trading price of our common stock.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Industry
Specific Risk Factors</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Charterhire
rates for drybulk carriers are volatile and may decrease in the future, which
would adversely affect our earnings and ability to pay dividends</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
drybulk shipping industry is cyclical with attendant volatility in charterhire
rates and profitability.&#160;&#160;The degree of charterhire rate volatility
among different types of drybulk carriers varies widely.&#160;&#160;According to
Drewry, charterhire rates for Capesize, Panamax and Supramax drybulk
carriers&#160;have decreased sharply from their&#160;historically high
levels.&#160; T<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">he Baltic
Dry Index, or BDI, a daily average of charter rates in 26 shipping routes
measured on a time charter and voyage basis and covering Supramax, Panamax, and
Capesize drybulk carriers, has fallen over 90% from May 2008 through October
2008.&#160;&#160;The decline in charter rates is due to various factors,
including the lack of trade financing for purchases of commodities carried by
sea, which has resulted in a significant decline in cargo shipments, and the
excess supply of iron ore in China which has resulted in falling iron ore prices
and increased stockpiles in Chinese ports.</font>&#160;If the drybulk shipping
market is depressed in the future our earnings and available cash flow may
decrease.&#160;&#160;Our ability to re-charter our vessels on the expiration or
termination of their current time charters and the charter rates payable under
any renewal or replacement charters will depend upon, among other things,
economic conditions in the drybulk shipping market.&#160;&#160;Fluctuations in
charter rates and vessel values result from changes in the supply and demand for
drybulk cargoes carried internationally at sea, including coal, iron, ore,
grains and minerals.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
factors affecting the supply and demand for vessel capacity are outside of our
control, and the nature, timing and degree of changes in industry conditions are
unpredictable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
factors that influence demand for vessel capacity include:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">demand
      for and production of drybulk
products;</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">global
      and regional economic and political
conditions;</font></div>
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          </tr>
      </table>
    </div>
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    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">the
      distance drybulk cargo is to be moved by sea;
  and</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">changes
      in seaborne and other transportation
patterns.</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
factors that influence the supply of vessel capacity include:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">the
      number of new building deliveries;</font></div>
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    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">port
      and canal congestion;</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">the
      scrapping of older vessels;</font></div>
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          </tr>
      </table>
    </div>
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    <div>
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            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">vessel
      casualties; and</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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            <td align="right" style="WIDTH: 36pt">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">the
      number of vessels that are out of
service.</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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anticipate that the future demand for our drybulk carriers will be dependent
upon continued economic growth in the world&#8217;s economies, including China and
India, seasonal and regional changes in demand, changes in the capacity of the
global drybulk carrier fleet and the sources and supply of drybulk cargo to be
transported by sea.&#160;&#160;The capacity of the global drybulk carrier fleet
seems likely to increase and economic growth may not
continue.&#160;&#160;Adverse economic, political, social or other developments
could have a material adverse effect on our business and operating
results.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">The
market values of our vessels may decrease, which could limit the amount of funds
that we can borrow or trigger certain financial covenants under our current or
future credit facilities and or we may incur a loss if we sell vessels following
a decline in their market value</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
fair market values of our vessels have generally experienced high
volatility.&#160;&#160;According to Drewry, the market prices for secondhand
Capesize, Panamax and Supramax drybulk carriers&#160;have recently decreased
sharply from their&#160;historically high levels.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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fair market value of our vessels may increase and decrease depending on a number
of factors including:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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      economic and market conditions affecting the shipping
      industry;</font></div>
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      and sizes of vessels;</font></div>
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      and demand for vessels;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">other
      modes of transportation;</font></div>
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    <div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">cost
      of newbuildings;</font></div>
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          </tr>
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    <div>
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">governmental
      or other regulations; and</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">technological
      advances.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
addition, as vessels grow older, they generally decline in value.&#160;&#160;If
the fair market value of our vessels declines, we may not be in compliance with
certain provisions of our term loans and we may not be able to refinance our
debt or obtain additional financing.&#160;&#160;In addition, if we sell one or
more of our vessels at a time when vessel prices have fallen and before we have
recorded an impairment adjustment to our consolidated financial statements, the
sale may be less than the vessel&#8217;s carrying value on our consolidated financial
statements, resulting in a loss and a reduction in
earnings.&#160;&#160;Furthermore, if vessel values fall significantly we may
have to record an impairment adjustment in our financial statements which could
adversely affect our financial results.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">World
events could affect our results of operations and financial
condition</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Terrorist
attacks in New York on September 11, 2001 and in London on July 7, 2005 and the
continuing response of the United States and others to these attacks, as well as
the threat of future terrorist attacks in the United States or elsewhere,
continues to cause uncertainty in the world&#8217;s financial markets and may affect
our business, operating results and financial condition.&#160;&#160;The
continuing conflict in Iraq may lead to additional acts of terrorism and armed
conflict around the world, which may contribute to further economic instability
in the global financial markets.&#160;&#160;These uncertainties could also
adversely affect our ability to obtain additional financing on terms acceptable
to us or at all.&#160;&#160;In the past, political conflicts have also resulted
in attacks on vessels, mining of waterways and other efforts to disrupt
international shipping, particularly in the Arabian Gulf region.&#160;&#160;Acts
of terrorism and piracy have also affected vessels trading in regions such as
the South China Sea.&#160;&#160;Any of these occurrences could have a material
adverse impact on our operating results, revenues and costs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Terrorist
attacks on vessels, such as the October 2002 attack on the M.V. <font style="DISPLAY: inline; FONT-STYLE: italic">Limburg</font>, a very large crude
carrier not related to us, may in the future also negatively affect our
operations and financial condition and directly impact our vessels or our
customers.&#160;&#160;Future terrorist attacks could result in increased
volatility of the financial markets in the United States and globally and could
result in, or pooling, an economic recession affecting the United States or the
entire world.&#160;&#160;Any of these occurrences could have a material adverse
impact on our revenues and costs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Disruptions
in world financial markets and the resulting governmental action in the United
States and in other parts of the world could have a material adverse impact on
our results of operations, financial condition and cash flows, and could cause
the market price of our common stock to decline.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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signs that the United States and other parts of the world are exhibiting
deteriorating economic trends and may be entering into a recession. For example,
the credit markets in the United States have experienced significant
contraction, de-leveraging and reduced liquidity, and the United States federal
government and state governments have implemented and are considering a broad
variety of governmental action and/or new regulation of the financial markets.
Securities and futures markets and the credit markets are subject to
comprehensive statutes, regulations and other requirements. The SEC, other
regulators, self-regulatory organizations and exchanges are authorized to take
extraordinary actions in the event of market emergencies, and may effect changes
in law or interpretations of existing laws.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Recently,
a number of financial institutions have experienced serious financial
difficulties and, in some cases, have entered bankruptcy proceedings or are in
regulatory enforcement actions. These difficulties have resulted, in part, from
declining markets for assets held by such institutions, particularly reduction
in the value of their mortgage and asset-backed securities portfolios. These
difficulties have been compounded by a general decline in the willingness by
banks and other financial institutions to extend credit to originators and banks
in the asset-backed securities industry and the resulting&#160;difficulty for
such originators and banks to obtain&#160;credit and liquidity.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">We face
risks attendant to changes in economic environments, changes in interest rates,
and instability in securities markets, around the world,&#160;among other
factors. Major market disruptions and the current adverse changes in market
conditions and regulatory climate in the United States and worldwide may
adversely affect our business or impair our ability to borrow amounts under our
credit facilities or any future financial arrangements. We cannot predict how
long the current market conditions will last. However, these recent and
developing economic and governmental factors may have a material adverse effect
on our results of operations, financial condition or cash flows and could cause
the price of our common stock to decline significantly.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">An
economic slowdown in the Asia Pacific region could materially reduce the amount
and/or profitability of our business</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
significant number of the port calls made by our vessels involve the loading or
discharging of raw materials and semi-finished products in ports in the Asia
Pacific region.&#160;&#160;As a result, a negative change in economic conditions
in any Asia Pacific country, particularly in China, may have an adverse effect
on our business, financial position and results of operations, as well as our
future prospects.&#160;&#160;In particular, in recent years, China has been one
of the world&#8217;s fastest growing economies in terms of gross domestic
product.&#160;&#160;Such growth may not be sustained and the Chinese economy may
experience contraction in the future.&#160;&#160;Moreover, any continued
slowdown in the economies of the United States of America, the European Union or
certain Asian countries may adversely effect economic growth in China and
elsewhere.&#160;&#160;Our business, financial position, results of operations,
and cash flows as well as our future prospects, will likely be materially and
adversely affected by an economic downturn in any of these
countries.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Changes
in the economic and political environment in China and policies adopted by the
government to regulate its economy may have a material adverse effect on our
business, financial condition and results of operations</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Chinese economy differs from the economies of most countries belonging to the
Organization for Economic Cooperation and Development, or OECD, in such respects
as structure, government involvement, level of development, growth rate, capital
</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">9</font></div>
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    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">reinvestment,
allocation of resources, rate of inflation and balance of payments
position.&#160;&#160;Prior to 1978, the Chinese economy was a planned
economy.&#160;&#160;Since 1978, increasing emphasis has been placed on the
utilization of market forces in the development of the Chinese
economy.&#160;&#160;Annual and five year State Plans are adopted by the Chinese
government in connection with the development of the
economy.&#160;&#160;Although state-owned enterprises still account for a
substantial portion of the Chinese industrial output, in general, the Chinese
government is reducing the level of direct control that it exercises over the
economy through State Plans and other measures.&#160;&#160;There is an
increasing level of freedom and autonomy in areas such as allocation of
resources, production, pricing and management and a gradual shift in emphasis to
a &#8220;market economy&#8221; and enterprise reform.&#160;&#160;Limited price reforms were
undertaken, with the result that prices for certain commodities are principally
determined by market forces.&#160;&#160;Many of the reforms are unprecedented or
experimental and may be subject to revision, change or abolition based upon the
outcome of such experiments.&#160;&#160;If the Chinese government does not
continue to pursue a policy of economic reform the level of imports to and
exports from China could be adversely affected by changes to these economic
reforms by the Chinese government, as well as by changes in political, economic
and social conditions or other relevant policies of the Chinese government, such
as changes in laws, regulations or export and import restrictions, all of which
could, adversely affect our business, operating results and financial
condition.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Charter
rates are subject to seasonal fluctuations and market volatility, which may
adversely affect our financial condition and ability to pay
dividends</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
own and operate a fleet of 12 vessels consisting of <font style="DISPLAY: inline; COLOR: #000000">four Capesize and </font><font style="DISPLAY: inline; COLOR: #000000">eight</font><font style="DISPLAY: inline; COLOR: #000000"> Supramax drybulk carriers with an
average age of&#160;9.4</font><font style="DISPLAY: inline; COLOR: #000000">
years and a combined cargo carrying capacity of approximately 1.1 million
dwt</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font>We
employ all of our vessels on medium-to long-term time charters&#160;other than
the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Beta</font>, which is currently employed on a short-term time charter for a term
of two to four months.&#160;We may in the future employ certain of our vessels
in the spot market.&#160;&#160;Demand for vessel capacity has historically
exhibited seasonal variations and, as a result, in charter
rates.&#160;&#160;This seasonality may result in quarter-to-quarter volatility
in our operating results for vessels trading in the spot market.&#160;&#160;The
drybulk sector is typically stronger in the fall and winter months in
anticipation of increased consumption of coal and other raw materials in the
northern hemisphere.&#160;&#160;As a result, our revenues from our drybulk
carriers&#160;may be weaker during the fiscal quarters ended June 30 and
September 30, and, conversely, our revenues from our drybulk carriers&#160;may
be stronger in fiscal quarters ended December 31 and March
31.&#160;&#160;Seasonality in the sector in which we operate could materially
affect our operating results and cash available for dividends in the
future.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Rising
fuel prices may adversely affect our profits</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Fuel
is a significant, if not the largest, expense in our shipping operations when
vessels are not under period charter.&#160;&#160;Changes in the price of fuel
may adversely affect our profitability.&#160;&#160;The price and supply of fuel
is unpredictable and fluctuates based on events outside our control, including
geopolitical developments, supply and demand for oil and gas, actions by OPEC
and other oil and gas producers, war and unrest in oil producing countries and
regions, regional production patterns and environmental
concerns.&#160;&#160;Further, fuel may become much more expensive in the future,
which may reduce the profitability and competitiveness of our business versus
other forms of transportation, such as truck or rail.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">We
are subject to international safety regulations and the failure to comply with
these regulations may subject us to increased liability, may adversely affect
our insurance coverage and may result in a denial of access to, or detention in,
certain ports</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
business and the operation of our vessels are materially affected by government
regulation in the form of international conventions, national, state and local
laws and regulations in force in the jurisdictions in which the vessels operate,
as well as in the country or countries of their registration.&#160;&#160;Because
such conventions, laws, and regulations are often revised, we cannot predict the
ultimate cost of complying with such conventions, laws and regulations or the
impact thereof on the resale prices or useful lives of our
vessels.&#160;&#160;Additional conventions, laws and regulations may be adopted
which could limit our ability to do business or increase the cost of our doing
business and which may materially adversely affect our operations.&#160;&#160;We
are required by various governmental and quasi-governmental agencies to obtain
certain permits, licenses, certificates, and financial assurances with respect
to our operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
operation of our vessels is affected by the requirements set forth in the United
Nations&#8217; International Maritime Organization&#8217;s International Management Code for
the Safe Operation of Ships and Pollution Prevention, or ISM
Code.&#160;&#160;The ISM Code requires shipowners, ship managers and bareboat
charterers to develop and maintain an extensive &#8220;Safety Management System&#8221; that
includes the adoption of a safety and environmental protection policy setting
forth instructions and procedures for safe operation and </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">10</font></div>
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    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">describing
procedures for dealing with emergencies.&#160;&#160;The failure of a shipowner
or bareboat charterer to comply with the ISM Code may subject it to increased
liability, may invalidate existing insurance or decrease available insurance
coverage for the affected vessels and may result in a denial of access to, or
detention in, certain ports.&#160;&#160;If we are subject to increased liability
for noncompliance or if our insurance coverage is adversely impacted as a result
of noncompliance, we may have less cash available for distribution to our
stockholders as dividends.&#160;&#160;If any of our vessels are denied access
to, or are detained in, certain ports, this may decrease our
revenues.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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inspection procedures and tighter import and export controls could increase
costs and disrupt our business</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">International
shipping is subject to various security and customs inspection and related
procedures in countries of origin and destination.&#160;&#160;Inspection
procedures may result in the seizure of contents of our vessels, delays in the
loading, offloading or delivery and the levying of customs duties, fines or
other penalties against us.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">It
is possible that changes to inspection procedures could impose additional
financial and legal obligations on us.&#160;&#160;Changes to inspection
procedures could also impose additional costs and obligations on our customers
and may, in certain cases, render the shipment of certain types of cargo
uneconomical or impractical.&#160;&#160;Any such changes or developments may
have a material adverse effect on our business, financial condition and results
of operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Maritime
claimants could arrest one or more of our vessels, which could interrupt our
cash flow</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Crew
members, suppliers of goods and services to a vessel, shippers of cargo and
other parties may be entitled to a maritime lien against a vessel for
unsatisfied debts, claims or damages.&#160;&#160;In many jurisdictions, a
claimant may seek to obtain security for its claim by arresting a vessel through
foreclosure proceedings.&#160;&#160;The arrest or attachment of one or more of
our vessels could interrupt our cash flow and require us to pay large sums of
money to have the arrest or attachment lifted.&#160;&#160;In addition, in some
jurisdictions, such as South Africa, under the &#8220;sister ship&#8221; theory of
liability, a claimant may arrest both the vessel which is subject to the
claimant&#8217;s maritime lien and any &#8220;associated&#8221; vessel, which is any vessel owned
or controlled by the same owner.&#160;&#160;Claimants could attempt to assert
&#8220;sister ship&#8221; liability against one vessel in our fleet for claims relating to
another of our vessels.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Governments
could requisition our vessels during a period of war or emergency, resulting in
a loss of earnings</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
government could requisition one or more of our vessels for title or for
hire.&#160;&#160;Requisition for title occurs when a government takes control of
a vessel and becomes her owner, while requisition for hire occurs when a
government takes control of a vessel and effectively becomes her charterer at
dictated charter rates.&#160;&#160;Generally, requisitions occur during periods
of war or emergency, although governments may elect to requisition vessels in
other circumstances.&#160;&#160;Although we would be entitled to compensation in
the event of a requisition of one or more of our vessels, the amount and timing
of payment would be uncertain.&#160;&#160;Government requisition of one or more
of our vessels may negatively impact our revenues and reduce the amount of cash
we have available for distribution as dividends to our
stockholders.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Specific Risk Factors</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Star
Bulk has a limited operating history and may not operate profitably in the
future</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Star
Bulk was formed December 13, 2006 and in January 2007 entered into agreements to
acquire eight drybulk carriers.&#160;&#160;Star Bulk took delivery of its first
vessel in December 2007.&#160;&#160;Accordingly, the consolidated financial
statements do not provide a meaningful basis for you to evaluate its operations
and ability to be profitable in the future.&#160;&#160;Star Bulk may not be
profitable in the future.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">We
are dependent on medium- to long-term time charters in a volatile shipping
industry and a decline in charterhire rates would affect our results of
operations and ability to pay dividends</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
charter all of our vessels pursuant to medium- to long-term time charters with
remaining terms of approximately one to five years other than the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Beta</font>, which is currently employed on a short-term time charter for a term
of two to four months.&#160;&#160;The time charter market is highly competitive
and spot market charterhire rates (which affect time charter rates) may
fluctuate significantly based upon available charters and the supply of, and
demand for, seaborne shipping capacity.&#160;&#160;Our ability to re-charter our
vessels on the expiration or termination of their current time charters and the
charter rates payable under any renewal or replacement </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">charters
will depend upon, among other things, economic conditions in the drybulk
shipping market.&#160;&#160;The drybulk carrier charter market is volatile, and
in the past, time charter and spot market charter rates for drybulk carriers
have declined below operating costs of vessels.&#160;&#160;If future charterhire
rates are depressed, we may not be able to operate our vessels profitably or to
pay you dividends.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Our
earnings may be adversely affected if we are not able to take advantage of
favorable charter rates</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
charter our drybulk carriers to customers pursuant to medium- to long-term time
charters, which generally last from one to five years other than the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Beta</font>, which is currently employed on a short-term time charter for a term
of two to four months.&#160;&#160;We may in the future extend the charter
periods for the vessels in our fleet.&#160;&#160;Our vessels that are committed
to longer-term charters may not be available for employment on short-term
charters during periods of increasing short-term charterhire rates when these
charters may be more profitable than long-term charters.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">If
we fail to manage our planned growth properly, we may not be able to
successfully expand our fleet which would adversely affect our overall financial
position</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
intend to continue to expand our fleet.&#160;&#160;Our growth will depend
on:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">locating
      and acquiring suitable vessels;</font></div>
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          </tr>
      </table>
    </div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">identifying
      and consummating acquisitions or joint
ventures;</font></div>
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    </div>
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    <div>
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            <td align="right" style="WIDTH: 36pt">
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            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">integrating
      any acquired vessels successfully with our existing
      operations;</font></div>
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    <div>
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            <td align="right" style="WIDTH: 36pt">
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">enhancing
      our customer base;</font></div>
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      </table>
    </div>
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    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">managing
      our expansion; and</font></div>
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      required financing.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Growing
any business by acquisition presents numerous risks such as undisclosed
liabilities and obligations, difficulty experienced in obtaining additional
qualified personnel and managing relationships with customers and suppliers and
integrating newly acquired operations into existing
infrastructures.&#160;&#160;We may not be successful in executing our growth
plans and may incur significant expenses and losses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Our
loan agreements may contain restrictive covenants that may limit our liquidity
and corporate activities</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
current term loan agreements with Commerzbank AG and Piraeus Bank A.E., and any
future loan agreements may impose operating and financial restrictions on
us.&#160;&#160;These restrictions may limit our ability to:</font></div>
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      additional indebtedness;</font></div>
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          </tr>
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      liens on our assets;</font></div>
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    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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      capital stock of our subsidiaries;</font></div>
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    <div>
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          <tr valign="top">
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    <div>
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          <tr valign="top">
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            </td>
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      in mergers or acquisitions;</font></div>
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    </div>
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    <div>
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          <tr valign="top">
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
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      capital expenditures;</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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      the management of our vessels or terminate or materially amend the
      management agreement relating to each vessel;
  and</font></div>
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          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">sell
      our vessels.</font></div>
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          </tr>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Therefore,
we may need to seek permission from our lenders in order to engage in some
important corporate actions.&#160;&#160;The lenders&#8217; interests may be different
from ours, and we cannot guarantee that we will be able to obtain the lenders&#8217;
permission when needed.&#160;&#160;This may prevent us from taking actions that
are in our best interest.</font></div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Servicing
debt will limit funds available for other purposes, including capital
expenditures and payment of dividends</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">As
of October 30, 2008, we had $120.0 million outstanding under our term loan
agreement with Commerzbank AG in connection with the purchase of the vessels in
our initial fleet and $183.5 million outstanding under our term loan agreements
with Piraeus Bank A.E. in connection with the purchase of four additional
vessels in our current fleet: the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Omicron</font>, the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Sigma,</font>&#160;the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Cosmo and Star
Ypislon</font>.&#160;&#160;On April 14, 2008, we entered into a loan agreement,
which was subsequently amended on April 17, 2008 and September 18,
2008,&#160;for up to $150.0 million with Piraeus Bank A.E. in order to partially
finance the acquisition cost of vessels the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Omicron,</font> the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Sigma&#160;<font style="FONT-STYLE: normal">and the</font> Star Ypsilon</font>&#160;and also to
provide us with additional liquidity.&#160;&#160;The loan is secured by a first
priority&#160;mortgage on the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Omicron, <font style="FONT-STYLE: normal"><font style="FONT-STYLE: normal">the</font>
</font>Star Beta, <font style="FONT-STYLE: normal">and the </font>Star
</font><font style="DISPLAY: inline; FONT-STYLE: italic">Sigma</font>.&#160;&#160;The loan
bears interest at LIBOR plus a margin and is repayable in twenty-four quarterly
installments through September 2014.&#160;&#160;As of October 30, 2008, we had
outstanding borrowings in the amount of $150.0 million under this
loan.&#160;&#160;On July 1, 2008, the Company entered into a loan agreement of
up to $35.0 million with Piraeus Bank A.E. to partially finance the acquisition
of the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Cosmo</font>.&#160;&#160;The loan bears interest at LIBOR plus a margin and is
repayable in twenty-four quarterly installments through July 2014.&#160;&#160;As
of October 30, 2008, we had outstanding borrowings in the amount of $33.5
million under this loan facility.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
may be required to dedicate a portion of our cash flow from operations to pay
the principal and interest on our debt.&#160;&#160;These payments limit funds
otherwise available for working capital expenditures and other purposes,
including payment of dividends.&#160;&#160;If we are unable to service our debt,
it may have a material adverse effect on our financial condition and results of
operations.</font></div>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Default
by our charterers may lead to decreased revenues and a reduction in
earnings</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
have entered into a time charter with each of Worldlink Shipping Limited for the
<font style="DISPLAY: inline; FONT-STYLE: italic">Star
Alpha</font>,&#160;Companhia Vale do Rio&#160;Doce (Vale) for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star </font><font style="FONT-STYLE: italic">Beta</font>, North China Shipping Limited Bahamas for
the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Epsilon</font>, Essar
for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Delta</font>,
Norden A/S for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Zeta</font>, Hyundai Merchant Marine for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Theta, </font>TMT Co. Ltd., or
TMT, for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Gamma,
</font>Ishaar Overseas for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Kappa</font>, Sun God
Navigation S.A. for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Sigma</font> and GMI Ltd. for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Omicron</font> and K.&#160;Line
Corp. for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Cosmo</font>.&#160;&#160;Consistent with drybulk shipping industry practice, we
have not independently analyzed the creditworthiness of the charterers. Our
revenues may be dependent on the performance of our charterers and, as a result,
defaults by our charterers may materially adversely affect our
revenues.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">In
the highly competitive international drybulk shipping industry, we may not be
able to compete for charters with new entrants or established companies with
greater resources which may adversely affect our results of
operations</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
employ our vessels in a highly competitive market that is capital intensive and
highly fragmented.&#160;&#160;Competition arises primarily from other vessel
owners, some of whom have substantially greater resources than
us.&#160;&#160;Competition for the transportation of drybulk cargoes can be
intense and depends on price, location, size, age, condition and the
acceptability of the vessel and its managers to the charterers.&#160;&#160;Due
in part to the highly fragmented market, competitors with greater resources
could operate larger fleets through consolidations or acquisitions and may be
able to offer more favorable terms.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">We
may be unable to attract and retain key management personnel and other employees
in the shipping industry, which may negatively affect the effectiveness of our
management and our results of operations</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
success depends to a significant extent upon the abilities and efforts of our
management team.&#160;&#160;As of October 30, 2008, we had 20
employees.&#160;&#160;Eighteen of our employees, through Star Bulk Management,
are engaged in the day to day management of the vessels in our
fleet.&#160;&#160;Our success depends upon our ability to retain key members of
our management team and the ability of Star Bulk Management to recruit and hire
suitable employees.&#160;&#160;The loss of any members of our senior management
team could adversely affect our business prospects and financial
condition.&#160;&#160;Difficulty in hiring and retaining personnel could
adversely affect our results of operations.&#160;&#160;We do not maintain
&#8220;key-man&#8221; life insurance on any of our officers or employees of Star Bulk
Management.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">As
we expand our fleet, we will need to expand our operations and financial systems
and hire new shoreside staff and seafarers to staff our vessels; if we cannot
expand these systems or recruit suitable employees, our performance may be
adversely affected</font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="TEXT-ALIGN: justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
operating and financial systems may not be adequate as we expand our fleet, and
our attempts to implement those systems may be ineffective.&#160;&#160;In
addition, we rely on our wholly-owned subsidiary, Star Bulk Management, to
recruit shoreside administrative and management personnel.&#160;&#160;Shoreside
personnel are recruited by Star Bulk Management through referrals from other
shipping companies and traditional methods of securing personnel, such as
placing classified advertisements in shipping industry
periodicals.&#160;&#160;Star Bulk Management has sub-contracted crew management,
which includes the recruitment of seafarers, to Combine, Bernhardt, a major
international third-party technical management company, and Union. &#160;Star
Bulk Management and its crewing agent may not be </font></div>
      </div>
    </div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">13</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">able
to continue to hire suitable employees as Star Bulk expands its
fleet.&#160;&#160;If we are unable to operate our financial and operations
</font>systems effectively, recruit suitable employees or if Star Bulk
Management&#8217;s unaffiliated crewing agent encounters business or financial
difficulties, our performance may be materially adversely
affected.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Risks
involved with operating ocean going vessels could affect our business and
reputation, which would adversely affect our revenues</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
operation of an ocean-going vessel carries inherent risks.&#160;&#160;These
risks include the possibility of:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">crew
      strikes and/or boycotts;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">marine
      disaster;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">piracy;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">environmental
      accidents;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">cargo
      and property losses or damage; and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">business
      interruptions caused by mechanical failure, human error, war, terrorism,
      political action in various countries or adverse weather
      conditions.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Any
of these circumstances or events could increase our costs or lower our
revenues.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Our
vessels may suffer damage and may face unexpected drydocking costs, which could
adversely affect our cash flow and financial condition</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">If
our vessels suffer damage, they may need to be repaired at a drydocking
facility.&#160;&#160;The costs of drydock repairs are unpredictable and can be
substantial.&#160;&#160;We may have to pay drydocking costs that our insurance
does not cover.&#160;&#160;The loss of earnings while these vessels are being
repaired and reconditioned, as well as the actual cost of these repairs, would
decrease our earnings.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Purchasing
and operating secondhand vessels may result in increased operating costs and
vessel off-hire, which could adversely affect our earnings</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
inspection of secondhand vessels prior to purchase does not provide us with the
same knowledge about their condition and cost of any required or anticipated
repairs that we would have had if these vessels had been built for and operated
exclusively by us.&#160;&#160;We will not receive the benefit of warranties on
secondhand vessels.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Typically,
the costs to maintain a vessel in good operating condition increase with the age
of the vessel.&#160;&#160;Older vessels are typically less fuel efficient and
more costly to maintain than more recently constructed vessels.&#160;&#160;Cargo
insurance rates increase with the age of a vessel, making older vessels less
desirable to charterers.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Governmental
regulations, safety or other equipment standards related to the age of vessels
may require expenditures for alterations, or the addition of new equipment, to
our vessels and may restrict the type of activities in which the vessels may
engage.&#160;&#160;As our vessels age, market conditions may not justify those
expenditures or enable us to operate our vessels profitably during the remainder
of their useful lives.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
inspected the nine vessels that we acquired from TMT and the three vessels that
we acquired from third parties, considered the age and condition of the vessels
in budgeting for their operating, insurance and maintenance costs, and if we
acquire additional secondhand vessels in the future, we may encounter higher
operating and maintenance costs due to the age and condition of those additional
vessels.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">We
may not have adequate insurance to compensate us for the loss of a vessel, which
may have a material adverse effect on our financial condition and results of
operation</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
have procured hull and machinery insurance, protection and indemnity insurance,
which includes environmental damage and pollution insurance coverage and war
risk insurance for our fleet.&#160;&#160;We do not maintain, for our vessels,
insurance against loss of hire, </font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">14</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">which
covers business interruptions that result from the loss of use of a
vessel.&#160;&#160;We may not be adequately insured against all
risks.&#160;&#160;We may not be able to obtain adequate insurance coverage for
our fleet in the future.&#160;&#160;The insurers may not pay particular
claims.&#160;&#160;Our insurance policies may contain deductibles for which we
will be responsible and limitations and exclusions which may increase our costs
</font>or lower our revenue.&#160;&#160;Moreover, insurers may default on claims
they are required to pay.&#160;&#160;If our insurance is not enough to cover
claims that may arise, the deficiency may have a material adverse effect on our
financial condition and results of operations.</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We may not be able to pay
dividends</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
intend to pay a regular quarterly dividend however, we may incur other expenses
or liabilities that would reduce or eliminate the cash available for
distribution as dividends.&#160;&#160;Our loan agreements, including future
credit facilities we may enter into, may also prohibit or restrict the
declaration and payment of dividends under some circumstances.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
addition, the declaration and payment of dividends will be subject at all times
to the discretion of our board of directors.&#160;&#160;The timing and amount of
dividends will depend on our earnings, financial condition, cash requirements
and availability, fleet renewal and expansion, restrictions in our loan
agreements, the provisions of Marshall Islands law affecting the payment of
dividends and other factors.&#160;&#160;Marshall Islands law generally prohibits
the payment of dividends other than from surplus or while a company is insolvent
or would be rendered insolvent upon the payment of such dividends, or if there
is no surplus, dividends may be declared or paid out of net profits for the
fiscal year in which the dividend is declared and for the preceding fiscal
year.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">We
are a holding company, and depend on the ability of our subsidiaries to
distribute funds to us in order to satisfy our financial obligations or to make
dividend payments</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
are a holding company and our wholly-owned subsidiaries, conduct all of our
operations and own all of our operating assets.&#160;&#160;We will have no
significant assets other than the equity interests in our wholly-owned
subsidiaries.&#160;&#160;As a result, our ability to make dividend payments
depends on our subsidiaries and their ability to distribute funds to
us.&#160;&#160;If we are unable to obtain funds from our subsidiaries, our board
of directors may exercise its discretion not to pay dividends.&#160;&#160;We and
our subsidiaries will be permitted to pay dividends under our credit facilities
only for so long as we are in compliance with all applicable financial
covenants, terms and conditions.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">We
depend on officers who may engage in other business activities in the
international shipping industry which may create conflicts of
interest</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Prokopios
Tsirigakis, our Chief Executive Officer and a member of our board of directors,
and George Syllantavos, our Chief Financial Officer, Secretary and member of our
board of directors participate in business activities not associated with the
Company.&#160;&#160;As a result, Mr.&#160;Tsirigakis and Mr.&#160;Syllantavos
may devote less time to the Company than if they were not engaged in other
business activities and may owe fiduciary duties to the shareholders of both the
Company as well as shareholders of other companies which they may be affiliated,
which may create conflicts of interest in matters involving or affecting the
Company and its customers.&#160;&#160;It is not certain that any of these
conflicts of interest will be resolved in our favor.&#160; </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
accordance with Star Bulk&#8217;s Code of Ethics, all ongoing and future transactions
between Star Bulk and any of its officers and directors or their respective
affiliates, including loans by Star Bulk&#8217;s officers and directors, if any, will
be on terms believed by Star Bulk to be no less favorable than are available
from unaffiliated third parties, and such transactions or loans, including any
forgiveness of loans, will require prior approval, in each instance by a
majority of Star Bulk&#8217;s uninterested &#8220;independent&#8221; directors or the members of
Star Bulk&#8217;s board who do not have an interest in the transaction, in either case
who had access, at Star Bulk&#8217;s expense, to its attorneys or independent legal
counsel.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">We
are incorporated in the Republic of the Marshall Islands, which does not have a
well-developed body of corporate law, which may negatively affect the ability of
public shareholders to protect their interests</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
are incorporated under the laws of the Republic of the Marshall Islands, and our
corporate affairs are governed by our Articles of Incorporation and bylaws and
by the Marshall Islands Business Corporations Act, or BCA.&#160;&#160;The
provisions of the BCA resemble provisions of the corporation laws of a number of
states in the United States.&#160;&#160;However, there have been few judicial
cases in the Republic of the Marshall Islands interpreting the
BCA.&#160;&#160;The rights and fiduciary responsibilities of directors under the
law of the Republic of the Marshall Islands are not as clearly established as
the rights and fiduciary responsibilities of directors under statutes or
judicial precedent in existence in certain United States
jurisdictions.&#160;&#160;Shareholder rights may differ as
well.&#160;&#160;While the BCA does specifically incorporate the non-statutory
law, or judicial case law, of the State of Delaware and other states with
substantially similar legislative provisions, public shareholders may have more
difficulty in protecting their interests in the face of actions by the
management, directors or controlling shareholders than would shareholders of a
corporation incorporated in a United States jurisdiction.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">15</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
      <div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Our
directors and officers are non-U.S. residents, and although shareholders may
bring an original action in the courts of the Marshall Islands or obtain a
judgment against us, our directors or our management based on U.S. laws in the
event you believe your rights as a shareholder have been infringed, it may be
difficult to enforce judgments against us, our directors or our
management</font></div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">All
of our assets are located outside of the United States.&#160;&#160;Our business
is operated primarily from our offices in Athens, Greece.&#160;&#160;In
addition, our directors and officers are non-residents of the United States, and
all or a substantial portion of the assets of these non-residents are located
outside the United States.&#160;&#160;As a result, it may be difficult or
impossible for you to bring an action against us or against these individuals in
the United States if you believe that your rights have been infringed under
securities laws or otherwise.&#160;&#160;Even if you are successful in bringing
an action of this kind, the laws of the Marshall Islands and of other
jurisdictions may prevent or restrict you from enforcing a judgment against our
assets or the assets of our directors and officers.&#160;&#160;Although you may
bring an original action against us, our officers and directors in the courts of
the Marshall Islands based on U.S. laws, and the courts of the Marshall Islands
may impose civil liability, including monetary damages, against us, our officers
or directors for a cause of action arising under Marshall Islands law, it may be
impracticable for you to do so given the geographic location of the Marshall
Islands.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">There
is a risk that we could be treated as a U.S. domestic corporation for U.S.
federal income tax purposes after the merger of Star Maritime with and into Star
Bulk, with Star Bulk as the surviving corporation, or Redomiciliation Merger,
which would adversely affect our earnings</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Section&#160;7874(b)
of the U.S. Internal Revenue Code of 1986, or the Code, provides that, unless
certain requirements are satisfied, a corporation organized outside the United
States which acquires substantially all of the assets (through a plan or a
series of related transactions) of a corporation organized in the United States
will be treated as a U.S. domestic corporation for U.S. federal income tax
purposes if shareholders of the U.S. corporation whose assets are being acquired
own at least 80% of the non-U.S. acquiring corporation after the
acquisition.&#160;&#160;If Section&#160;7874(b) of the Code were to apply to
Star Maritime and the Redomiciliation Merger, then, among other consequences,
the Company, as the surviving entity of the Redomiciliation Merger, would be
subject to U.S. federal income tax as a U.S. domestic corporation on its
worldwide income after the Redomiciliation Merger.&#160;&#160;Upon completion of
the Redomiciliation Merger and the concurrent issuance of stock to TMT under the
acquisition agreements, the stockholders of Star Maritime owned less than 80% of
the Company.&#160;&#160;Therefore, the Company believes that it should not be
subject to Section&#160;7874(b) of the Code after the Redomiciliation
Merger.&#160;&#160;Star Maritime obtained an opinion of its counsel,
Seward&#160;&amp; Kissel LLP, that Section&#160;7874(b) should not apply to the
Redomiciliation Merger.&#160;&#160;However, there is no authority directly
addressing the application of Section&#160;7874(b) to a transaction such as the
Redomiciliation Merger where shares in a foreign corporation such as the Company
are issued concurrently with (or shortly after) a merger.&#160;&#160;In
particular, since there is no authority directly applying the &#8220;series of related
transactions&#8221; or &#8220;plan&#8221; provisions to the post-acquisition stock ownership
requirements of Section&#160;7874(b), the United States Internal Revenue
Service, or IRS, may not agree with Seward&#160;&amp; Kissel&#8217;s opinion on this
matter.&#160;&#160;Moreover, Star Maritime has not sought a ruling from the IRS
on this point.&#160;&#160;Therefore, IRS may seek to assert that we are subject
to U.S. federal income tax for taxable on our worldwide income for taxable years
after the Redomiciliation Merger although Seward &amp; Kissel is of the opinion
that such an assertion should not be successful.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">We
may have to pay tax on United States source income, which would reduce our
earnings</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Under
the Code, 50% of the gross shipping income of a vessel owning or chartering
corporation, such as the Company and its subsidiaries, that is attributable to
transportation that begins or ends, but that does not both begin and end, in the
United States is characterized as U.S. source shipping income and such income is
subject to a 4% U.S. federal income tax without allowance for deduction, unless
that corporation qualifies for exemption from tax under Section&#160;883 of the
Code and the Treasury regulations promulgated thereunder.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
expect that we will qualify for this statutory tax exemption and we intend to
take this position for U.S. federal income tax return reporting purposes for our
2007 taxable year.&#160;&#160;However, there are factual circumstances beyond
our control that could cause us to lose the benefit of this tax exemption and
thereby become subject to U.S. federal income tax on our U.S. source
income.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">If
we are not entitled to this exemption under Section&#160;883 for any taxable
year, we would be subject for those years to a 4% U.S. federal income tax on its
U.S.-source shipping income.&#160;&#160;The imposition of this taxation could
have a negative effect on our business and would result in decreased
earnings.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"></font>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">The
preferential tax rates applicable to qualified dividend income are temporary,
and the enactment of proposed legislation could affect whether dividends paid by
us constitute qualified dividend income eligible for the preferential
rate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Certain
of our distributions may be treated as qualified dividend income eligible for
preferential rates of U.S. federal income tax to U.S.
shareholders.&#160;&#160;In the absence of legislation extending the term for
these preferential tax rates, all dividends received by such U.S. taxpayers in
tax years beginning on January 1, 2011 or later will be taxed at graduated tax
rates applicable to ordinary income.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
addition, legislation has been proposed in the U.S. Congress that would, if
enacted, deny the preferential rate of U.S. federal income tax currently imposed
on qualified dividend income with respect to dividends received from a non-U.S.
corporation if the non-U.S. corporation is created or organized under the laws
of a jurisdiction that does not have a comprehensive income tax
system.&#160;&#160;Because the Marshall Islands imposes only limited taxes on
entities organized under its laws, it is likely that if this legislation were
enacted, the preferential tax rates of federal income tax may no longer be
applicable to distributions received from us.&#160;&#160;As of the date hereof,
it is not possible to predict with certainty whether this proposed legislation
will be enacted.</font></div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">U.S.
tax authorities could treat us as a &#8220;passive foreign investment company,&#8221; which
could have adverse U.S. federal income tax consequences to U.S.
holders</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
will be treated as a &#8220;passive foreign investment company,&#8221; or PFIC, for U.S.
federal income tax purposes if either (1)&#160;at least 75% of its gross income
for any taxable year consists of certain types of &#8220;passive income&#8221; or
(2)&#160;at least 50% of the average value of its assets produce or are held for
the production of those types of &#8220;passive income.&#8221;&#160;&#160;For purposes of
these tests, &#8220;passive income&#8221; </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">16</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">includes
dividends, interest, and gains from the sale or exchange of investment property
and rents and royalties other than rents and royalties which are received from
unrelated parties in connection with the active conduct of a trade or
business.&#160;&#160;For purposes of these tests, income derived from the
performance of services does not constitute &#8220;passive income.&#8221; U.S. shareholders
of a PFIC may be subject to a disadvantageous U.S. federal income tax regime
with respect to the income derived by the PFIC, the distributions they receive
from the PFIC and the gain, if any, they derive from the sale or other
disposition of their shares in the PFIC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Based
on our method of operation, we take the position for United States federal
income tax purposes we are not a PFIC with respect to any taxable
year.&#160;&#160;In this regard, we intend to treat the gross income we will
derive or will be deemed to derive from our time chartering activities as
services income, rather than rental income.&#160;&#160;Accordingly, we take the
position that our income from our time chartering activities does not constitute
&#8220;passive income,&#8221; and the assets that we will own and operate in connection with
the production of that income do not constitute passive assets.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">There
is, however, no direct legal authority under the PFIC rules addressing our
method of operation.&#160;&#160;In addition, we have not received an opinion of
counsel with respect to this issue.&#160;&#160;Accordingly, the U.S. Internal
Revenue Service, or the IRS, or a court of law may not accept our position, and
there is a risk that the IRS or a court of law could determine that we are a
PFIC.&#160;&#160;Moreover, may constitute a PFIC for any future taxable year if
there were to be changes in the nature and extent of its
operations.&#160;&#160;For example, if we were treated as earning rental income
from our chartering activities rather than services income, we would be treated
as a PFIC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">If
the IRS were to find that we are or have been a PFIC for any taxable year, its
U.S. shareholders will face adverse U.S. tax consequences.&#160;&#160;Under the
PFIC rules, unless those shareholders make an election available under the Code
(which election could itself have adverse consequences for such shareholders),
such shareholders would be liable to pay U.S. federal income tax at the then
highest income tax rates on ordinary income plus interest upon excess
distributions and upon any gain from the disposition of our common shares, as if
the excess distribution or gain had been recognized ratably over the
shareholder&#8217;s holding period of our common shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Our
internal controls over financial reporting do not currently meet all of the
standards contemplated by Section 404 of the Sarbanes-Oxley Act of 2002, Section
404.&#160;&#160;Since we failed to achieve and maintain effective internal
controls over financial reporting in accordance with Section 404 of the
Sarbanes-Oxley Act, we may be unable to accurately report our consolidated
financial results or prevent fraud and could be required to restate our
historical financial statements, any of which could have a material adverse
effect on our business and the price of our common stock</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
management, with the participation of our Chief Executive Officer and Chief
Financial Officer have conducted an evaluation of the effectiveness of the
Company&#8217;s disclosure controls and procedures (as defined in Rule 13a-15(e) and
15d-15(e) under the Securities Exchange Act of 1934, as amended (the &#8220;Exchange
Act&#8221;)) as of December 31, 2007.&#160;&#160;Based on this evaluation, the
Company&#8217;s Chief Executive Officer and Chief Financial Officer concluded that, as
of December 31, 2007, the Company&#8217;s disclosure controls and procedures were not
effective because of the material weaknesses in internal control over financial
reporting described below.&#160;&#160;Management has assessed the effectiveness
of the Company&#8217;s internal control over financial reporting at December 31, 2007,
based on the framework established in <font style="DISPLAY: inline; FONT-STYLE: italic">Internal Control&#8212;Integrated
Framework</font> issued by the Committee of Sponsoring Organizations of the
Treadway Commission.&#160;&#160;Based on the aforementioned assessment, the
management concluded that internal control over financial reporting was not
effective due to material weaknesses identified in the Company&#8217;s internal
control over financial reporting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Star
Bulk took delivery of its first vessel in December 2007 and as a result,
management began the process to replace the internal controls over financial
reporting which previously existed while the Company was a blank check company
with those of a company that owns and operates vessels.&#160;&#160;Although
progress was made,&#160;&#160;the Company did not have sufficient time to
complete designing and implementing a comprehensive system of internal controls
over financial reporting that would prevent or timely detect material
adjustments and identify financial statement disclosure
requirements.&#160;&#160;Consequently, adjustments and disclosures that were
material in the aggregate to the consolidated financial statements and necessary
to present the consolidated financial statements for the year ended
December&#160;31, 2007 in accordance with U.S. GAAP were made by the Company
after being identified by the Company&#8217;s independent registered public accounting
firm.&#160;&#160;Specifically, we did not have in place adequate internal
controls over our financial close and reporting processes and we lacked
sufficient accounting personnel with the necessary level of US GAAP expertise
which resulted in the Company not being able to:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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      &#183;&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Properly
      evaluate and account for non-routine or complex transactions, including
      the determination of the purchase price of the vessels fair value of time
      charter agreements acquired, the application of SFAS 123(R), the
      classification of expenses related to the target acquisition process, and
      the completeness of the accrual of general and administrative expenses;
      and</font></div>
            </td>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">17</font></div>
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          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 95px">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#160;&#160;&#160;
      &#183;&#160;&#160;</font></div>
            </td>
            <td width="706">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Properly
      identify all financial statement disclosure requirements in accordance
      with U.S. GAAP including disclosure surrounding related party
      transactions.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
have determined that these adjustments were not prevented or detected due to
material weaknesses in our controls due to&#160;the absence of sufficient time
for management to (1) design and implement a comprehensive system of internal
controls and (2) hire sufficient accounting personnel with the requisite US GAAP
expertise that are required to support our operation as a shipping
company.&#160;&#160;However, management has made the necessary adjustments to
present the annual consolidated financial statements for the year ended December
31, 2007 in accordance with U.S. GAAP.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
will continue to evaluate the effectiveness of our disclosure controls and
procedures and internal control over financial reporting on an ongoing basis,
including consideration of the material weaknesses identified above, or other
deficiencies we may identify.&#160;&#160;The Company has already and will
further implement actions as necessary in its continuing assessment of
disclosure controls and internal controls over financial reporting.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
may be unable to successfully complete the procedures and attestation
requirements of Section 404 or our auditors may identify significant
deficiencies, as well as material weaknesses, in internal control over financial
reporting in future reporting periods.&#160;&#160;If we are not able to
implement the requirements of Section 404 in a timely manner or with adequate
compliance, our independent registered public accounting firm may not be able to
certify as to the adequacy of our internal controls over financial
reporting.&#160;&#160;Matters impacting our internal controls may cause us to be
unable to report our financial information on a timely basis and thereby subject
us to adverse regulatory consequences, including sanctions by the SEC or
violations of NASDAQ Global Market listing rules.&#160;&#160;There could also be
a negative reaction in the financial markets due to a loss of investor
confidence in us and the reliability of our consolidated financial
statements.&#160;&#160;Confidence in the reliability of our financial statements
could also suffer if our independent registered public accounting firm were to
report material weaknesses in our internal controls over financial
reporting.&#160;&#160;This could materially adversely affect us and lead to a
decline in the price of our common stock.&#160;&#160;We believe that the
out-of-pocket costs, the diversion of management&#8217;s attention from running our
day-to-day operations and operational changes caused by the need to comply with
the requirements of Section 404 will be significant.&#160;&#160;If the time and
costs associated with such compliance exceed our current expectations, our
profitability could be affected.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Risks
Relating to Our Common Stock</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">There
may be no continuing public market for you to resell our common
stock</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
common shares commenced trading on the NASDAQ Global Market in December
2007.&#160;&#160;We cannot assure you that an active and liquid public market
for our common shares will continue.&#160;&#160;The price of our common stock
may be volatile and may fluctuate due to factors such as:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">actual
      or anticipated fluctuations in our quarterly and annual results and those
      of other public companies in our
industry;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">mergers
      and strategic alliances in the drybulk shipping
  industry;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">market
      conditions in the drybulk shipping industry and the general state of the
      securities markets;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">changes
      in government regulation;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">shortfalls
      in our operating results from levels forecast by securities analysts;
      and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">announcements
      concerning us or our competitors.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">You
may not be able to sell your shares of our common stock in the future at the
price that you paid for them or at all.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Certain
stockholders hold registration rights, which if exercised, may have an adverse
effect on the market price of our common stock</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Initial
Stockholders of Star Maritime who purchased common stock prior to Star
Maritime&#8217;s initial public offering are entitled to demand that we register the
resale of their shares at any time after the shares are released from escrow
which, except in limited </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">18</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">circumstances,
will not be before December&#160;15, 2008.&#160;&#160;If such stockholders
exercise their registration rights with respect to all of their shares, there
will be an additional 9,026,924 shares of common stock eligible for trading in
the public market.&#160;&#160;In addition, certain of Star Maritime&#8217;s officers
and directors who purchased units in Star Maritime&#8217;s private placement in
December&#160;2005 are entitled to demand the registration of the securities
underlying the 1,132,500 units, with each unit consisting of one share and one
warrant.&#160;&#160;If all of these stockholders exercise their registration
rights with respect to all of their shares of common stock and warrants, there
will be an additional 1,132,500 shares of common stock and 1,132,500 warrants
eligible for trading in the public market.&#160;&#160;The presence of these
additional shares and warrants may have an adverse effect on the market price of
our common stock and warrants.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Future
sales of our common stock or warrants could cause the market price of our common
stock or warrants to decline</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Sales
of a substantial number of shares of our common stock or warrants in the public
market, or the perception that these sales could occur, may depress the market
price for our common stock.&#160;&#160;These sales could also impair our ability
to raise additional capital through the sale of our equity securities in the
future.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
may issue additional shares of our common stock, warrants or other equity
securities or securities convertible into our equity securities in the future
and our stockholders may elect to sell large numbers of shares held by them from
time to time.&#160;&#160;Our amended and restated articles of incorporation
authorize us to issue 100,000,000 common shares with par value $0.01 per share
of which 42,516,433 shares and warrants to purchase 19,048,136 common shares
were outstanding as of December 31, 2007 and 54,427,400 shares and warrants to
purchase 5,916,150 common shares were outstanding as of October 30,
2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Anti-takeover
provisions in our organizational documents could make it difficult for our
stockholders to replace or remove our current board of directors or have the
effect of discouraging, delaying or preventing a merger or acquisition, which
could adversely affect the market price of our common stock</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Several
provisions of our amended and restated articles of incorporation and bylaws
could make it difficult for our stockholders to change the composition of our
board of directors in any one year, preventing them from changing the
composition of management.&#160;&#160;In addition, the same provisions may
discourage, delay or prevent a merger or acquisition that stockholders may
consider favorable.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">These
provisions include:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
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          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">authorizing
      our board of directors to issue &#8220;blank check&#8221; preferred stock without
      stockholder approval;</font></div>
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          </tr>
      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">providing
      for a classified board of directors with staggered, three year
      terms;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">prohibiting
      cumulative voting in the election of directors;
  and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">authorizing
      the board to call a special meeting at any
time.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">19</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">USE
OF PROCEEDS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">All of the Common Shares offered hereby
are being sold by the selling stockholder.&#160;&#160;We will not receive any
proceeds from the sale of the Common Shares by the selling
stockholder.</font></font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">20</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">SELLING
STOCKHOLDER</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Common Shares being sold by F5 Capital were issued by us in a series of private
transactions to F5 Capital, as the nominee of TMT Co., Ltd.&#160;&#160;In
connection with those transactions, we granted certain registration rights to F5
Capital with respect to the resale or other disposal of the securities listed
below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
accordance with the registration rights granted to F5 Capital, we have filed
with the Commission a registration statement on Form F-3, of which this
prospectus forms a part, with respect to the resale or other disposal of the
shares listed below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><a name="page_dc47601_1_16">The following tables set forth certain information with
respect to the beneficial ownership of our common shares by the selling
stockholder as of October 30, 2008.</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="bottom" width="36%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Selling
      Securityholder</font></div>
            </td>
            <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Total</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Number
      of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Shares</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Owned</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Prior
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            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="15%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Maximum</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Number
      of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Shares
      Which</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">May
      Be Sold in</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">This
      Offering</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Number
      of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Shares</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Owned</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Following</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">This</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Offering<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super; FONT-FAMILY: times new roman bold, serif">(1)(3)</font></font></div>
            </td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="15%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Percentage
      of</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Outstanding</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Shares
      Owned</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Following
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            </td>
          </tr>
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    </div>
    <div style="LINE-HEIGHT: 0.5">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="36%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">F5
      Capital<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(2)</font></font></div>
            </td>
            <td align="left" valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font style="FONT-WEIGHT: normal">4,606,962<font style="FONT-WEIGHT: normal"><font style="FONT-WEIGHT: normal"><font style="FONT-WEIGHT: normal"><font style="FONT-WEIGHT: normal"><font style="FONT-WEIGHT: normal"><font style="FONT-WEIGHT: normal"><font style="FONT-WEIGHT: normal"><font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 70%; VERTICAL-ALIGN: super; FONT-FAMILY: times new roman bold, serif">(3)</font></font></font></font></font></font></font></font></font></font></font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">4,606,962<font style="DISPLAY: inline; FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 70%; VERTICAL-ALIGN: super; FONT-FAMILY: times new roman bold, serif">(3)</font></font></font></div>
            </td>
            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td align="left" valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">0%</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div align="center">
      <table border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td align="left" style="WIDTH: 36pt; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">(1)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Assumes
      that the selling stockholder will sell all of its common shares offered
      pursuant to this prospectus.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
          <tr valign="top">
            <td style="WIDTH: 36pt">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(2)</font></div>
            </td>
            <td>
              <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Mr.
      Nobu Su, a former director of the Company,&#160;may be deemed&#160;the
      beneficial owner of F5 Capital and he exercises sole voting and
      dispositive power over the common shares beneficially owned and held of
      record by F5 Capital.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div>
        <table align="center" border="0" cellpadding="0" cellspacing="0" id="hangingindent" width="100%">
            <tr valign="top">
              <td style="WIDTH: 36pt">
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(3)</font></div>
              </td>
              <td>
                <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Includes&#160;803,481
      Common Shares reserved for issuance to TMT or its nominee in 2009 pursuant
      to the Master Agreement.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">21</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif"><a name="de47601_plan_of_distribution" /><a name="toc_de47601_1">CAPITALIZATION</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
following table sets forth our consolidated capitalization:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">on
      an actual basis, as of June 30, 2008;
and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">on
      an adjusted basis, as of October 30, 2008,&#160;to give effect to
      (i)&#160;the loan installment payments of $4.0 million and $1.5 million
      paid in July 2008 and October 2008, respectively, (ii) the aggregate
      payment of $19.4 million of dividends paid in August&#160;18, 2008,
      (iii)&#160;the additional borrowings of $35.0 million under the Piraeus
      <font size="+0">Bank </font>facility dated July 1, 2008, (iv) the additional
      borrowings of $69.0 million under the Piraeus Bank loan agreement dated
      April 14, 2008, as amended,&#160;(v)&#160;the issuance of 803,481 shares
      of Star Bulk common stock, par value $0.01 per common share, and (vi) the
      repurchase of 925,000 shares of our common stock at an aggregate purchase
      price of $6.9 million.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">There
have been no significant adjustments to our capitalization since October
30,&#160;2008, as so adjusted.</font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">Actual</font></font>&#160;</font></div>
            </td>
            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">As
      adjusted</font></font>&#160;</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" colspan="3" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic; FONT-FAMILY: times new roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">(in
      thousands of U.S. dollars)</font></font>&#160;</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">Current
      portion of long-term debt</font></font></div>
            </td>
            <td align="right" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;
      22,000</font></font></div>
            </td>
            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;
      31,000</font></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">Total
      long-term debt, net of current portion</font></font></div>
            </td>
            <td valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">183,000</font></font></div>
              </div>
            </td>
            <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">272,500</font></font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">Total
      debt</font></font></div>
            </td>
            <td align="right" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">205,000</font></font></div>
            </td>
            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">303,500</font></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="34%">
              <div style="LINE-HEIGHT: 2.5"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></div>
            </td>
            <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">Preferred
      Stock; $0.01 par value, authorized 25,000,000 shares; none issued or
      outstanding at&#160;June</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">
      30</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">,
      2008</font></font></font></div>
            </td>
            <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">Common
      Stock, $0.01 par value, 100,000,000 shares authorized; 54,532,989
      </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">shares
      and 54,411,470 </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">shares
      issued and outstanding at&#160;</font></font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; FONT-FAMILY: times new roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">June&#160;
      30, 2008</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;on
      an actual and as adjusted basis.</font></font></font></div>
            </td>
            <td align="right" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      545</font></font></div>
            </td>
            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;&#160;&#160;&#160;&#160;
      544</font></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="34%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">Additional
      paid-in capital</font></font></div>
            </td>
            <td align="right" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">477,472</font></font></div>
            </td>
            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="19%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">470,619</font></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">Retained
      earnings</font></font></div>
            </td>
            <td valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;&#160;31,348</font></font></div>
              </div>
            </td>
            <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;
      11,977</font></font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">Total
      shareholders&#8217; equity</font></font></div>
            </td>
            <td valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">509,365</font></font></div>
              </div>
            </td>
            <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">483,140</font></font></div>
              </div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="34%" style="PADDING-BOTTOM: 4px">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">Total
      capitalization</font></font></div>
            </td>
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              </div>
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            <td valign="bottom" width="19%" style="BORDER-BOTTOM: black 4px double">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 12pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman">786,640</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">MANAGEMENT&#8217;S
DISCUSSION AND ANALYSIS OF</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">FINANCIAL
CONDITION AND RESULTS OF OPERATIONS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
following is a discussion of our financial condition and results of operations
of&#160;&#160;<font style="DISPLAY: inline; COLOR: #000000">Star Bulk for the
six months ended June 30, 2008</font>. You should read the following discussion
and analysis together with the financial statements and related notes included
elsewhere in this prospectus and documents incorporated by reference into the
Registration Statement of which this prospectus is a part.&#160;&#160;This
discussion includes forward-looking statements which, although based on
assumptions that we consider reasonable, are subject to risks and uncertainties
which could cause actual events or conditions to differ materially from those
currently anticipated and expressed or implied by such forward-looking
statements. For a discussion of some of those risks and uncertainties, see the
sections of this prospectus entitled &#8220;Forward-Looking Statements&#8221; and &#8220;Risk
Factors.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Overview</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We are an international company
providing worldwide transportation of drybulk commodities through our
vessel-owning subsidiaries for a broad range of customers of major and minor
bulk cargoes including iron ore, coal, grain, cement, fertilizer, along
worldwide shipping routes. We were incorporated in the Marshall Islands on
December 13, 2006 as a wholly-owned subsidiary of Star Maritime.&#160;&#160;Our
executive offices&#160;are located at </font>7, Fragoklisias Street, 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">nd</font> floor,
Maroussi 151 25, Athens, Greece <font style="DISPLAY: inline; COLOR: #000000">and our telephone number is
011-</font>30-210-617-8400<font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;We merged with Star
Maritime Acquisition Corp., or Star Maritime, on November 30, 2007 and commenced
operations on December 3, 2007, which is the date we took delivery of our first
vessel.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Star Maritime Acquisition Corp. or Star
Maritime was organized under the laws of the State of Delaware on May&#160;13,
2005 as a blank check company formed to acquire, through a merger, capital stock
exchange, asset acquisition or similar business combination, one or more assets
or target businesses in the shipping industry.&#160; Following the formation of
Star Maritime, our officers and directors were the holders of 9,026,924 shares
of common stock representing all of our then issued and outstanding capital
stock. &#160;On December&#160;21, 2005, Star Maritime consummated its initial
public offering of 18,867,500 units, at a price of $10.00 per unit, each unit
consisting of one share of Star Maritime common stock and one warrant to
purchase one share of Star Maritime common stock at an exercise price of $8.00
per share. &#160;In addition, Star Maritime completed during December 2005 a
private placement of an aggregate of 1,132,500 units, or Private Placement, each
unit consisting of one share of common stock and one warrant, to
Messrs.&#160;Tsirigakis and Syllantavos, our Chief Executive Officer and Chief
Financial Officer, respectively, and Messrs.&#160;Pappas and Erhardt, our
Chairman of the Board and one of our directors. &#160;The gross proceeds of the
private placement of $11.3 million were used to pay all fees and expenses of the
initial public offering and as a result, the entire gross proceeds of the
initial public offering amounting to $188.7 million were deposited in a trust
account maintained by American Stock Transfer&#160;&amp; Trust Company, or the
Trust Account. &#160;Star Maritime&#8217;s common stock and warrants started trading
on the American Stock Exchange under the symbols, SEA and SEA.WS, respectively
on December 21, 2005.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On January 12, 2007, Star Maritime and
Star Bulk entered into definitive agreements to acquire a fleet of eight drybulk
carriers with a combined cargo-carrying capacity of approximately 692,000 dwt.
from certain subsidiaries of TMT Co. Ltd., or TMT, a shipping company
headquartered in Taiwan. These eight drybulk carriers are referred to as the
initial fleet, or initial vessels. The aggregate purchase price specified in the
Master Agreement by and among the Company, Star Maritime and TMT, or the Master
Agreement&#160;for the initial fleet was $224.5 million in cash and 12,537,645
shares of common stock. As additional consideration for eight vessels, we are
obligated to issue 1,606,962&#160;shares of common stock of Star Bulk to TMT in
two installments as follows: (i)&#160;803,481 additional shares of Star Bulk&#8217;s
common stock, no more than 10 business days following Star Bulk&#8217;s filing of its
Annual Report on Form&#160;20-F for the fiscal year ended December&#160;31,
2007, and (ii)&#160;803,481 additional shares of Star Bulk&#8217;s common stock, no
more than 10 business days following Star Bulk&#8217;s filing of its Annual Report on
Form&#160;20-F for the fiscal year ended December&#160;31,
2008.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On November 2, 2007, the SEC declared
effective our joint proxy/registration statement filed on Forms F-1/F-4 and on
November 27, 2007 we obtained shareholder approval for the acquisition of the
initial fleet and for effecting the Redomiciliation Merger as a result&#160;of
which Star Maritime merged into Star Bulk with Star Maritime merging out of
existence and Star Bulk being the surviving entity.&#160; Each share of Star
Maritime common stock was exchanged for one share of Star Bulk common stock and
each warrant of Star Maritime was assumed by Star Bulk with the same terms and
conditions except that each became exercisable for common stock of Star
Bulk.&#160; The Redomiciliation Merger became effective after stock markets
closed on Friday, November 30, 2007 and the common shares and warrants of Star
Maritime ceased trading on the American Stock Exchange under the symbols SEA and
SEAU, respectively. &#160;Star Bulk shares and warrants started trading on the
NASDAQ Global Market on Monday, December 3, 2007 under the ticker symbols SBLK
and SBLKW, respectively.&#160;&#160;Immediately following the effective date of
the Redomiciliation Merger, TMT and its affiliates owned 30.2% of Star Bulk&#8217;s
outstanding common stock.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We began operations on December&#160;3,
2007 with the delivery of our first vessel the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Epsilon</font><font style="DISPLAY: inline; COLOR: #000000">.&#160; Of the
initial fleet of</font><font style="DISPLAY: inline; COLOR: #000000"> eight
drybulk vessels Star Bulk agreed to acquire, three of such eight vessels were
delivered by the end of December 2007.&#160;&#160;Additionally, on December 3,
2007, we entered into an agreement to acquire an additional Supramax vessel, the
</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Kappa</font><font style="DISPLAY: inline; COLOR: #000000"> from TMT, which was
not included in the initial fleet</font><font style="DISPLAY: inline; COLOR: #000000"> and</font><font style="DISPLAY: inline; COLOR: #000000"> was delivered to us on December 14,
2007.&#160;</font><font style="DISPLAY: inline; COLOR: #000000"> On July 17,
2008, we issued the first 803,481 additional shares installment to TMT in
accordance with the Master Agreement.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
maintain our principal executive offices at 7, Fragoklisias Street, 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">nd</font> floor,
Maroussi 151 25, Athens, Greece.&#160;&#160;Our telephone number at that address
is 30-210-617-8400.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Vessel
Management</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We actively manage the deployment of our
fleet on time charters, which generally can last up to several
years.&#160;&#160;Currently, all of our vessels are employed on medium to
long-term time charters other than the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Beta</font>, which is currently employed on a short-term time charter for a term
of two to four months.&#160; A time charter is generally a contract to charter a
vessel for a fixed period of time at a set daily rate. &#160;Under time
charters, the charterer pays voyage expenses such as port, canal and fuel costs.
&#160;We pay for vessel operating expenses, which include crew costs,
provisions, deck and engine stores, lubricating oil, insurance, maintenance and
repairs, as well as for commissions.&#160; We are also responsible for the
drydocking costs relating to each vessel.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Our vessels operate worldwide within the
trading limits imposed by our insurance terms and do not operate in areas where
United States, European Union or United Nations sanctions have been
imposed.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">As of Octobe</font><font style="DISPLAY: inline; COLOR: #000000">r 30,</font><font style="DISPLAY: inline; COLOR: #000000"> 2008, we had 20 employees. &#160;
Eighteen of our employees, through Star Bulk Management Inc., or Star Bulk
Management, are engaged in the day to day management of the vessels in our
fleet.&#160; Our wholly-owned subsidiary, Star Bulk Management performs
operational and technical management services for the vessels in our fleet.
&#160;Our Chief Executive Officer and our Chief Financial Officer are also the
senior management of Star Bulk Management.&#160; Star Bulk Management employs
such number of additional shore-based executives and employees designed to
ensure the efficient performance of its activities.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We reimburse and/or advance funds as
necessary to Star Bulk Management in order for it to conduct its activities and
discharge its obligations, at cost.&#160; We also maintain&#160;working capital
reserves as may be agreed between Star Bulk and Star Bulk Management from time
to time.&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Star Bulk Management is responsible for
the management of the vessels.&#160;&#160;Star Bulk Management&#8217;s
responsibilities include, inter alia, locating, purchasing, financing and
selling vessels, deciding on capital expenditures for the vessels, paying
vessels&#8217; taxes, negotiating charters for the vessels, managing the mix of
various types of charters, developing and managing the relationships with
charterers and the operational and technical management of the
vessels.&#160;&#160;Technical management includes maintenance, drydocking,
repairs, insurance, regulatory and classification society compliance, arranging
for and managing crews, appointing technical consultants and providing technical
support.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We do not intend to pay commissions to
our affiliates in connection with the chartering of vessels to or from any of
our affiliates or for the purchase of vessels from or sale to its
affiliates.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Star Bulk Management subcontracts the
technical and crew management of our vessels to Combine Marine S.A., or
Combine</font><font style="DISPLAY: inline; COLOR: #000000">, </font><font style="DISPLAY: inline; COLOR: #000000">Bernhardt Schulte Shipmanagement Ltd.,
or Bernhardt, and Union Commercial Inc, or Union.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On
September 17, 2008, we entered into an agreement with Bernhardt for the
technical management of the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Ypsilon</font>.&#160;&#160;Under this agreement we pay Bernhardt an aggregate
annual management fee of $90,000.&#160;&#160;The agreement continues
indefinitely unless either party terminates the agreement upon three months&#8217;
written notice or a certain termination event occurs.</font></font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On June 18, 2008, we entered into an
agreement with Union for the technical management of the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Cosmo</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Under the
agreement, we pay a daily fee of $450, which is reviewed two months before the
beginning of each calendar year.&#160;&#160;The agreement continues indefinitely
unless either party terminates the agreement after the first voyage upon two
months' written notice or a certain termination event
occurs.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">On March
24, 2008, we entered into an agreement with Bernhardt for the technical
management of <font style="FONT-STYLE: italic">Star Omicron</font>.&#160; Under
this agreement we pay Bernhardt an aggregate annual management fee of
$110,000.</font></font></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On November 2 and December 5, 2007, we
entered into agreements with Bernhardt for the technical management of the
</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Alpha, </font><font style="DISPLAY: inline; COLOR: #000000">the</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic"> Star
Beta,</font><font style="DISPLAY: inline; COLOR: #000000"> the</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic"> Star Delta,
</font><font style="DISPLAY: inline; COLOR: #000000">the</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic"> Star
Epsilon</font><font style="DISPLAY: inline; COLOR: #000000"> and the</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic"> Star Theta
</font><font style="DISPLAY: inline; COLOR: #000000">and</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">the</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic"> Star Kappa,
</font><font style="DISPLAY: inline; COLOR: #000000">respectively.&#160;&#160;Under these
agreements, we pay Bernhardt an aggregate annual management fee of $110,000 per
vessel.&#160;&#160;The agreements continue indefinitely unless either party
terminates the agreements upon three months' written notice or a certain
termination event occurs.</font></font></div>
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      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Under an agreement dated May 4, 2007, we
appointed Combine, a company affiliated with Mr. Tsirigakis, our Chief Executive
Officer, Mr. Pappas, the Chairman of our Board and one of our directors and Mr.
Christos Anagnostou, a former officer of Star Maritime, as interim manager of
the vessels in the initial fleet. &#160;Under the agreement, Combine provides
interim technical management and associated services, including legal
services,&#160;to the vessels in exchange for a flat fee of $10,000 per vessel
prior to delivery and at a daily fee of $450 U.S. dollars per vessel during the
term of the agreement until such time as the technical management of the vessel
is transferred to another technical management company.&#160; Combine is
entitled to be reimbursed at cost by us for any and all expenses incurred by
them in the management of the vessels, but shall provide us the full benefit of
all discounts and rebates enjoyed by them. &#160;The term of the agreement is
for one year from the date of delivery of each vessel. &#160;Either party may
terminate the agreement upon thirty days&#8217; written notice. &#160;The </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Gamma</font><font style="DISPLAY: inline; COLOR: #000000">, the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Zeta</font><font style="DISPLAY: inline; COLOR: #000000"> and the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Sigma</font><font style="DISPLAY: inline; COLOR: #000000"> are currently managed
by Combine.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Factors
Affecting Our Results of Operations</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
charter all of our vessels, primarily pursuant to medium- to long-term time
charters with terms of approximately one to five years other than the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Beta</font>, which is currently employed on a short-term time charter for a term
of two to four months.&#160; Under our time charters, the charterer typically
pays us a fixed daily charterhire rate and bears all voyage expenses, including
the cost of bunkers (fuel oil) and port and canal charges. We remain responsible
for paying the chartered vessel&#8217;s operating expenses, including the cost of
crewing, insuring, repairing and maintaining the vessel, the costs of spares and
consumable stores, tonnage taxes and other miscellaneous expenses, and we also
pay commissions to one or more unaffiliated ship brokers and to in-house brokers
associated with the charterer for the arrangement of the relevant charter.
Although the vessels in our fleet are primarily employed on medium- to long-term
time charters ranging from one to five years, we may employ these and additional
vessels under bareboat charters or in drybulk carrier pools in the
future.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Star Bulk believes that the important
measures for analyzing trends in the results of operations consist of the
following:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000;" face="Symbol, serif"><font style="DISPLAY: inline; COLOR: #000000">&#183;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Average number
      of vessels</font><font style="DISPLAY: inline; COLOR: #000000"> is the
      number of vessels that constituted our fleet for the relevant period, as
      measured by the sum of the number of days each vessel was a part of our
      fleet during the period divided by the number of calendar days in that
      period.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000;" face="Symbol, serif"><font style="DISPLAY: inline; COLOR: #000000">&#183;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Ownership
      days</font><font style="DISPLAY: inline; COLOR: #000000"> are the total
      calendar days each vessel in the fleet was owned by Star Bulk for the
      relevant period.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000;" face="Symbol, serif"><font style="DISPLAY: inline; COLOR: #000000">&#183;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Available days
      for the fleet</font><font style="DISPLAY: inline; COLOR: #000000"> are the
      total calendar days the vessels were in possession for the relevant period
      after subtracting for off-hire days with major repairs dry-docking or
      special or intermediate surveys or transfer of
      ownership.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000;" face="Symbol, serif"><font style="DISPLAY: inline; COLOR: #000000">&#183;</font>&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Voyage
      days</font><font style="DISPLAY: inline; COLOR: #000000"> are the total
      days the vessels were in our possession for the relevant period after
      subtracting all off-hire days incurred for any reason (including off-hire
      for dry-docking, major repairs, special or intermediate
      surveys).</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Fleet
      utilization</font><font style="DISPLAY: inline; COLOR: #000000"> is
      calculated by dividing voyage days by ownership days for the relevant
      period and takes into account the dry-docking
    periods.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Time charter
      equivalent rate, or TCE rate</font><font style="DISPLAY: inline; COLOR: #000000">, is a measure of the average
      daily revenue performance of a vessel on a per voyage basis. Our method of
      calculating TCE rate is determined by dividing voyage revenues (net of
      voyage expenses) or time charter equivalent revenue or TCE revenue by
      voyage days for the relevant time period. Voyage expenses primarily
      consist of port, canal and fuel costs that are unique to a particular
      voyage, which would otherwise be paid by the charterer under a time
      charter contract, as well as commissions. TCE rate is a standard shipping
      industry performance measure used primarily to compare period-to-period
      changes in a shipping company&#8217;s performance despite changes in the mix of
      charter types (i.e., spot charters, time charters and bareboat charters)
      under which the vessels may be employed between the
      periods.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">25</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
following table reflects our voyage days, calendar days, fleet utilization and
TCE rates for the six months ended June 30, 2008 and the year ended December 31,
2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="63%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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      Ended</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">December
      31, 2007</font></div>
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            <td align="left" nowrap valign="bottom" width="3%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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      Months ended</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">June
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            <td align="left" nowrap valign="bottom" width="2%" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="63%">
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            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="12%">
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            <td align="left" nowrap valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Total voyage days for
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            </td>
            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="14%">
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            <td align="left" nowrap valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="12%">
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            <td align="left" nowrap valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Total ownership days for
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            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="14%">
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            <td align="left" nowrap valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="12%">
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            <td align="left" nowrap valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="63%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Fleet
      Utilization</font></font></div>
            </td>
            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="14%">
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            <td align="left" nowrap valign="bottom" width="3%">&#160;</td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="12%">
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            </td>
            <td align="left" nowrap valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 12pt;">
            <td align="left" valign="bottom" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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Revenues</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Voyage revenues are driven primarily by
the number of vessels in our fleet, the number of voyage days and the amount of
daily charterhire, or time charter equivalent, that our vessels earn under
period charters, which, in turn, are affected by a number of factors, including
our decisions relating to vessel acquisitions and disposals, the amount of time
that we spend positioning our vessels, the amount of time that our vessels spend
in dry-dock undergoing repairs, maintenance and upgrade work, the age, condition
and specifications of our vessels, levels of supply and demand in the seaborne
transportation market and other factors affecting spot market charter rates for
vessels.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Vessels operating on time charters for
a certain period of time provide more predictable cash flows over that period of
time, but can yield lower profit margins than vessels operating in the spot
charter market during periods characterized by favorable market conditions.
Vessels operating in the spot charter market generate revenues that are less
predictable but may enable us to capture increased profit margins during periods
of improvements in charter rates although we are exposed to the risk of
declining vessel rates, which may have a materially adverse impact on our
financial performance. If we employ vessels on period time charters, future spot
market rates may be higher or lower than the rates at which we have employed our
vessels on period time charters.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Charter Equivalent (TCE)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>A standard maritime industry
performance measure used to evaluate performance is the daily time charter
equivalent, or daily TCE. Daily TCE revenues, a non-GAAP measure, are voyage
revenues minus voyage expenses divided by the number of voyage days during the
relevant time period. Voyage expenses primarily consist of port, canal and fuel
costs that are unique to a particular voyage, which would otherwise be paid by a
charterer under a time charter, as well as commissions. We believe that the
daily TCE neutralizes the variability created by unique costs associated with
particular voyages or the employment of vessels on time charter or on the spot
market and presents a more accurate representation of the revenues generated by
our vessels.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Operating Expenses</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Vessel operating expenses include crew
wages and related costs, the cost of insurance and vessel registry, expenses
relating to repairs and maintenance, the costs of spares and consumable stores,
tonnage taxes, regulatory fees, technical management fees and other
miscellaneous expenses. Other factors beyond Star Bulk&#8217;s control, some of which
may affect the shipping industry in general, including, for instance,
developments relating to market prices for crew wages and insurance, may also
cause these expenses to increase. Technical vessel managers established an
operating expense budget for each vessel and perform the day-to-day management
of the vessels. Star Bulk Management monitors the performance of each of the
technical vessel managers by comparing actual vessel operating expenses with the
operating expense budget for each vessel. Star Bulk is responsible for the costs
of any deviations from the budgeted amounts.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Depreciation</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>We depreciate our vessels on a
straight-line basis over their estimated useful lives determined to be 25 years
from the date of their initial delivery from the shipyard. Depreciation is based
on cost less the estimated residual value.</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
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Fees</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Star Bulk Management subcontracts the
technical and crew management of our vessels to Combine Marine S.A., or Combine,
Bernhardt, and Union Commercial Inc, or Union.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;On September
17, 2008, we entered into an agreement with Bernhardt for the technical
management of the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Ypsilon</font>.&#160;&#160;Under this agreement we pay Bernhardt an aggregate
annual management fee of $90,000.&#160;&#160;The agreement continues
indefinitely unless either party terminates the agreement upon three months&#8217;
written notice or a certain termination event occurs.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;

      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
June 18, 2008, we entered into an agreement with Union for the technical
management of the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Cosmo</font>. Under the agreement, we pay a daily fee of $450 dollars, which is
reviewed two months before the beginning of each calendar year. The agreement
continues indefinitely unless either party terminates the agreement after the
first voyage upon two months&#8217; written notice or a certain termination event
occurs.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">On March
24, 2008, we entered into an agreement with Bernhardt for the technical
management of <font style="FONT-STYLE: italic">Star Omicron</font>.&#160; Under
this agreement we pay Bernhardt an aggregate annual management fee of
$110,000.</font></font></font></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
November 2 and December 5 2007, we entered into agreements with Bernhardt for
the technical management of the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Alpha, </font>the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Beta, </font>the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Delta,</font> the<font style="DISPLAY: inline; FONT-STYLE: italic"> Star Epsilon</font> and the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Theta </font>and<font style="DISPLAY: inline; FONT-STYLE: italic">&#160;</font>the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Kappa, </font>respectively.
Under these agreements, we pay <font style="DISPLAY: inline; COLOR: #000000">Bernhardt</font> an aggregate annual
management fee of $110,000, per vessel.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Under an agreement dated
May&#160;4, 2007, we appointed Combine, a company affiliated with
Mr.&#160;Tsirigakis, our Chief Executive Officer, Mr.&#160;Pappas, the Chairman
of our Board and one of our directors and Mr.&#160;Christos Anagnostou, the
former officer of Star Maritime as interim manager of the vessels in the initial
fleet. Under the agreement, Combine provides interim technical management and
associated services to the vessels in exchange for a flat fee of $10,000 per
vessel and at a daily fee of $450 per vessel during the term of the agreement
until such time as the technical management of the vessel is transferred to
another technical management company. Combine is entitled to be reimbursed at
cost by us for any and all expenses incurred by them in the management of the
vessels, but shall provide us the full benefit of all discounts and rebates
enjoyed by them. The term of the agreement was for one year from the date of
delivery of each vessel. Either party may terminate the agreement upon thirty
days&#8217; written notice. The<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">
Star Gamma, </font>the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Zeta </font>and<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">&#160;</font>the
<font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Sigma</font> are currently managed by Combine.</font></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">General
and Administrative Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
incur general and administrative expenses, including our onshore personnel
related expenses, legal and accounting expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Interest
and Finance Costs</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
defer financing fees and expenses incurred upon entering into our credit
facility and amortize them to interest and financing costs over the term of the
underlying obligation using the effective interest method. We also expect to
incur interest expenses and other financing fees under our new credit facilities
in connection with borrowings during 2008 to partially finance new vessel
acquisitions and to provide additional liquidity to the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Interest
income</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
did not have any operations for the period from May 13, 2005 to December 3,
2007. During this period, all of our income was derived from interest income,
the majority of which was earned on funds held in the Trust Account which
consisted of the entire gross proceeds of the initial public offering in the
amount of $188.7 million. The gross proceeds of the private placement in the
amount of $11.3 million were used to pay all fees and expenses of the initial
public offering.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Inflation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Inflation
does not have a material effect on our expenses given current economic
conditions. In the event that significant global inflationary pressures appear,
these pressures would increase our operating, voyage, administrative and
financing costs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Special
or Intermediate Survey and Drydocking Costs</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
have not incurred drydocking costs in 2007. <font style="DISPLAY: inline; COLOR: #000000">Beginning with our first fiscal quarter
ended March 31, 2008, we elected to change our policy for accounting for vessel
drydocking costs from the deferral method, under which we deferred and amortized
our drydocking costs over the estimated period of benefit between drydockings,
to the direct expense method, under which we expense all drydocking costs as
incurred.</font></font></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">27</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">There have been no drydocking costs that
the Company has incurred prior to the first quarter of 2008, therefore, there
will be no impact on the Company&#8217;s prior consolidated financial statements as a
result of the adoption of this change in policy. The Company believes that the
new direct expensing method eliminates the significant amount of subjectivity
that is needed to determine which costs and activities related to drydocking
should be deferred. The first effect of this change in accounting policy,
</font><font style="DISPLAY: inline; COLOR: #000000">appeared</font><font style="DISPLAY: inline; COLOR: #000000"> in the Company&#8217;s results for the
quarter ended March 31, 2008. The Company believes that this change in
accounting policy will not impact its dividend distributions per share, given
that the Company has a fixed dividend policy.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Lack
of Historical Operating Data for Vessels Before Their Acquisition By
Us</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Consistent
with shipping industry practice, other than inspection of the physical condition
of the vessels and examinations of classification society records, there is no
historical financial due diligence process when we acquire vessels. Accordingly,
we do not obtain the historical operating data for the vessels from the sellers
because that information is not material to our decision to make vessel
acquisitions, nor do we believe it would be helpful to potential investors in
our stock in assessing our business or profitability. Most vessels are sold
under a standardized agreement, which, among other things, provides the buyer
with the right to inspect the vessel and the vessel&#8217;s classification society
records. The standard agreement does not give the buyer the right to inspect, or
receive copies of, the historical operating data of the vessel. Prior to the
delivery of a purchased vessel, the seller typically removes from the vessel all
records, including past financial records and accounts related to the vessel. In
addition, the technical management agreement between the seller&#8217;s technical
manager and the seller is automatically terminated and the vessel&#8217;s trading
certificates are revoked by its flag state following a change in
ownership.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Consistent
with shipping industry practice, we treat the acquisition of a vessel (whether
acquired with or without charter) as the acquisition of an asset rather than a
business, which we believe to be in accordance with applicable U.S. GAAP and SEC
rules. Where a vessel has been under a voyage charter, the vessel is delivered
to the buyer free of charter, and it is rare in the shipping industry for the
last charterer of the vessel in the hands of the seller to continue as the first
charterer of the vessel in the hands of the buyer. All of the vessels in our
current fleet have been acquired with time charters attached, with the exception
of the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Beta.</font> In
most cases, when a vessel is under time charter and the buyer wishes to assume
that charter, the vessel cannot be acquired without the charterer&#8217;s consent and
the buyer entering into a separate direct agreement (called a &#8220;novation
agreement&#8221;) with the charterer to assume the charter. The purchase of a vessel
itself does not transfer the charter because it is a separate service agreement
between the vessel owner and the charterer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Where we identify any intangible assets
or liabilities associated with the acquisition of a vessel, we allocate the
purchase price of acquired tangible and intangible assets based on their
relative fair values. Where we have assumed an existing charter obligation or
entered into a time charter with the existing charterer in connection with the
purchase of a vessel with the time charter agreement at charter rates that are
less than market charter rates, we record a liability, based on the difference
between the assumed charter agreement rate and the market charter rate for an
equivalent charter agreement.&#160;&#160;Conversely, where we assume an existing
charter obligation or enter into a time charter with the existing charterer in
connection with the purchase of a vessel with the charter agreement at charter
rates that are above prevailing market charter rates, we record an asset, based
on the difference between the market charter rate and the assumed contracted
charter rate for an equivalent vessel. This determination is made at the time
the vessel is delivered to us, and such assets and liabilities are amortized to
revenue over the remaining period of the charter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We own and operate a fleet of 12 vessels
consisting of&#160;four Capesize and eight Supramax drybulk carriers with an
average age of 9.4 years and a combined cargo carrying capacity of approximately
1.1 million dwt.&#160;&#160;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Following the consummation of the
Redomiciliation Merger, Star Bulk took delivery from TMT, the vessels indicated
in Note 1 of our consolidated financial statements pursuant to the Master
Agreement (except from the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Kappa</font> which was acquired
from TMT separately). The aggregate purchase price paid to TMT consisted of both
cash and 12,537,645 of our common shares. The fair value of the common shares
issued to TMT was based on the closing share price of Star Bulk&#8217;s shares on the
delivery date of each vessel. The total consideration for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Epsilon</font>, the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Theta</font> and the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Beta</font>, three vessels of
initial fleet delivered to us during </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">28</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">December
2007, was $166.8 million.&#160;&#160;In addition, on December 3, 2007, we
entered into an agreement to acquire the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Kappa</font> from TMT for $72.0
million, an additional vessel not included in the initial fleet, which was
delivered to us on December 14, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>During 2007, we acquired three drybulk
carriers, the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Epsilon</font>, the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Theta</font> and the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Kappa</font>, with attached time charter contracts, which we agreed to assume
through arrangements with the respective charterers. Upon delivery of the above
vessels, we evaluated the charter contract and assumed and recognized (a) an
asset of approximately $2.0 million for one of the vessels with a corresponding
decrease in the vessel&#8217; purchase price and (b) a liability of approximately
$26.8 million for the other two vessels with a corresponding increase in the
vessels&#8217; purchase price.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>On January 22, 2008, we entered into an
agreement to acquire the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Sigma</font>, a 1991 built Capesize drybulk carrier with a cargo carrying
capacity of approximately 184,403 dwt for a purchase price of $83.74 million.
This vessel was delivered to us in April 2008, following which the vessel will
be employed on a year time charter at a daily hire rate of $100,000. On March 6,
2008, the Star Sigma was committed to a further three year time charter
commencing in April 2009 with an average daily rate of $63,000.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On March 11, 2008, we
entered into an agreement to acquire, the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Omicron</font>, a 2005 built Supramax drybulk carrier with a cargo carrying
capacity of 53,489 dwt for a purchase price of $72.0 million. Following the
delivery its delivery to us in April 2008, the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Omicron</font> was employed on a three year time charter at a gross daily
charterhire rate of $43,000.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">On
May 22, 2008, we entered into an agreement to acquire the&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Cosmo</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">,
a 2005 built Supramax drybulk carrier for the aggregate purchase price of $68.8
million with a cargo car</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">rying</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;capacity
of approximately 52,200 dwt</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">.
</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">We
entered into a three year time charter agreement to employ this vessel at an
average daily hire rate of $41,900 following its delivery to us </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">on
</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">July</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;1,
</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman">2008.</font></font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font size="+0"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On June
3, 2008, we entered into an agreement with a company affiliated with Oceanbulk
Maritime, S.A., or Oceanbulk Affiliate, a company founded by our Chairman, Mr.
Petros Pappas, to acquire the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Ypsilon</font>, a 1991 built Capsize drybulk carrier with a cargo carrying
capacity of approximately 150,940 dwt for the aggregate purchase price of $87.2
million, which was the same price Oceanbulk Affiliate paid when it acquired the
vessel from Dutch interests.&#160;&#160;We entered into a three year time
charter agreement with Vinyl Navigation, </font>a company controlled by&#160;Mr.
Pappas, to employ the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Ypsilon</font> at an average daily hire rate of $93,333 following its delivery
to us on September 18, 2008.&#160; Vinyl Navigation has a back-to-back charter
agreement with TMT, a company controlled by a former director of the Company,
Mr. Nobu Su, on the same terms as our charter agreement with Vinyl
Navigation.&#160; No commissions were charged to Star Bulk either on the sale or
the chartering of the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Ypsilon</font>.</font></font></font></font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">When we
purchase a vessel and assume or renegotiate a related time charter, we must take
the following steps before the vessel will be ready to commence
operations:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">obtain
      the charterer&#8217;s consent to us as the new
owner;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">obtain
      the charterer&#8217;s consent to a new technical
  manager;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">in
      some cases, obtain the charterer&#8217;s consent to a new flag for the
      vessel;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">arrange
      for a new crew for the vessel, and where the vessel is on charter, in some
      cases, the crew must be approved by the
  charterer;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">replace
      all hired equipment on board, such as gas cylinders and communication
      equipment;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">negotiate
      and enter into new insurance contracts for the vessel through our own
      insurance brokers;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">register
      the vessel under a flag state and perform the related inspections in order
      to obtain new trading certificates from the flag
  state;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">implement
      a new planned maintenance program for the vessel;
  and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">ensure
      that the new technical manager obtains new certificates for compliance
      with the safety and vessel security regulations of the flag
      state.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
following discussion is intended to help you understand how acquisitions of
vessels affect our business and results of operations.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
business is comprised of the following main elements:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">employment
      and operation of our drybulk vessels;
and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">management
      of the financial, general and administrative elements involved in the
      conduct of our business and ownership of our drybulk
    vessels.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
      employment and operation of our vessels require the following main
      components:</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">vessel
      maintenance and repair;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">crew
      selection and training;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
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    <div>
    </div>
    <div>
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    <div>
    </div>
    <div>
    </div>
    <div>
    </div>
    <div>
    </div>
    <div>
    </div>
    <div>
    </div>
    <div>
    </div>
    <div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
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  (ISPS);</font></div>
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                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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      taking over a vessel;</font></div>
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                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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management of financial, general and administrative elements involved in the
conduct of our business and ownership of our vessels requires the following main
components:</font></div>
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      of our financial resources, including banking relationships (i.e.,
      administration of bank loans and bank
accounts);</font></div>
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          </tr>
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    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">management
      of our accounting system and records and financial
    reporting;</font></div>
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          </tr>
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    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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      of the legal and regulatory requirements affecting our business and
      assets; and</font></div>
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          </tr>
      </table>
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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      of the relationships with our service providers and customers. The
      principal factors that affect our profitability, cash flows and
      shareholders&#8217; return on investment
include:</font></div>
            </td>
          </tr>
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    </div>
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            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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      and periods of charterhire;</font></div>
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          </tr>
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    </div>
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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      of vessel operating expenses;</font></div>
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          </tr>
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    </div>
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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      and amortization expenses;</font></div>
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          </tr>
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    </div>
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      costs; and</font></div>
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    </div>
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            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
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      in foreign exchange rates.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Star Maritime was organized under the
laws of the State of Delaware on May 13, 2005 as a blank check company formed to
acquire, through a merger, capital stock exchange, asset acquisition or similar
business combination, one or more assets or target businesses in the shipping
industry.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On November 27, 2007, the Company
obtained shareholder approval for the acquisition of the initial fleet of eight
drybulk carriers and for effecting the Redomiciliation Merger whereby Star
Maritime merged with and into Star Bulk with Star Bulk as the surviving entity.
The Redomiciliation Merger was completed on November 30, 2007. Our first vessel
was delivered on December 3, 2007. Thus, we can not present a meaningful
comparison of our results of operations for the period from December 3, 2007 to
December 31, 2007.</font></font></div>
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the period from the Company&#8217;s inception to the date it commenced operations, the
Company was a development stage enterprise in accordance with Statement of
Financial Accounting Standards (&#8220;SFAS&#8221;) No. 7 &#8220;Accounting and Reporting By
Development Stage Companies&#8221;.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Six
months ended June 30, 2008</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
began operations in December 2007 and therefore we cannot present a meaningful
comparison of our results of operations for the six month period ended June 30,
2008 with the same period in 2007.&#160;&#160;During the period from the
Company&#8217;s inception to the date it commenced operations, the Company was a
development stage enterprise in accordance with Statement of Financial
Accounting Standards (&#8220;SFAS&#8221;) No. 7 &#8220;Accounting and Reporting By Development
Stage Companies.&#8221;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Voyage
Revenues</font>: Voyage revenues for the six months ended June 30, 2008 were
approximately $100.9 million.&#160;&#160;This amount includes the amortization
of the fair value of below/above market time charters in the amount of $34.9
million, associated with time charters attached to vessels acquired, which are
amortized over the remaining period of the time charter as increases to net
revenue and depreciation expense.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">This
amount is offset by charterers commission amounting to $<font style="DISPLAY: inline; COLOR: #000000">1.9</font> million. Consistent with
drybulk industry practice, charterer commissions ranging from 0% to 3.75% of the
total daily charter hire rate of each charter.&#160;&#160;All of our revenues
for six months ended June 30, 2008 were earned from time charters.</font></div>
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Expenses</font>: Voyage expenses, which mainly consist of commissions payable to
brokers, were approximately $1.6 million for the six months ended June 30, 2008.
Consistent with drybulk industry practice, we pay broker commissions ranging
from 1.0% to </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">2.5%
of the total daily charter hire rate of each charter to ship brokers associated
with the charterers, depending on the number of brokers involved with arranging
the charter.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Vessel Operating
Expenses</font>: For the six months ended June 30, 2008, our vessel operating
expenses were approximately $10.3 million. Vessel operating expenses include
crew wages and related costs, the cost of insurance, expenses relating to
repairs and maintenance, the cost of spares and consumable stores, management
fees, tonnage taxes and other miscellaneous expenses. Other factors beyond our
control, some of which may affect the shipping industry in general, including,
for instance, developments relating to market prices for insurance, may also
cause these expenses to increase.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Drydocking
Expenses:</font> For the six months ended June 30, 2008, our drydocking expenses
were $6.4 million. During this period three vessels undertook their periodic dry
docking survey.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Vessel Impairment
Loss:</font> As of June 30, 2008, the vessel <font style="DISPLAY: inline; FONT-STYLE: italic">Star Iota</font> was classified as
an&#160;asset held for sale and recorded at the lower of its carrying amount or
fair value less cost to sell. The resulting impairment loss of $4.6
million&#160;was recorded in the six months ended June 30, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">General and
Administrative Expenses</font>:&#160;&#160;For the six months ended June 30,
2008, we incurred approximately $5.4 million of general and administrative
expenses. Our general and administrative expenses include the salaries and other
related costs of the executive officers and other employees, our office rents,
legal and accounting costs, regulatory compliance costs and long-term
compensation costs.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Depreciation</font>:
We depreciate our vessels based on a straight line basis over the expected
useful life of each vessel, which is 25 years from the date of their initial
delivery from the shipyard. Depreciation is based on the cost of the vessel less
its estimated residual value, which is estimated at $200 per lwt, at the date of
the vessel&#8217;s acquisition. Secondhand vessels are depreciated from the date of
their acquisition through their remaining estimated useful life. However, when
regulations place limitations over the ability of a vessel to trade on a
worldwide basis, its useful life is adjusted to end at the date such regulations
become effective. For six months ended June 30, 2008, we recorded approximately
$21.0 million of vessel depreciation charges.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Interest
Expense</font>: For the six months ended June 30, 2008, our interest payments
under our term-loan facilities totaled approximately $3.2 million.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Interest
Income</font>: Interest income was $0.7 million for the six months ended June
30, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Liquidity
and Capital Resources</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
principal source of funds has been equity provided by our shareholders,
operating cash flow and long-term borrowing. Our principal use of funds has been
capital expenditures to establish and grow our fleet, maintain the quality of
our drybulk carriers, comply with international shipping standards and
environmental laws and regulations, fund working capital requirements, make
interest repayments on outstanding loan facilities, and pay dividends. We expect
to rely upon operating cash flow, long-term borrowing, and future equity
financing to implement our growth plan and meet our liquidity requirements going
forward.&#160;&#160;We believe that we will have sufficient liquidity to meet
all of our current working capital requirements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
believe that our current cash balance, as well as operating cash flow, is
sufficient to meet our current liquidity needs, assuming the charter market does
not deteriorate to the low-rate environment. If we do acquire additional
vessels, we may rely on new debt, proceeds from future offerings and revenue
from operations to meet our liquidity needs going forward.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
practice has been to acquire drybulk carriers using a combination of funds
received from equity investors and bank debt secured by mortgages on our drybulk
carriers. Our business is capital-intensive and its future success will depend
on our ability to maintain a high-quality fleet through the acquisition of newer
drybulk carriers and the selective sale of older drybulk carriers. These
acquisitions will be principally subject to management&#8217;s expectation of future
market conditions as well as our ability to acquire drybulk carriers on
favorable terms.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Our
short-term liquidity requirements relate to servicing our debt, payment of
operating costs, funding working capital requirements and maintaining cash
reserves against fluctuations in operating cash flows. Sources of short-term
liquidity include our revenues earned from our charters.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">31</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Our
medium and long-term liquidity requirements include funding the equity portion
of investments in new or additional vessels and repayment of long-term debt
balances.&#160;&#160;Sources of funding our long-term liquidity requirements
include new loans or equity issues or vessel sales.&#160; <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">As of
October 30, 2008, we had outstanding borrowings of $303.5 million, which is the
maximum amount permitted under our current credit facilities.&#160;&#160;We may
not be able to refinance our existing credit facilities or secure new credit
facilities at all or on terms agreeable to us.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">As of
June 30, 2008 and December 31, 2007, we had cash and cash equivalents of $49.1
million ($11.0 million of which restricted) and $19.0 million,
respectively.&#160;&#160;As of December 31, 2006 and 2005, Star Maritime had
cash and cash equivalents of $2.1 million and $0.6 million,
respectively</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On May
22, 2008, we entered into an agreement to acquire the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Cosmo</font>, a 2005 built Supramax drybulk carrier for the aggregate purchase
price of $68.8 million with a cargo carry capacity of approximately 52,200
dwt.&#160;&#160;We finance the purchase price through a combination of the
proceeds received from the conversion of our warrants and borrowings under our
new Piraeus Bank A.E. term loan facility dated July 1, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On June
3, 2008, we entered into an agreement with Oceanbulk Affiliate&#160;to acquire
the <font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Ypsilon</font>, a 1991 built Capsize drybulk carrier for the aggregate purchase
price of $87.2 million with a cargo carry capacity of approximately 150,940
dwt.&#160;&#160;We&#160;financed the purchase price through a combination of the
proceeds received from the conversion of our warrants and borrowings under our
Piraeus Bank A.E. term loan agreement dated April 14, 2008 and September 18,
2008,&#160;as amended.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="left"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">As of
December 31, 2007, we paid no dividends to our shareholders.&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On
February 14, April 16, and July&#160;29, 2008, the Company declared dividends
amounting to approximately $4.6 million ($0.10 per share, paid on February 28,
2008 to the stockholders of record on February 25, 2008), approximately $18.8
million ($0.35 per share, paid on May 23, 2008 to the shareholders of record on
May 16, 2008), and approximately $19.4 million ($0.35 per share, paid on
August&#160;18, 2008 to the shareholders of record on August&#160;8, 2008),
respectively.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Cash
Flows</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Six
months ended June 30, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">The following table presents cash flow
information for the </font><font style="DISPLAY: inline; COLOR: #000000">six
months ended June 30,</font><font style="DISPLAY: inline; COLOR: #000000"> 2008.
The information was derived from the unaudited interim condensed consolidated
statements of cash flows of Star Bulk and is expressed in thousands of U.S.
Dollars.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr bgcolor="#cceeff">
            <td valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Net cash provided by operating
      activities</font></font></div>
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            <td valign="bottom" width="3%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">$</font></font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">47,647</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Net cash used in investing
      activities</font></font></div>
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            <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">(297,006</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">)&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Net cash provided by financing
      activities</font></font></div>
            </td>
            <td valign="bottom" width="3%" style="BORDER-BOTTOM: black 1.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">268,417</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Increase in cash and cash
      equivalents</font></font></div>
            </td>
            <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">19,058</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Cash and cash equivalents
      beginning of period</font></font></div>
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            <td valign="bottom" width="3%" style="BORDER-BOTTOM: black 1.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">18,985</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
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            <td valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -8.55pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Cash and cash equivalents end of
      period</font></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">$</font></font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">38,043</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Cash from operating activities is mainly
composed of revenues generated under our time charters and interest
income.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Net cash used in i</font><font style="DISPLAY: inline; COLOR: #000000">nvesting activities was
$297.0</font><font style="DISPLAY: inline; COLOR: #000000"> million&#160;of
which $</font><font style="DISPLAY: inline; COLOR: #000000">270.4</font><font style="DISPLAY: inline; COLOR: #000000"> million represented amounts paid for
our initial fleet.&#160;&#160;We also paid $15.6 million in advance for the
purchase of vessels </font><font style="DISPLAY: inline; COLOR: #000000">the
</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Ypsilon</font><font style="DISPLAY: inline; COLOR: #000000"> and </font><font style="DISPLAY: inline; COLOR: #000000">the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star Cosmo,
</font><font style="DISPLAY: inline; COLOR: #000000">and $11.0 million was the
increase in restricted cash due to loan covenants.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Net cash provided by financing
activities was $268.4</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">million for the period ended June 30,
2008 representing $120.0 </font><font style="DISPLAY: inline; COLOR: #000000">million </font><font style="DISPLAY: inline; COLOR: #000000">from </font><font style="DISPLAY: inline; COLOR: #000000">borrowings under our </font>Commerzbank
AG loan facility, $85.0 million from borrowings under our Piraeus Bank A.E. term
loan facilities and $94.0<font style="DISPLAY: inline; COLOR: #000000"> million
received from </font><font style="DISPLAY: inline; COLOR: #000000">the exercise
of </font><font style="DISPLAY: inline; COLOR: #000000">warrants, offset mainly
by $</font><font style="DISPLAY: inline; COLOR: #000000">23.</font><font style="DISPLAY: inline; COLOR: #000000">4 million of cash dividend</font><font style="DISPLAY: inline; COLOR: #000000">s</font><font style="DISPLAY: inline; COLOR: #000000"> paid</font><font style="DISPLAY: inline; COLOR: #000000">, $8.5 million of repayments under our
loan agreements and payments of $6.1 million in connection with the Company&#8217;s
repurchase of its common stock and warrants</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">32</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Senior
Secured Credit Facilities</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">As
of October 30, 2008, we had three senior secured credit facilities with a total
borrowing capacity of up to approximately $303.5&#160;million.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Commerzbank
AG</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On December 27, 2007, we entered into a
term loan agreement with Commerzbank AG in the amount of $120.0 million to
partially finance the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Gamma</font><font style="DISPLAY: inline; COLOR: #000000">, the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Delta</font><font style="DISPLAY: inline; COLOR: #000000">, the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Epsilon</font><font style="DISPLAY: inline; COLOR: #000000">, the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Zeta</font><font style="DISPLAY: inline; COLOR: #000000">, and the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star Theta,
</font><font style="DISPLAY: inline; COLOR: #000000">which also provide the
security for this loan agreement.&#160;&#160;Upon signing the term loan facility
agreement we committed to paying a management fee of 0.5% of the loan amount and
a commitment fee of 0.35% per annum payable quarterly in arrears over the
committed but un-drawn portion of the loan.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Under the terms of this term loan
facility, the repayment of $120.0 million which is the maximum amount we are
able to borrow, is over a nine year term and divided into two
tranches.&#160;&#160;The first tranche incorporates up to the first $50.0
million that is borrowed and is repayable in twenty-eight consecutive quarterly
installments commencing twenty-seven months after our initial borrowings but no
later than March 31, 2010: (i) the first four installments amount to $2.25
million each, (ii) the next thirteen installments amount to $1.0 million each
and (iii) the remaining eleven installments amount to $1.3 million each and a
final balloon payment of $13.7 million payable together with the last
installment.&#160;&#160;The second tranche incorporates the balance of the loan
up to the full amount of $120.0 million.&#160;&#160;The balance of our
borrowings is repayable in twenty-eight consecutive quarterly installments
commencing twenty-seven months after draw down but no later than March 31,
2010:&#160;&#160;(i) the first four installments amount to $4.0 million each and
(ii) the remaining twenty-four installments amount to $1.75 million each and a
final balloon payment of $12.0 million payable together with the last
installment.&#160;&#160;Should any tranche not be drawn down with the maximum
amount specified above, the repayment installments are reduced in the inverse
order of maturity.&#160;&#160;Our term loan bears interest at LIBOR plus a
margin at a minimum of 0.8% to a maximum of 1.25% depending on whether our
aggregate drawdown ranges from 60% up to 75% of the aggregate market value of
our initial fleet.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">As of Octobe</font><font style="DISPLAY: inline; COLOR: #000000">r 30,</font><font style="DISPLAY: inline; COLOR: #000000"> 2008, we had outstanding borrowings
of&#160;$120.0 million, which is the maximum amount of borrowings permitted
under this loan facility.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Piraeus Bank A.E. Loan Facility dated
April 14, 2008, as amended</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On April 14, 2008, we entered into a
term loan agreement with Piraeus Bank A.E. which was subsequently amended on
April 17, 2008 and September 18, 2008.&#160; Under the amended terms, the
agreement provides for a term loan of&#160;$150.0 million to partially finance
the acquisition of the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Omicron,</font><font style="DISPLAY: inline; COLOR: #000000"> the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Sigma</font><font style="DISPLAY: inline; COLOR: #000000">&#160;and <font style="FONT-STYLE: italic">Star Ypsilon</font> and to provide additional
liquidity to the Company.&#160;&#160;This loan agreement is secured by the
</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Omicron, <font style="FONT-STYLE: normal">the&#160;</font></font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Beta</font><font style="DISPLAY: inline; COLOR: #000000">, and the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Sigma</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Upon
signing the term loan facility agreement we committed to paying a management fee
of 0.5% of the loan amount and a commitment fee of 0.25% per annum payable
quarterly in arrears over the committed but un-drawn portion of the loan.&#160;
</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Under the terms of this term loan
facility, the repayment of $150.0 million (a) begins three months after we draw
down $69.0 million under this facility to partially finance the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star&#160;Ypsilon</font><font style="DISPLAY: inline; COLOR: #000000"> and (b) is divided into 24 consecutive
quarterly installments: (i) the first installment amounts to $7.0 million, (ii)
the second through fifth installments amount to $10.5 million each, (iii) the
sixth to eighth installments amount to $8.8 million each, (iv) the ninth through
fourteenth installments amount to $4.4 million each, (v) the fifteenth through
twenty-fourth installments amount to $2.7 million each, and a final balloon
payment in the amount of $21.2 million.&#160; The term of this loan facility is
six years.&#160;&#160;Our term loan bears interest at LIBOR plus a margin of
1.3%.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">As of Octobe</font><font style="DISPLAY: inline; COLOR: #000000">r 30,</font><font style="DISPLAY: inline; COLOR: #000000"> 2008, we had outstanding borrowings of
$150</font><font style="DISPLAY: inline; COLOR: #000000">.0 million, which is
the maximum amount&#160;of borrowings permitted&#160;under this loan
facility.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Piraeus Bank A.E. Loan Facility dated
July 1, 2008</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">On July 1, 2008, we entered into a term
loan agreement with Piraeus Bank A.E. in the amount of $35.0 million to
partially finance the acquisition of the </font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Star
Cosmo</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;Upon
signing the term loan facility agreement we committed to pay a non refundable
arrangement fee of 0.4% of the facility amount.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">33</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Under the terms of this term loan
facility, the repayment of $35.0 million (a) begins three months after we draw
down the full amount but no later than July 30, 2008 and (b) is divided into 24
consecutive quarterly installments: (i) the first through fourth installments
amounts to $1.5 million, (ii) the fifth through eighth installments amount to
$1.3 million each, (iii) the ninth to twelfth installments amount to $0.9
million each, (iv) the thirteenth through twenty-fourth installments amount to
$0.5 million each of and a final balloon payment in the amount of $14.5
million.&#160;&#160;The term of this loan facility is six years.&#160;&#160;Our
term loan bears interest at LIBOR plus a margin of 1.325%.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Our term loan agreements with Piraeus
Bank A.E. contain financial covenants, including requirements to maintain (i) a
minimum liquidity of $</font><font style="DISPLAY: inline; COLOR: #000000">0.5
million per vessel, </font><font style="DISPLAY: inline; COLOR: #000000">(ii)
the total indebtedness of the borrower over the market value of all vessels
owned shall</font><font style="DISPLAY: inline; COLOR: #000000"> not be greater
than 0.6 to 1.0, and (iii</font><font style="DISPLAY: inline; COLOR: #000000">)
the </font><font style="DISPLAY: inline; COLOR: #000000">interest coverage
</font><font style="DISPLAY: inline; COLOR: #000000">ratio</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">shall not be </font><font style="DISPLAY: inline; COLOR: #000000">less than 2.0 to
1.0.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">As of Octobe</font><font style="DISPLAY: inline; COLOR: #000000">r 30,</font><font style="DISPLAY: inline; COLOR: #000000"> 2008, we had outstanding borrowings of
$33.5 million, which is the maximum amount&#160;of borrowings
permitted&#160;under this loan facility.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Quantitative
and Qualitative Disclosure of Market Risk</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Interest
Rate Risk</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">The international drybulk industry is a
capital intensive industry, requiring significant amounts of investment. Much of
this investment is provided in the form of long term debt. Our debt usually
contains interest rates that fluctuate with LIBOR. Increasing interest rates
could adversely impact future earnings.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">During 2007, we had no outstanding
borrowings under our credit facility and did not make any interest payments.
Under our term loan with Commerzebank AG we pay an interest rate of LIBOR plus a
margin of up to 1.25%. Under our term loan with Piraeus Bank A.E. dated April
14, 2008, as amended, we pay an interest rate of LIBOR plus a margin of 1.3%.
Under our term loan with Piraeus Bank A.E. dated July 1, 2008, we pay an
interest rate of LIBOR plus a margin of 1.325%. As of Octobe</font><font style="DISPLAY: inline; COLOR: #000000">r 30,</font><font style="DISPLAY: inline; COLOR: #000000"> 2008, we had $120.0 million outstanding
under our term loan with Commerzebank AG, </font><font style="DISPLAY: inline; COLOR: #000000">and $183.5</font><font style="DISPLAY: inline; COLOR: #000000"> million outstanding under our term
loans with Piraeus Bank A.E.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Our estimated interest expense for the
y</font><font style="DISPLAY: inline; COLOR: #000000">ear ended December 31,
2008 is </font><font style="DISPLAY: inline; COLOR: #000000">$8.6
million.&#160;&#160;Our interest expense estimate is based on the amount of our
outstanding borrowings under our term loan facilities as at Octobe</font><font style="DISPLAY: inline; COLOR: #000000">r 30,</font><font style="DISPLAY: inline; COLOR: #000000"> 2008 and the average interest rate of
our term loan facilities for the&#160;six months ended June 30</font><font style="DISPLAY: inline; COLOR: #000000">, 2008, in the amount of
3.9%</font><font style="DISPLAY: inline; COLOR: #000000">.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Our interest expense is affected by
changes in the general level of interest rates. As an indication of the extent
of our sensitivity to interest rate changes, an increase of 100 basis points
will increase our income expense for the y</font><font style="DISPLAY: inline; COLOR: #000000">ear ended December 31, 2008 by
</font><font style="DISPLAY: inline; COLOR: #000000">$1.4 million assuming the
same debt profile throughout the year.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
following table sets forth the sensitivity of loans in millions of U.S. dollars
to a 100 basis points increase in LIBOR during the next five years:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">For the year</font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">ended</font></font></div>
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31,</font></font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Estimated
      amount</font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">of interest
      expense</font></font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Estimated
      amount</font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">of interest expense after an
      increase of 100 basis points</font></font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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            </td>
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      </font></td>
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            </td>
            <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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      </font></td>
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      </font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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      </font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="3%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="right" valign="bottom" width="18%" style="BORDER-BOTTOM: black 1pt solid">
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 3pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="3%" style="BORDER-BOTTOM: black 3pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="21%" style="BORDER-BOTTOM: black 3pt double">
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      </font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 3pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="18%" style="BORDER-BOTTOM: black 3pt double">
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Currency
and Exchange Rates</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We generate all of our revenues in
dollars and there were no operating expenses in currencies other than the U.S.
dollar. However, 10% of our general and administrative expenses including
consulting fees, salaries and traveling expenses were incurred in Euros. For
accounting purposes, expenses incurred in Euros are converted into Dollars at
the exchange rate prevailing on the date of each transaction. Because a
significant portion of our expenses are incurred in currencies other than the
U.S. dollar, our expenses may from time to time increase relative to our
revenues as a result of fluctuations in exchange rates, particularly between the
U.S. dollar and the Euro, which could affect the amount of net income that we
report in future periods. As of December 31, 2007, the effect of a 1%
</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">adverse
movement in U.S. dollar/Euro exchange rates would have resulted in an increase
of $7,756 in our general and administrative expense. While we historically have
not mitigated the risk associated with exchange rate fluctuations through the
use of financial derivatives, we may determine to employ such instruments from
time to time in the future in order to minimize this risk. Our use of financial
derivatives, including interest rate swaps, would involve certain risks,
including the risk that losses on a hedged position could exceed the nominal
amount invested in the instrument and the risk that the counterparty to the
derivative transaction may be unable or unwilling to satisfy its contractual
obligations, which could have an adverse effect on our results.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font size="+0">Recent</font> Developments</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">On July
1, 2008, we entered into a term loan agreement with Piraeus Bank A.E. in the
amount of $35.0 million to partially finance the acquisition of the </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">Star
Cosmo</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">.&#160;&#160;Upon
signing the term loan facility agreement we committed to pay a non refundable
arrangement fee of 0.4% of the facility amount.</font></font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">As
of July&#160;17, 2008, 803,481 shares of common stock of Star Bulk were issued
to TMT pursuant to the Master Agreement. </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
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2008, TMT Co. Ltd., an indirect shareholder of Star Bulk through its nominee (F5
Capital), alleged that it had suffered unspecified damages arising from an
alleged breach by Star Bulk of a purported obligation under the Master Agreement
to maintain a registration statement in effect so as to permit TMT to sell its
12,537,645 Star Bulk shares freely on the open market.&#160;&#160;Among other
things, TMT had demanded that Star Bulk repurchase approximately 3.8 million
shares from TMT at a share price of $14.04 per share, which was the closing
price of Star Bulk's common&#160;shares on the NASDAQ Global Market&#160;on June
2, 2008, which demand was withdrawn by TMT in connection with discussions
between Star Bulk and TMT.&#160; Star Bulk denies that it has any such
obligation under the Master Agreement and is currently discussing the matter
with TMT.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;On September
18, 2008, we entered into an agreement to amend our Piraeus Bank loan agreement
dated April 14, 2008.&#160;&#160;We drew down $69.0 million to partially finance
the acquisition of the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
Ypsilon</font>.&#160;&#160;This loan bears interest at Libor plus a
margin,&#160;is repayable&#160;in twenty-four quarterly installments through
September 2014 and is secured by a first priority mortgage on the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Omicron</font>, the&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Star Beta</font> and the&#160;<font style="DISPLAY: inline; FONT-STYLE: italic">Star Sigma</font>.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;On October 6, 2008,
we delivered the <font style="FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Star
Iota</font> to its purchasers.</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;On October 20, 2008,
Mr. Nobu Su resigned from the Company&#8217;s board of directors.</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;As of October
30, 2008, we repurchased under the Company's stock repurchase plan an additional
925,000 shares of our common stock at an aggregate purchase price of
approximately $6.9 million.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;As of October
30, 2008, 12,721,350 warrants have been converted into shares of common stock
resulting in proceeds to the Company of $101,770,800.&#160;&#160;As of November
30, 2007, the date of the Redomiciliation Merger, we had 41,<font size="+0" style="FONT-SIZE: 11pt">564</font>,569 shares of common stock and
20,000,000 warrants outstanding.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB2" style="LETTER-SPACING: 9pt">&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;&#160;</font></font><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">On
October 30, 2008, we entered into a time charter with Companhia Vale do Rio Doce
(Vale) for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Beta
</font>for a minimum of two months and maximum of four months at the gross daily
rate of $15,500 for the first fifty days and $25,000 for the balance of the time
charter plus a repositioning fee of $525,000.</font></div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The <font style="DISPLAY: inline; FONT-STYLE: italic">Star Beta </font>had been time
chartered by us to Industrial Carriers Inc. (&#8220;ICI&#8221;).&#160;&#160;Under that time
charter ICI was obligated to pay us a gross daily charter hire rate of $106,500
until February 2010. In&#160;January 2008, ICI sub-chartered the vessel for one
year to Oldendorff Gmbh &amp; Co. KG of Germany (&#8220;Oldendorff&#8221;) at a gross daily
charter hire rate of $130,000 until February 2009.&#160;&#160;In October, ICI
assigned its rights and obligations under the sub-charter to us in exchange for
it being released from the remaining term of the ICI
charter.&#160;&#160;Oldendorff notified us that it considers the assignment of
the sub-charter to be an effective repudiation of the sub-charter by
ICI.&#160;&#160;We believe that the assignment was valid and that Oldendorff has
erroneously repudiated the sub-charter.&#160; Star Bulk intends to pursue its
rights against Oldendorff under that sub-charter.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><br>
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</font></div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
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                <div style="WIDTH: 100%; TEXT-ALIGN: center">
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                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
              </div>
            </div>
          </div>
        </div>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font size="3" style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: Times New Roman">Related Party and Other Transactions</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font size="+0"><font style="FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: Times New Roman"><font style="FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: Times New Roman">On
June 3, 2008, we entered into an agreement with a company affiliated with
Oceanbulk Maritime, S.A., or Oceanbulk Affiliate, a company founded by our
Chairman, Mr. Petros Pappas, to acquire the <font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: Times New Roman">Star
Ypsilon</font>, a 1991 built Capsize drybulk carrier with a cargo carrying
capacity of approximately 150,940 dwt for the aggregate purchase price of $87.2
million, which was the same price Oceanbulk Affiliate paid when it acquired the
vessel from Dutch interests.&#160;&#160;We entered into a three year time
charter agreement with Vinyl Navigation, </font>a company controlled by&#160;Mr.
Pappas, to employ the <font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: Times New Roman">Star
Ypsilon</font> at an average daily hire rate of $93,333 following its delivery
to us on September 18, 2008.&#160; Vinyl Navigation has a back-to-back charter
agreement with TMT, a company controlled by a former director of the Company,
Mr. Nobu Su, on the same terms as our charter agreement with Vinyl
Navigation.&#160; No commissions were charged to Star Bulk either on the sale or
the chartering of the <font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: Times New Roman">Star
Ypsilon</font>.</font></font></font></font></font></font></div>
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              </div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: Times New Roman">According
to an amended Schedule 13D filed by F5 Capital with the SEC on July 29,
2008,&#160;on June 20, 2008, TMT and certain of its affiliates entered into a
private agreement (the &#8220;Agreement&#8221;) with Oceanbulk Shipping and Trading, or
OBST, a company founded by our non-executive Chairman and director, Mr. Petros
Pappas, to transfer shares of Star Bulk common stock to certain parties
nominated by OBST in settlement of certain commercial obligations of TMT (which
obligations were and are unrelated to Star Bulk and its business), and pursuant
to the Agreement, on July 10, 2008, F5 Capital, TMT&#8217;s nominee, transferred an
aggregate of 9,537,645 shares of Star Bulk common stock to Glassy Sea Navigation
Limited (2,384,411 shares), Legion Finance Inc. (2,384,412 shares), Marquis
Shipholding Ltd (2,384,411 shares) and Venere Shipholding S.A (2,384,411
shares). Mr. Nobu Su, the sole director and shareholder of F5 Capital, is a
former&#160;member of the board of directors of Star Bulk. Star Bulk was not a
party to this transaction.</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            </div>
          </div>
          <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: Times New Roman">Recent
Developments in Environmental and Other Regulations</font></div>
          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">International
Maritime Organization</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Air
Emissions</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
United Nation&#8217;s International Maritime Organization, or IMO, has negotiated
international conventions that impose liability for oil pollution in
international waters and a signatory&#8217;s territorial waters. In
September&#160;1997, the IMO adopted Annex VI to the International Convention
for the Prevention of Pollution from Ships, or MARPOL, to address air pollution
from ships. Annex VI was ratified in May&#160;2004, and became effective in
May&#160;2005. Annex VI sets limits on sulfur oxide and nitrogen oxide emissions
from ship exhausts and prohibits deliberate emissions of ozone depleting
substances, such as chlorofluorocarbons. Annex VI also includes a global cap on
the sulfur content of fuel oil and allows for special areas to be established
with more stringent controls on sulfur emissions. We believe that all our
vessels are currently compliant in all material respects with these regulations.
In October 2008, IMO&#8217;s Maritime Environment Protection Committee is expected to
vote on proposed amendments to the Annex VI regulations that would implement a
progressive reduction of sulfur oxide levels in heavy bunker fuels and create
more stringent nitrogen oxide emissions standards for marine
engines.&#160;&#160;If these amendments are implemented, we may incur costs to
comply with these revised standards.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Oil
Pollution Liability</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Although
the U.S. is not a party to these conventions, many countries have ratified and
follow the liability plan adopted by the IMO and set out in the International
Convention on Civil Liability for Oil Pollution Damage of 1969, as amended in
2000, or the CLC. Under this convention and depending on whether the country in
which the damage results is a party to the 1992 Protocol to the CLC, a vessel&#8217;s
registered owner is strictly liable for pollution damage caused in the
territorial waters of a contracting state by discharge of persistent oil,
subject to certain complete defenses.&#160;&#160;Under an amendment to the
Protocol that became effective on November 1, 2003, for vessels of 5,000 to
140,000 gross tons (a unit of measurement for the total enclosed spaces within a
vessel), liability will be limited to approximately&#160;$7.1 million
plus&#160;$987 for each additional gross ton over 5,000. For vessels of over
140,000 gross tons, liability will be limited to approximately&#160;$140
million. As the convention calculates liability in terms of a basket of
currencies, these figures are based on currency exchange rates on&#160;September
1, 2008. The right to limit liability is forfeited under the CLC where the spill
is caused by the owner&#8217;s actual fault and under the 1992 Protocol where the
spill is caused by the owner&#8217;s intentional or reckless conduct. Vessels trading
to states that<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;</font>are
parties to these conventions must provide evidence of insurance covering the
liability of the owner. In jurisdictions where the International Convention on
Civil Liability for Oil Pollution Damage has not been adopted, various
legislative schemes or common law govern, and liability is imposed either on the
basis of fault or in a manner similar to that convention. We believe that our
P&amp;I insurance will cover<font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;</font>the
liability under the plan adopted by the IMO.</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In 2001,
the IMO adopted the International Convention on Civil Liability for Bunker Oil
Pollution Damage, or the Bunker Convention, which imposes strict liability on
ship owners for pollution damage in jurisdictional waters of ratifying states
caused by discharges of bunker fuel.&#160;&#160;The Bunker Convention requires
registered owners of ships over 1,000 gross tons to maintain insurance for
pollution damage in an amount equal to the limits of liability under the
applicable national or international limitation regime (but not exceeding the
amount calculated in accordance with the Convention on Limitation of Liability
for Maritime Claims of 1976, as amended).&#160;&#160;The Bunker Convention has
been ratified by a sufficient number of nations for entry into force, and it
will become effective on November 21, 2008.&#160;&#160;Until the Bunker
Convention comes into force, liability for spills or releases of oil carried as
fuel in ship&#8217;s bunkers typically is determined by the national or other domestic
laws in the jurisdiction where the events or damages occur.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In 2005,
the European Union adopted a directive on ship-source pollution, imposing
criminal sanctions for intentional, reckless or negligent pollution discharges
by ships.&#160;&#160;The directive could result in criminal liability for
pollution from vessels in waters of European countries that adopt implementing
legislation.&#160;&#160;Criminal liability for pollution may result in
substantial penalties or fines and increased civil liability
claims.</font></div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="justify">
        <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
          <div id="PN" style="PAGE-BREAK-AFTER: always">
            <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">36</font></div>
            <div style="WIDTH: 100%; TEXT-ALIGN: center">
              <hr style="COLOR: black" noshade size="2">
            </div>
          </div>
          <div id="HDR">
            <div id="GLHDR" style="WIDTH: 100%" align="right">
            </div>
          </div>
          <div>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">U.S.
Oil Pollution Act of 1990 and Comprehensive Environmental Response,
Compensation, and Liability Act</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
1990, the U.S. Congress enacted the Oil Pollution Act, or OPA, to establish an
extensive regulatory and liability regime for environmental protection and
cleanup of oil spills. OPA affects all owners and operators whose vessels trade
with the U.S. or its territories or possessions, or whose vessels operate in the
waters of the U.S., which include the U.S. territorial sea and the 200 nautical
mile exclusive economic zone around the U.S. The Comprehensive Environmental
Response, Compensation and Liability Act, or CERCLA, was adopted in 1980 and it
imposes liability for cleanup and natural resource damage from the release of
hazardous substances (other than oil) whether on land or at sea. Both OPA and
CERCLA impact our operations.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Under
OPA, vessel owners, operators and bareboat charterers are &#8220;responsible parties&#8221;
and are jointly, severally and strictly liable (unless the spill results solely
from the act or omission of a third party, an act of God or an act of war) for
all containment and clean-up costs and other damages arising from discharges or
threatened discharges of oil from their vessels. OPA defines these other damages
broadly to include:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div align="justify">
              </div>
              <div>
                <table cellpadding="0" cellspacing="0" id="list" width="100%">
                    <tr valign="top">
                      <td align="right" style="WIDTH: 36pt">
                        <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                      </td>
                      <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">natural
      resources damage and the costs of assessment
  thereof;</font></div>
                        </div>
                      </td>
                    </tr>
                </table>
              </div>
              <div>
                <table cellpadding="0" cellspacing="0" id="list" width="100%">
                    <tr valign="top">
                      <td align="right" style="WIDTH: 36pt">
                        <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                      </td>
                      <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">real
      and personal property damage;</font></div>
                        </div>
                      </td>
                    </tr>
                </table>
              </div>
              <div>
                <table cellpadding="0" cellspacing="0" id="list" width="100%">
                    <tr valign="top">
                      <td align="right" style="WIDTH: 36pt">
                        <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                      </td>
                      <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">net
      loss of taxes, royalties, rents, fees and other lost
      revenues;</font></div>
                        </div>
                      </td>
                    </tr>
                </table>
              </div>
              <div>
                <table cellpadding="0" cellspacing="0" id="list" width="100%">
                    <tr valign="top">
                      <td align="right" style="WIDTH: 36pt">
                        <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                      </td>
                      <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">lost
      profits or impairment of earning capacity due to property or natural
      resources damage; and</font></div>
                        </div>
                      </td>
                    </tr>
                </table>
              </div>
              <div>
                <table cellpadding="0" cellspacing="0" id="list" width="100%">
                    <tr valign="top">
                      <td align="right" style="WIDTH: 36pt">
                        <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                      </td>
                      <td>
                        <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">net
      cost of public services necessitated by a spill response, such as
      protection from fire, safety or health hazards, and loss of subsistence
      use of natural resources.</font></div>
                        </div>
                      </td>
                    </tr>
                </table>
              </div>
              <div>
              </div>
            </div>
            <div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div>
            </div>
            <div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Amendments
to OPA that came into effect on July 11, 2006 increased the liability limits for
responsible parties for any vessel other than a tank vessel to $950 per gross
ton or $800,000, whichever is greater. These limits of liability do not apply if
an incident was directly caused by violation of applicable U.S. federal safety,
construction or operating regulations or by a responsible party&#8217;s gross
negligence or willful misconduct, or if the responsible party fails or refuses
to report the incident or to cooperate and assist in connection with oil removal
activities.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
addition, the Comprehensive Environmental Response, Compensation, and Liability
Act, or CERCLA, applies to the discharge of hazardous substances (other than
oil) whether on land or at sea, contains a liability regime similar to OPA and
provides for cleanup, removal and natural resource damages. Liability per vessel
under CERCLA is limited to the greater of $300 per gross ton or $0.5 million,
unless the incident is caused by gross negligence, willful misconduct, or a
violation of certain regulations, in which case liability is
unlimited.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">OPA
requires owners and operators of vessels to establish and maintain with the U.S.
Coast Guard evidence of financial responsibility sufficient to meet their
potential liabilities under the OPA. Current U.S. Coast Guard regulations
require evidence of financial responsibility in the amount of $900 per gross ton
for non-tank vessels, which includes the OPA limitation on liability of $600 per
gross ton and the CERCLA liability limit of $300 per gross ton. We expect the
U.S. Coast Guard to increase the amounts of financial responsibility to reflect
the July&#160;2006 increases in liability. Under the regulations, vessel owners
and operators may evidence their financial responsibility by showing proof of
insurance, surety bond, self-insurance or guaranty. Under OPA, an owner or
operator of a fleet of vessels is required only to demonstrate evidence of
financial responsibility in an amount sufficient to cover the vessels in the
fleet having the greatest maximum liability under OPA.&#160;&#160;We have
complied with the U.S. Coast Guard regulations by providing a certificate of
responsibility from third party entities that are acceptable to the U.S. Coast
Guard evidencing sufficient self-insurance.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">We
currently maintain pollution liability coverage insurance in the amount of
$1&#160;billion per incident for each of our vessels. If the damages from a
catastrophic spill were to exceed our insurance coverage it could have an
adverse effect on our business and results of operation.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
U.S. Coast Guard&#8217;s regulations concerning certificates of financial
responsibility provide, in accordance with OPA, that claimants may bring suit
directly against an insurer or guarantor that furnishes certificates of
financial responsibility. In the event that such insurer or guarantor is sued
directly, it is prohibited from asserting any contractual defense that it may
have had against the responsible party and is limited to asserting those
defenses available to the responsible party and the defense that the incident
was caused by the willful misconduct of the responsible party. Certain
organizations, which had typically provided certificates of financial
responsibility under pre-OPA laws, including the major protection and indemnity
organizations, have declined to furnish evidence of insurance for vessel owners
and operators if they are subject to direct actions or are required to waive
insurance policy defenses.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">OPA
specifically permits individual states to impose their own liability regimes
with regard to oil pollution incidents occurring within their boundaries, and
some states have enacted legislation providing for unlimited liability for oil
spills. In some cases, states, which have enacted such legislation, have not yet
issued implementing regulations defining vessels owners&#8217; responsibilities under
these laws. We intend to comply with all applicable state regulations in the
ports where our vessels call.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font size="+0"><font id="TAB2" style="FONT-SIZE: 11pt; COLOR: black; FONT-FAMILY: Times New Roman; LETTER-SPACING: 9pt">&#160;</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">The
U.S. Clean Water Act</font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
U.S. Clean Water Act, or CWA, prohibits the discharge of oil or hazardous
substances in navigable waters and imposes strict liability in the form of
penalties for any unauthorized discharges. The CWA also imposes substantial
liability for the costs of removal, remediation and damages and complements the
remedies available under OPA and CERCLA.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
U.S. Environmental Protection Agency, or EPA, historically exempted the
discharge of ballast water and other substances incidental to the normal
operation of vessels in U.S. ports from CWA permitting requirements. However,
pursuant to a U.S. District Court ruling that was upheld on appeal to the Ninth
Circuit on July 23, 2008, the courts have held that the EPA exceeded its
authority in creating such an exemption for ballast water.&#160;&#160;Pursuant
to the court rulings and recent legislation, the EPA has drafted a proposed
vessel general permit, or VGP, that would apply to commercial vessels and large
recreational vessels beginning on September 30, 2008 in order to apply CWA
requirements to ballast water discharges from such vessels.&#160;&#160;On August
31, 2008, the District Court ordered that the date for implementation of the VGP
for discharges incidental to normal operation be postponed until December 19,
2008.&#160;&#160;Owners and operators of vessels visiting U.S. ports will be
required to comply with this CWA permitting program to be finalized by the EPA
or face penalties.&#160;&#160;Subjecting our vessels to CWA permit requirements
including ballast water treatment obligations could increase the cost of
operating in the U.S. For example, this could require the installation of
equipment on our vessels to treat ballast water before it is discharged or the
implementation of other port facility disposal arrangements or procedures at
potentially substantial cost, and/or otherwise restrict our vessels from
entering U.S. waters. Various states have also enacted legislation restricting
ballast water discharges and the introduction of non-indigenous species
considered to be invasive. These and any similar restrictions enacted in the
future could increase the costs of operating in the relevant
waters.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                <div id="PN" style="PAGE-BREAK-AFTER: always">
                  <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">37</font></div>
                  <div style="WIDTH: 100%; TEXT-ALIGN: center">
                    <hr style="COLOR: black" noshade size="2">
                  </div>
                </div>
                <div id="HDR">
                  <div id="GLHDR" style="WIDTH: 100%" align="right">
                  </div>
                </div>
                <div>
                  <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt">&#160;</div>
                </div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Other
Environmental Initiatives</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
European Union is considering legislation that will affect the operation of
vessels and the liability of owners for oil pollution. It is difficult to
predict what legislation, if any, may be promulgated by the European Union or
any other country or authority.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
addition to the requirements of MARPOL Annex VI (described above), the U.S.
Clean Air Act of 1970, as amended by the Clean Air Act Amendments of 1977 and
1990, or the CAA, required the EPA to promulgate standards applicable to
emissions of volatile organic compounds and other air contaminants. Our vessels
are subject to vapor control and recovery requirements for certain cargoes when
loading, unloading, ballasting, cleaning and conducting other operations in
regulated port areas. Our vessels that operate in such port areas with
restricted cargoes are equipped with vapor recovery systems that satisfy these
requirements. The CAA also requires states to draft State Implementation Plans,
or SIPs, designed to attain national health-based air quality standards in
primarily major metropolitan and/or industrial areas. Several SIPs regulate
emissions resulting from vessel loading and unloading operations by requiring
the installation of vapor control equipment. As indicated above, our vessels
operating in covered port areas are already equipped with vapor recovery systems
that satisfy these existing requirements. The EPA and some states, however, have
each proposed more stringent regulations of air emissions from ocean-going
vessels. For example, on July 24, 2008, the California Air Resources Board of
the State of California, or CARB, approved clean-fuel regulations applicable to
all vessels sailing within 24 miles of the California coastline whose
itineraries call for them to enter any California ports, terminal facilities, or
internal or estuarine waters. The new CARB regulations require such vessels to
use low sulfur marine fuels rather than bunker fuel. By July 1, 2009, such
vessels are required to switch either to marine gas oil with a sulfur content of
no more than 1.5% or marine diesel oil with a sulfur content of no more than
0.5%. By 2012, only marine gas oil and marine diesel oil fuels with 0.1% sulfur
will be allowed. In the event our vessels were to travel to such destinations,
these new regulations may increase our costs.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Additionally,
EPA has proposed new emissions standards for new Category 3 marine diesel
engines.&#160;&#160;These are engines with per-cylinder displacement at or above
30 liters and are typically found on large oceangoing vessels such as drybulk
vessels.&#160;&#160;EPA proposes to require the application of advanced emission
control technologies as well as controls on the sulfur content of
fuels.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
U.S. National Invasive Species Act, or NISA, was enacted in 1996 in response to
growing reports of harmful organisms being released into U.S. ports through
ballast water taken on by vessels in foreign ports. The U.S. Coast Guard adopted
regulations under NISA in July 2004 that impose mandatory ballast water
management practices for all vessels equipped with ballast water tanks entering
U.S. waters. These requirements can be met by performing mid-ocean ballast
exchange, by retaining ballast water on board the vessel, or by using
environmentally sound alternative ballast water management methods approved by
the U.S. Coast Guard. Mid-ocean ballast exchange is the primary method for
compliance with the U.S. Coast Guard regulations, since holding ballast water
can prevent vessels from performing cargo operations upon arrival in the U.S.,
and alternative methods are still under development. Vessels that are unable to
conduct mid-ocean ballast exchange due to voyage or safety concerns may
discharge minimum amounts of ballast water, provided that they comply with
recordkeeping requirements and document the reasons they could not follow the
required ballast water management requirements. The U.S. Coast Guard is
developing a proposal to establish ballast water discharge standards, which
could set maximum acceptable discharge limits for various invasive species,
and/or lead to requirements for active treatment of ballast water. The U.S.
House of Representatives has recently passed a bill that amends NISA by
prohibiting the discharge of ballast water unless it has been treated with
specified methods or acceptable alternatives. Similar bills have been introduced
in the U.S. Senate, but we cannot predict which bill, if any, will be enacted
into law. In the absence of federal standards, states have enacted legislation
or regulations to address invasive species through ballast water and hull
cleaning management and permitting requirements. For instance, the state of
California has recently enacted legislation extending its ballast water
management program to regulate the management of &#8220;hull fouling&#8221; organisms
attached to vessels and adopted regulations limiting the number of organisms in
ballast water discharges.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Resource
Conservation and Recovery Act</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Our
operations occasionally generate and require the transportation, treatment and
disposal of both hazardous and non-hazardous solid wastes that are subject to
the requirements of the U.S. Resource Conservation and Recovery Act or
comparable state, local or foreign requirements. In addition, from time to time
we arrange for the disposal of hazardous waste or hazardous substances at
offsite disposal facilities. If such materials are improperly disposed of by
third parties, we may still be held liable for clean up costs under applicable
laws.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Greenhouse
Gas Regulation</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
February 2005, the Kyoto Protocol to the United Nations Framework Convention on
Climate Change, which we refer to as the Kyoto Protocol, entered into force.
Pursuant to the Kyoto Protocol, adopting countries are required to implement
national programs to reduce emissions of certain gases, generally referred to as
greenhouse gases, which are suspected of contributing to global warming.
Currently, the emissions of greenhouse gases from international shipping are not
subject to the Kyoto Protocol. However, the European Union has indicated that it
intends to propose an expansion of the existing European Union emissions trading
scheme to include emissions of greenhouse gases from vessels. In the U.S., the
California Attorney General and a coalition of environmental groups in October
2007 petitioned the EPA to regulate greenhouse gas emissions from ocean-going
vessels under the Clean Air Act. Any passage of climate control legislation or
other regulatory initiatives by the IMO, European Union or individual countries
where we operate that restrict emissions of greenhouse gases could entail
financial impacts on our operations that we cannot predict with certainty at
this time.</font></font></font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">We refer you to the section of our Annual Report on Form 20-F for
the year ended December 31, 2007 entitled <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8220;</font>Environmental and
Other Regulations<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#8221;</font> for a discussion
of the government regulations and laws which significantly affect the ownership
and opertion of our fleet.</div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
            <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
              <div id="FTR">
                <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
              </div>
              <div id="PN" style="PAGE-BREAK-AFTER: always">
                <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">38</font></div>
                <div style="WIDTH: 100%; TEXT-ALIGN: center">
                  <hr style="COLOR: black" noshade size="2">
                </div>
              </div>
              <div id="HDR">
                <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
              </div>
            </div><br>
            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">Vessel
Security Regulations</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">Since the terrorist
attacks of September&#160;11, 2001, there have been a variety of initiatives
intended to enhance vessel security. On November&#160;25, 2002, the Maritime
Transportation Security Act of 2002, or the MTSA, came into effect. To implement
certain portions of the MTSA, in July&#160;2003, the U.S. Coast Guard issued
regulations requiring the implementation of certain security requirements aboard
vessels operating in waters subject to the jurisdiction of the U.S. Similarly,
in December&#160;2002, amendments to the International Convention for the Safety
of Life at Sea, or SOLAS, created a new chapter of the convention dealing
specifically with maritime security. The new chapter came into effect in
July&#160;2004 and imposes various detailed security obligations on vessels and
port authorities, most of which are contained in the newly created International
Ship and Port Facilities Security Code or ISPS Code. Among the various
requirements are</font>:</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                <div align="justify">
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 36pt">
                          <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">on-board
      installation of automatic information systems, or AIS, to enhance
      vessel-to-vessel and vessel-to-shore
      communications;</font></div>
                            </div>
                          </div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 36pt">
                          <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">on-board
      installation of ship security alert
  systems;</font></div>
                            </div>
                          </div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 36pt">
                          <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">the
      development of vessel security plans;
  and</font></div>
                            </div>
                          </div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                  <table cellpadding="0" cellspacing="0" id="list" width="100%">
                      <tr valign="top">
                        <td align="right" style="WIDTH: 36pt">
                          <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
                        </td>
                        <td>
                          <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                            <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
                              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">compliance
      with flag state security certification
      requirements.</font></div>
                            </div>
                          </div>
                        </td>
                      </tr>
                  </table>
                </div>
                <div>
                </div>
                <div>
                </div>
              </div>
              <div>
              </div>
            </div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">The
U.S. Coast Guard regulations, intended to align with international maritime
security standards, exempt non-U.S. vessels from MTSA vessel security measures
provided such vessels have on board a valid International Ship Security
Certificate, or ISSC, that attests to the vessel&#8217;s compliance with SOLAS
security requirements and the ISPS Code as ratified by the ship&#8217;s flag state. We
have implemented the various security measures addressed by the MTSA, SOLAS and
the ISPS Code.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Inflation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">Inflation&#160;had not
a material effect on our expenses given current economic conditions. In the
event that significant global inflationary pressures appear, these pressures
would increase our operating, voyage, administrative and financing
costs.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Off-Balance
Sheet Arrangements</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">As
of the date of this prospectus, we do not have any off-balance sheet
arrangements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">39</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
      <div>&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Critical
Accounting Policies</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">We make certain
estimates and judgments in connection with the preparation of our consolidated
financial statements, which are prepared in accordance with accounting
principles generally accepted in the United States, or U.S. GAAP, that affect
the reported amount of assets and liabilities, revenues and expenses and related
disclosure of contingent assets and liabilities at the date of our consolidated
financial statements. Actual results may differ from these estimates under
different assumptions or conditions.</font></font></div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">Critical accounting
policies are those that reflect significant judgments or uncertainties, and
potentially result in materially different results under different assumptions
and conditions. We have described below what we believe will be the most
critical accounting policies that involve a high degree of judgment and the
methods of their application.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">Impairment
of long-lived assets. &#160;</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">The Company follows
SFAS No. 144 &#8220;Accounting for the Impairment or Disposal of Long-lived Assets,&#8221;
which addresses financial accounting and reporting for the impairment or
disposal of long-lived assets. The standard requires that long-lived assets and
certain identifiable intangibles held and used by an entity be reviewed for
impairment whenever events or changes in circumstances indicate that the
carrying amount of the assets may not be recoverable. When the estimate of
undiscounted cash flows, excluding interest charges, expected to be generated by
the use of the asset is less than its carrying amount, the Company should
evaluate the asset for an impairment loss. Measurement of the impairment loss is
based on the fair value. In this respect, management regularly reviews the
carrying amount of the vessels on vessel by vessel basis when events and
circumstances indicate that the carrying amount of the vessels might not be
recoverable. &#160;No impairment losses were recorded in any of the periods
presented.</font></font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font size="+0"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-STYLE: italic">Depreciation</font><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">.&#160; Vessels are
stated at cost, which consists of the contract price and any material expenses
incurred upon acquisition, such as (initial repairs, improvements, delivery
expenses and other expenditures to prepare the vessel for its initial
voyage).</font></font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000">The cost of each of the
Company&#8217;s vessels is depreciated beginning when the vessel is ready for its
intended use, on a straight-line basis over the vessel&#8217;s remaining economic
useful life, after considering the estimated residual value (vessel&#8217;s residual
value is equal </font></font>to the product of its lightweight tonnage and
estimated scrap rate per ton). Management estimates the useful life of the
Company&#8217;s vessels to be 25 years from the date of initial delivery from the
shipyard. When regulations place limitations over the ability of a vessel to
trade on a worldwide basis, its remaining useful life is adjusted at the date
such regulations are adopted. Depreciation expense is calculated based on cost
less the estimated residual scrap value. Scrap value is estimated by the Company
by taking the cost of steel times the weight of the ship noted in lightweight
ton, or lwt.</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Certain vessels are purchased by
assuming existing time charter agreement. Such acquired time charter agreements
are recorded at fair value by separately measuring such&#160;&#160;intangible
assets acquired. Fair value of above or below market acquired time charters was
determined by comparing existing charter rates in the acquired time charter
agreements with the market rates for equivalent time charter agreements
prevailing at the time the foregoing vessels are delivered. The present values
representing the fair value of the above or below market time charters is
recorded as an intangible asset or liability, respectively.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Rev</font><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">enue
recognition</font><font style="DISPLAY: inline; COLOR: #000000">. The Company
generates its revenues from time charterers for the charterhire of its vessels.
Vessels are chartered using time charters, where a contract is entered into for
the use of a vessel for a specific period of time and a specified daily
charterhire rate. All of the Company&#8217;s time charter agreements are classified as
operating leases. Revenues under operating lease arrangements are recognized
when a charter agreement exists, charter rate is fixed and determinable, the
vessel is made available to the lessee, and collection of the related revenue is
reasonably assured. Revenues are recognized ratably on a straight line basis
over the period of the respective time charter agreement in accordance with SFAS
No. 13 &#8220;Accounting for Leases.&#8221;</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Deferred revenue includes cash received
prior to the consolidated balance sheet date and is related to revenue earned
after such date.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000; FONT-STYLE: italic">Voyage related and
vessel operating costs are expensed as incurred</font><font style="DISPLAY: inline; COLOR: #000000">. Under time charter, specified voyage
costs, such as fuel and port charges are borne and paid by the charterer and
other non-specified voyage expenses, such as commission are paid by the Company.
Vessel operating costs including crews, maintenance and insurance are paid by
the Company.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">40</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Recent
Accounting Pronouncements</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">1.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
      September 2006 the FASB issued SFAS No. 157 &#8220;Fair Value Measurements&#8221;
      (SFAS No. 157). SFAS No. 157 provides guidance for using fair value to
      measure assets and liabilities. The standard applies whenever other
      standards require (or permit) assets or liabilities to be measured at fair
      value. Under the standard, fair value refers to the price that would be
      received to sell an asset or paid to transfer a liability in an orderly
      transaction between market participants in the market in which the
      reporting entity transacts. SFAS No. 157 clarifies the principle that fair
      value should be based on the assumptions market participants would use
      when pricing the asset or liability. In support of this principle, the
      standard establishes a fair value hierarchy that prioritizes the
      information used to develop those assumptions. The fair value hierarchy
      gives the highest priority to quoted prices in active markets and the
      lowest priority to unobservable data, for example, the reporting entity&#8217;s
      own data. Under the standard, fair value measurements will be required to
      be separately disclosed by level within the fair value hierarchy. SFAS No.
      157 is effective for consolidated financial statements issued for fiscal
      years beginning after November 15, 2007, and interim periods within those
      fiscal years. Early adoption is permitted. The Company will adopt this
      pronouncement beginning in fiscal year 2008. The adoption of the standard
      is not expected to have a material effect on the Company&#8217;s financial
      position, results of operations or cash
flows.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" style="WIDTH: 36pt">
                <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">2.&#160;&#160;</font></div>
              </td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
      February 2007, the FASB issued SFAS No. 159 &#8220;The Fair Value Option for
      Financial Assets and Financial Liabilities&#8221; (SFAS No. 159), which permits
      the entities to choose to measure many financial instruments and certain
      other items at fair value that are not currently required to be measured
      at fair value. This Statement is expected to expand the use of fair value
      measurement, which is consistent with the Board&#8217;s long-term measurement
      objectives for accounting for financial instruments. The objective is to
      improve financial reporting by providing entities with the opportunity to
      mitigate volatility in reported earnings caused by measuring related
      assets and liabilities differently without having to apply complex hedge
      accounting provisions. This statement also establishes presentation and
      disclosure requirements designed to facilitate comparisons between
      entities that choose different measurement attributes for similar types of
      assets and liabilities. SFAS No. 159 is effective as of the beginning of
      an entity&#8217;s first fiscal year that begins after November 15, 2007. Early
      adoption is permitted as of the beginning of a fiscal year on or before
      November 15, 2007, provided the entity also elects to apply the provisions
      of SFAS No. 157. This statement will be effective for the Company for the
      fiscal year beginning on January 1, 2008. The Company has not opted to
      fair value any of its financial assets
      and&#160;&#160;liabilities.</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">41</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">THE
INTERNATIONAL DRY BULK SHIPPING INDUSTRY</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman">The
information and data in this section relating to the international dry bulk
shipping industry has been provided by Drewry Shipping Consultants (Drewry), and
is taken from Drewry databases and other sources available in the public
domain.&#160;&#160;Drewry has advised us that it accurately describes the
international dry bulk shipping industry, subject to the availability and
reliability of the data supporting the statistical and graphical information
presented.&#160;&#160;In particular, the data contained in this section is
compiled on a periodic basis and may not reflect the most recent events and
current trends in the drybulk shipping market.&#160; Drewry&#8217;s methodologies for
collecting information and data, and therefore the information discussed in this
section, may differ from those of other sources, and does not reflect all or
even necessarily a comprehensive set of the actual transactions occurring in the
dry bulk shipping industry.&#160;&#160;The source of all tables and charts is
Drewry unless otherwise indicated.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Introduction</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
marine industry is a vital link in international trade, with oceangoing vessels
representing the most efficient, and often the only means of transporting large
volumes of basic commodities and finished products.&#160;&#160;Seaborne cargo is
categorized as dry cargo or liquid cargo.&#160;&#160;Dry cargo includes dry bulk
cargo, container cargo and non container cargo.&#160;&#160;Container cargo is
shipped in 20 or 40 foot containers and includes a wide variety of finished
products.&#160;&#160;Non-container cargo includes other dry cargo that cannot be
shipped in a container due to size, weight or handling requirements, such as
large manufacturing equipment or large industrial vehicles.&#160;&#160;Liquid
cargo, includes crude oil, refined oil products, liquefied gases, chemicals and
associated products, all of which are shipped in tankers.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="TEXT-INDENT: 36pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
2007, approximately 5.1 billion tons of dry cargo was transported by sea, of
which dry bulk cargo accounted for 2.96 billion tons.&#160;&#160;The following
table presents the breakdown of the global trade by type of cargo in 2000 and
2007.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">World
Seaborne Trade 2000 and 2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="23%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="2" valign="top" width="25%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Millions
      of Tons</font></div>
            </td>
            <td valign="top" width="13%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">CAGR<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)</font></font></div>
            </td>
            <td colspan="2" valign="top" width="25%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">%
      Total Seaborne Trade</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2000</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2007<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(p)</font></font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2000-2007</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2000</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2007</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Drybulk
      Cargo</font></div>
            </td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Major
      Bulks</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,249</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,809</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5.4%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">19.1%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">20.2%</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Coal</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">539</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">769</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5.0%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">8.2%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">8.6%</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Iron
      Ore</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">489</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">812</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">7.5%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">7.5%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">9.1%</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 63pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Grain</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">221</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">228</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">0.4%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3.4%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.6%</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Minor
      Bulks</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">901</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,155</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3.6%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">13.8%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">12.9%</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Total
      Drybulk</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,150</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,964</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.6%</font></div>
            </td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Container
      Cargo</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">620</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,272</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">10.8%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">9.5%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">14.2%</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="23%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Non
      Container/General Cargo</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">720</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">820</font></div>
            </td>
            <td align="right" valign="top" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1.9%</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">11.0%</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">9.2%</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="23%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Total
      Dry Cargo</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,490</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5,056</font></div>
            </td>
            <td align="right" valign="top" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5.4%</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">53.4%</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">56.6%</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="23%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="23%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Liquid
      Cargo</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,051</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,881</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3.5%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">46.6%</font></div>
            </td>
            <td align="right" valign="top" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">43.4%</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="23%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="13%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="top" width="23%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">TOTAL
      ALL CARGO</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">6,541</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">8,937</font></div>
            </td>
            <td align="right" valign="top" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.5%</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">100.0%</font></div>
            </td>
            <td align="right" valign="top" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.3pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">100.0%</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(p)</font>&#160;&#160;Provisional.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)&#160;&#160;</font>Compound
annual growth rate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">42</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Dry
bulk cargo can be further defined as either major bulk cargo or minor bulk
cargo, all of which is shipped in bulk carriers.&#160;&#160;Major bulk cargo
includes, among other things, iron ore, coal and grain.&#160;&#160;Minor bulk
cargo includes agricultural products, mineral cargo (including metal
concentrates), cement, forest products and metal products.&#160;&#160;Dry bulk
cargo is normally shipped in large quantities and can be easily stowed in a
single hold with little risk of cargo damage.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 13pt; FONT-FAMILY: Times New Roman, serif">Dry
Bulk Shipping</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Drybulk
Carrier Demand</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
demand for drybulk carriers is determined by the volume and geographical
distribution of seaborne dry bulk trade, which in turn is influenced by trends
in the global economy.&#160;&#160;During the 1980s and 1990s seaborne dry bulk
trade increased by slightly more than 2% per annum.&#160;&#160;However, between
2000 and 2007, seaborne dry bulk trade increased at a CAGR of 4.7%.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
following chart illustrates the changes in seaborne trade between the major and
minor bulks in the period 2000 to 2007.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Dry
Bulk Trade Development</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">(Millions
of Tons)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><img src="g904060_1.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">P=provisional</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Historically,
certain economies have acted as the &#8220;primary driver&#8221; of dry bulk
trade.&#160;&#160;In the 1990s Japan was the driving force, when buoyant
Japanese industrial production stimulated demand for imported bulk
commodities.&#160;&#160;More recently China has been the main driver behind the
recent increase in seaborne dry bulk trade as high levels of economic growth
have generated increased demand for imported raw materials.&#160;&#160;The
following table illustrates China&#8217;s gross domestic product growth rate compared
to that of the United States and the world during the periods
indicated.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">43</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Real
GDP Growth</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">(%
change previous period)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr style="HEIGHT: 24pt;">
            <td align="left" valign="middle" width="16%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">GNP</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2000</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2001</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2002</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2003</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2004</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2005</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2006</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2007<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(p)</font></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 24pt;">
            <td align="left" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Global&#160;&#160;Economy</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.8</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.4</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3.0</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.1</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5.3</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.4</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5.1</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 7.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5.0</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 24pt;">
            <td align="left" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">USA</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3.8</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">0.3</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1.6</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.7</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3.9</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3.1</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.9</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 7.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.2</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 24pt;">
            <td align="left" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Europe</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3.4</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1.7</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1.1</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1.1</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.1</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1.8</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3.0</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 7.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.7</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 24pt;">
            <td align="left" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Japan</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.8</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">0.4</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">-0.3</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1.8</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.7</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1.9</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.4</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 7.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.1</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 24pt;">
            <td align="left" valign="middle" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">China</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">8.0</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">7.5</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">8.3</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">10.0</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">10.1</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">10.4</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">11.6</font></div>
            </td>
            <td align="right" valign="middle" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 7.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">11.9</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 24pt;">
            <td align="left" valign="middle" width="16%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">India</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5.1</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.4</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.7</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">7.4</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">7.0</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">9.1</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">9.8</font></div>
            </td>
            <td align="right" valign="middle" width="7%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 7.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">9.3</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">P
= provisional</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
particular Chinese imports or iron ore alone increased from 70.0 million tons in
2000 to 384.0 million tons in 2007, which has generated much additional
employment for the larger vessels in the drybulk carrier fleet.&#160;&#160;In
addition to coal and iron ore, Chinese imports of steel products have also
increased sharply in the last five years, thereby creating additional demand for
drybulk carriers.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Chinese
Iron Ore Imports</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">(Millions
of Tons)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="50%">
          <tr style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Year</font></div>
            </td>
            <td valign="middle" width="12%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Imports</font></div>
            </td>
            <td valign="middle" width="13%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">%
      of Change</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2000</font></div>
            </td>
            <td align="right" valign="middle" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.7pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">70.0</font></div>
            </td>
            <td valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">26.6</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2001</font></div>
            </td>
            <td align="right" valign="middle" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.7pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">92.5</font></div>
            </td>
            <td valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">32.1</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2002</font></div>
            </td>
            <td align="right" valign="middle" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.7pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">111.3</font></div>
            </td>
            <td valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">20.3</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2003</font></div>
            </td>
            <td align="right" valign="middle" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.7pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">148.2</font></div>
            </td>
            <td valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">33.2</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2004</font></div>
            </td>
            <td align="right" valign="middle" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.7pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">208.1</font></div>
            </td>
            <td valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">40.4</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2005</font></div>
            </td>
            <td align="right" valign="middle" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.7pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">275.2</font></div>
            </td>
            <td valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">32.2</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2006</font></div>
            </td>
            <td align="right" valign="middle" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.7pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">326.0</font></div>
            </td>
            <td valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">18.5</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2007(p)</font></div>
            </td>
            <td align="right" valign="middle" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 21.7pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">383.7</font></div>
            </td>
            <td valign="middle" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">17.6</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">P
= provisional</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
extent to which increases in dry bulk trade have affected demand for drybulk
carriers is shown in estimates of ton-mile demand.&#160;&#160;Ton-mile demand is
calculated by multiplying the volume of cargo moved on each route by the
distance of the voyage.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">44</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 11pt">The following table and chart below
detail the changes in trade and ton-mile demand for the primary dry bulk
commodities</font>.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Drybulk
Carrier Seaborne Trade: 2000-2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">(Millions
of Tons)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="80%">
          <tr>
            <td valign="middle" width="15%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="11%" style="BORDER-TOP: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">CAGR</font></div>
            </td>
          </tr>
          <tr style="HEIGHT: 18pt;">
            <td valign="middle" width="15%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2000</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2001</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2002</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2003</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2004</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2005</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2006</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2007</font></div>
            </td>
            <td valign="middle" width="11%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2000/2007
      %</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Coal</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">539</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">587</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">590</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">619</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">650</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">675</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">709</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">761</font></div>
            </td>
            <td valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5.0%</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Iron
      Ore</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">489</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">503</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">544</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">580</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">644</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">715</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">759</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">812</font></div>
            </td>
            <td valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">7.5%</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="15%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Grain</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">221</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">213</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">210</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">211</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">208</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">212</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">221</font></div>
            </td>
            <td align="right" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">228</font></div>
            </td>
            <td valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">0.4%</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="15%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Minor
      Bulks</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">901</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">890</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">900</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">957</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,025</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,049</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,103</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,155</font></div>
            </td>
            <td valign="middle" width="11%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3.6%</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="15%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Total</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,151</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,193</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,244</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,367</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,526</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,651</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,793</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,956</font></div>
            </td>
            <td valign="middle" width="11%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.6%</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="15%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Annual
      Change %</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">8.3</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.0</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.3</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5.5</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">6.7</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.9</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5.3</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5.9</font></div>
            </td>
            <td align="right" valign="middle" width="11%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">(1)&#160;&#160;</font>Compound
annual growth rate.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Ton
Mile Demand: 2000-2007</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">(Billion
Ton-Miles)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="80%">
          <tr>
            <td valign="middle" width="11%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="6%" style="BORDER-TOP: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="middle" width="11%" style="BORDER-TOP: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">CAGR</font></div>
            </td>
          </tr>
          <tr style="HEIGHT: 18pt;">
            <td valign="middle" width="11%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2000</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2001</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2002</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2003</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2004</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2005</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2006</font></div>
            </td>
            <td align="right" valign="middle" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2007</font></div>
            </td>
            <td valign="middle" width="11%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2000/2007
      %</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Coal</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,831</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,082</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,098</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,250</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,412</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,544</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,547</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,845</font></div>
            </td>
            <td valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.5%</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Iron
      Ore</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,690</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,766</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2,990</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,192</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,525</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,899</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4,097</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4,383</font></div>
            </td>
            <td valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">7.2%</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Grain</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,161</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,118</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,103</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,108</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,089</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,112</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,161</font></div>
            </td>
            <td align="right" valign="bottom" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1,196</font></div>
            </td>
            <td valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">0.4%</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="11%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Minor
      Bulks</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4,457</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4,404</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4,452</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4,724</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5,059</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5,172</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5,431</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">5,697</font></div>
            </td>
            <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3.6%</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="11%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Total</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">11,139</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">11,370</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">11,643</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">12,274</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">13,085</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">13,727</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">14,236</font></div>
            </td>
            <td align="right" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">15,121</font></div>
            </td>
            <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.5%</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Between
2000 and 2007, ton-mile demand in the dry bulk sector increased by a CAGR of
4.5%.&#160;&#160;This is however above the long term growth rate in ton mile
demand in the dry bulk sector and reflects the rise in long haul movements,
especially for commodities such as iron ore.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Drybulk
carriers are one of the most versatile elements of the global shipping fleet in
terms of employment alternatives.&#160;&#160;They seldom operate on round trip
voyages and the norm is often triangular or multi-leg voyages.&#160;&#160;Hence,
trade distances assume greater importance in the demand equation and increases
in long haul shipments will have greater impact on overall vessel
demand.&#160;&#160;The following map represents the major global dry bulk trade
routes.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">45</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Major
Dry Bulk Seaborne Trade Routes</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: center"><img src="g904060_2.jpg" alt=""><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Demand
for drybulk carrier capacity is also affected by the operating efficiency of the
global fleet.&#160;&#160;In recent years the growth in trade has led to port
congestion, with ships at times being forced to wait outside port to either load
or discharge due to limited supply of berths at major ports.&#160;&#160;This
inefficiency has been a further factor contributing to the general tightness in
the market.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Seasonal
variations in the commodity markets, including iron ore, steam coal and grain
can also have a further impact on demand for drybulk carriers.&#160;&#160;For
example, steam coal&#8217;s link to the energy and electricity markets results in
increased demand when power companies increase their stock in winter months and
when refrigeration and air conditioning increase electricity demand in summer
months.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Drybulk
Carrier Supply</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
world drybulk fleet is generally divided into six major categories, based on a
vessel&#8217;s cargo carrying capacity.&#160;&#160;These categories consist of: Very
Large Ore Carrier, Capesize, Post Panamax, Panamax, Handymax and
Handysize.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="36%">
          <tr style="HEIGHT: 18pt;">
            <td align="left" valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Category</font></font></div>
            </td>
            <td valign="top" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Size Range -
      Dwt</font></font></div>
            </td>
          </tr>
          <tr style="HEIGHT: 18pt;">
            <td align="left" valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Handysize</font></div>
            </td>
            <td align="right" valign="top" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 26.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">10-39,999</font></div>
            </td>
          </tr>
          <tr style="HEIGHT: 18pt;">
            <td align="left" valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Handymax</font></div>
            </td>
            <td align="right" valign="top" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 26.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">40-59,999</font></div>
            </td>
          </tr>
          <tr style="HEIGHT: 18pt;">
            <td align="left" valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Panamax</font></div>
            </td>
            <td align="right" valign="top" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 26.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">60-79,999</font></div>
            </td>
          </tr>
          <tr style="HEIGHT: 18pt;">
            <td align="left" valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Post
      Panamax</font></div>
            </td>
            <td align="right" valign="top" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 26.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">80-109,999</font></div>
            </td>
          </tr>
          <tr style="HEIGHT: 18pt;">
            <td align="left" valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Capesize</font></div>
            </td>
            <td align="right" valign="top" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 26.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">110-199,999</font></div>
            </td>
          </tr>
          <tr style="HEIGHT: 18pt;">
            <td align="left" valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">VLOC</font></div>
            </td>
            <td align="right" valign="top" width="20%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 26.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">200,000
      +</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">46</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Handysize</font>.&#160;&#160;Handysize
      vessels have a carrying capacity of up to 39,999 dwt.&#160;&#160;These
      vessels almost exclusively carry minor bulk
      cargo.&#160;&#160;Increasingly, ships of this type operate on regional
      trading routes, and may serve as trans-shipment feeders for larger
      vessels.&#160;&#160;Handysize vessels are well suited for small ports with
      length and draft restrictions.&#160;&#160;Their cargo gear enables them to
      service ports lacking the infrastructure for cargo loading and
      unloading.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Handymax</font>.&#160;&#160;Handymax
      vessels have a carrying capacity of between 40,000 and 59,999
      dwt.&#160;&#160;These vessels operate on a large number of geographically
      dispersed global trade routes, carrying primarily grains and minor
      bulks.&#160;&#160;Within the Handymax category there is also a sub-sector
      known as <font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Supramax</font>.&#160;&#160;Supramax
      bulk carriers are ships between 50,000 to 59,999 dwt, normally offering
      cargo loading and unloading flexibility with on-board cranes, while at the
      same time possessing the cargo carrying capability approaching
      conventional Panamax bulk carriers.&#160;&#160;Hence, the earnings
      potential of a Supramax drybulk carrier, when compared to a conventional
      Handymax vessel of 45,000 dwt, is
greater.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Panamax</font>.&#160;&#160;Panamax
      vessels have a carrying capacity of between 60,000 and 79,999
      dwt.&#160;&#160;These vessels carry coal, grains, and, to a lesser extent,
      minor bulks, including steel products, forest products and
      fertilizers.&#160;&#160;Panamax vessels are able to pass through the
      Panama Canal, making them more versatile than larger
    vessels.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Post
      Panamax</font>.&#160;&#160;Typically between 80,000 and 109,999 dwt, they
      tend to be shallower and have a larger beam than a standard Panamax vessel
      with a higher cubic capacity.&#160;&#160;They have been designed
      specifically for loading high cubic cargoes from draught restricted
      ports.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Capesize</font>.&#160;&#160;Capesize
      vessels have carrying capacities 110,000 and 199,999 dwt.&#160;&#160;Only
      the largest ports around the world possess the infrastructure to
      accommodate vessels of this size.&#160;&#160;Capesize vessels are mainly
      used to transport iron ore or coal and, to a lesser extent, grains,
      primarily on long-haul routes.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">VLOC</font>.&#160;&#160;Very
      large ore carriers are in excess of 200,000 dwt and are a comparatively
      new sector of the drybulk carrier fleet.&#160;&#160;VLOCs are built to
      exploit economies of scale on long-haul iron ore.&#160;&#160;The following
      table illustrates the size and breakdown of the global dry bulk fleet as
      of September 2008.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Drybulk
Carrier Fleet &#8211; September 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Size&#160;&#160;Category</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Deadweight&#160;&#160;<br>Tonnes</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Number
      of&#160;&#160;<br>Vessels</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">% of Total Fleet
      <br></font><font style="DISPLAY: inline; FONT-STYLE: italic">(number)</font></font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Total Capacity <br></font><font style="DISPLAY: inline; FONT-STYLE: italic">(million
      dwt)</font></font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">% of Total Fleet
      <br></font><font style="DISPLAY: inline; FONT-STYLE: italic">(dwt)</font></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Handysize</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">10-39,999</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 13.8pt" align="right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">2,981</font></div>
              </div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">42.6</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">79.7</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">19.3</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Handymax</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">40-59,999</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 13.8pt" align="right">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,670</font></div>
              </div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">23.9</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">80.8</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">19.6</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Panamax</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">60-79,999</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">1,361&#160;&#160;&#160;&#160;&#160;&#160;
      </font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">19.4</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">97.4</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">23.6</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Post
      Panamax</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">80-109,999</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">189&#160;&#160;&#160;&#160;&#160;&#160;
      </font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">2.7</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">16.5</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">4.0</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Capesize</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">110-199,999</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">681&#160;&#160;&#160;&#160;&#160;&#160;
      </font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">9.7</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">111.9</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">27.1</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Vloc</font></div>
            </td>
            <td align="right" valign="middle" width="8%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">200,000+</font></div>
            </td>
            <td align="right" valign="middle" width="8%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">116&#160;&#160;&#160;&#160;&#160;&#160;</font></div>
            </td>
            <td align="right" valign="middle" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">1.7</font></div>
            </td>
            <td align="right" valign="middle" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">26.4</font></div>
            </td>
            <td align="right" valign="middle" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">6.4</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Total</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="middle" width="8%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">6,998&#160;&#160;&#160;&#160;&#160;&#160;
      </font></div>
            </td>
            <td align="right" valign="middle" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">100.0</font></div>
            </td>
            <td align="right" valign="middle" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">412.7</font></div>
            </td>
            <td align="right" valign="middle" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">100.0</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">47</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
supply of drybulk carriers is dependent on the delivery of new vessels from the
orderbook and the removal of vessels from the global fleet, either through
scrapping or loss.&#160;&#160;As of September 2008, the global dry bulk
orderbook amounted to 288.1 million dwt, or 69.8% of the existing drybulk
carrier fleet.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Drybulk
Carrier Orderbook &#8211; September 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="center">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="middle" width="13%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Size&#160;&#160;Category</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Deadweight&#160;&#160;<br>Tonnes</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Number
      of&#160;&#160;<br>Vessels</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Orderbook as % of <br>Existing
      Fleet <br></font><font style="DISPLAY: inline; FONT-STYLE: italic">(number)</font></font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Total Capacity <br></font><font style="DISPLAY: inline; FONT-STYLE: italic">(million
      dwt)</font></font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-TOP: black 0.5pt solid; BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Orderbook as % of
      Existing&#160;&#160;Fleet</font></font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">(dwt)</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Handysize</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">10-39,999</font></div>
            </td>
            <td align="right" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 13.8pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">863</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">29.0</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">27.1</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">34.0</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Handymax</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">40-59,999</font></div>
            </td>
            <td align="right" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 13.8pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">946</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">56.6</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">53.0</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">65.6</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Panamax</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">60-79,999</font></div>
            </td>
            <td align="right" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 13.8pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">238</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">17.5</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">17.0</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">17.5</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Post
      Panamax</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">80-109,999</font></div>
            </td>
            <td align="right" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 13.8pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">488</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">258.2</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">42.3</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">256.7</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Capesize</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">110-199,999</font></div>
            </td>
            <td align="right" valign="top" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 13.8pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">642</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">94.3</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">108.7</font></div>
            </td>
            <td align="right" valign="top" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">97.2</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Vloc</font></div>
            </td>
            <td align="right" valign="middle" width="8%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 8.1pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">200,000+</font></div>
            </td>
            <td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 13.8pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">146</font></div>
            </td>
            <td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">125.9</font></div>
            </td>
            <td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">39.6</font></div>
            </td>
            <td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">151.1</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td align="left" valign="middle" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">Total</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="top" width="8%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 13.8pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">3,323</font></div>
            </td>
            <td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">47.5</font></div>
            </td>
            <td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">288.1</font></div>
            </td>
            <td align="right" valign="top" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 28.95pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-FAMILY: times new roman, serif">69.8</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
number of ships removed from the fleet in any period is dependent upon
prevailing market conditions, scrap prices in relation to current and
prospective charter market conditions and the age profile of the existing
fleet.&#160;&#160;Generally, as a vessel ages, its operational efficiency
declines due to rising maintenance requirements to the point where it becomes
unprofitable to keep the ship in operation.&#160;&#160;The following chart
illustrates the age profile of the global drybulk carrier fleet in September
2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Drybulk
Carrier Age Profile &#8211; September 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><img src="g904060_3.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">48</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
average age at which a drybulk carrier has been scrapped over the last five
years has been 28 years.&#160;&#160;However, due to recent strength in the dry
bulk shipping industry, over the last two years the average age at which dry
bulk carriers have been scrapped has increased and a number of well-maintained
vessels have continued to operate past the age of 30.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Drybulk
Carrier Scrapping</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td rowspan="2" valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">Year</font></div>
            </td>
            <td colspan="2" valign="middle" width="14%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">Handysize</font></div>
            </td>
            <td colspan="2" valign="middle" width="14%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">Handymax</font></div>
            </td>
            <td colspan="2" valign="middle" width="14%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">Panamax</font></div>
            </td>
            <td colspan="2" valign="middle" width="13%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">Capesize</font></div>
            </td>
            <td colspan="2" valign="middle" width="15%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">Total</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">%
      of Fleet</font></div>
            </td>
          </tr>
          <tr>
            <td valign="middle" width="6%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">No.</font></div>
            </td>
            <td valign="middle" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Dwt</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">No.</font></div>
            </td>
            <td valign="middle" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Dwt</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">No.</font></div>
            </td>
            <td valign="middle" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Dwt</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">No.</font></div>
            </td>
            <td valign="middle" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Dwt</font></div>
            </td>
            <td valign="middle" width="8%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">No.</font></div>
            </td>
            <td valign="middle" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">Dwt</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">Scrapped</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">50</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1,192,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">40</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1,454,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">11</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">667,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">4</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">452,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">105</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">3,765,000</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1.4</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2001</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">62</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1,408,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">40</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1,492,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">28</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1,870,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">3</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">401,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">133</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">5,171,000</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1.9</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2002</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">64</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1,556,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">25</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">938,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">18</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1,200,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">8</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">997,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">115</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">4,691,000</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1.6</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2003</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">25</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">597,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">29</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1,103,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;7</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">465,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">248,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;63</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2,413,000</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">0.8</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2004</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;5</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">113,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;0</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">0</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;1</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">95,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">123,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;
      7</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">331,000</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">0.1</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2005</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;4</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">109,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;4</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">165,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;3</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">202,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">247,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;13</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">723,000</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">0.2</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff" style="HEIGHT: 18pt;">
            <td valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2006</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">21</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">474,843</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">10</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">380,439</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;8</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">538,785</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">296,000</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;41</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">1,690,067</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">0.5</font></div>
            </td>
          </tr>
          <tr bgcolor="white" style="HEIGHT: 18pt;">
            <td valign="middle" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">2007</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;9</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">198,792</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;1</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">33,527</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;2</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">141,346</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">0</font></div>
            </td>
            <td align="right" valign="middle" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">0</font></div>
            </td>
            <td align="right" valign="middle" width="5%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt; TEXT-ALIGN: center" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">&#160;12</font></div>
            </td>
            <td align="right" valign="middle" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">373,665</font></div>
            </td>
            <td valign="middle" width="10%" style="BORDER-LEFT: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.65pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 8pt; FONT-FAMILY: times new roman, serif">0.1</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">*
Total fleet &#8211; end period</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Charter
Hire Rates</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font>Drybulk carriers are employed in the
market through a number of different chartering options.&#160;&#160;The general
terms typically found in these types of contracts are described
below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
      <font style="DISPLAY: inline; FONT-WEIGHT: bold">bareboat charter</font>
      involves the use of a vessel usually over longer periods of time ranging
      up to several years.&#160;&#160;In this case, all voyage related costs,
      including vessel fuel, or bunker, and port dues as well as all vessel
      operating expenses, such as day-to-day operations, maintenance, crewing
      and insurance, transfer to the charterer&#8217;s account.&#160;&#160;The owner
      of the vessel receives monthly charter hire payments on a per day basis
      and is responsible only for the payment of capital costs related to the
      vessel.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
      <font style="DISPLAY: inline; FONT-WEIGHT: bold">time charter</font>
      involves the use of the vessel, either for a number of months or years or
      for a trip between specific delivery and redelivery positions, known as a
      trip charter.&#160;&#160;The charterer pays all voyage related
      costs.&#160;&#160;The owner of the vessel receives semi-monthly charter
      hire payments on a per day basis and is responsible for the payment of all
      vessel operating expenses and capital costs of the
  vessel.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A<font style="DISPLAY: inline; FONT-WEIGHT: bold"> single</font> or spot <font style="DISPLAY: inline; FONT-WEIGHT: bold">voyage charter</font> involves
      the carriage of a specific amount and type of cargo on a load-port to
      discharge-port basis, subject to various cargo handling
      terms.&#160;&#160;Most of these charters are of a single or spot voyage
      nature, as trading patterns do not encourage round voyage
      trading.&#160;&#160;The owner of the vessel receives one payment derived
      by multiplying the tons of cargo loaded on board by the agreed upon
      freight rate expressed on a per cargo ton basis.&#160;&#160;The owner is
      responsible for the payment of all expenses including voyage, operating
      and capital costs of the vessel.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 45pt">
              <div><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
      <font style="DISPLAY: inline; FONT-WEIGHT: bold">contract of
      affreightment</font>, or COA, relates to the carriage of multiple cargoes
      over the same route and enables the COA holder to nominate different ships
      to perform individual voyages.&#160;&#160;Essentially, it constitutes a
      number of voyage charters to carry a specified amount of cargo during the
      term of the COA, which usually spans a number of years.&#160;&#160;All of
      the ship&#8217;s operating, voyage and capital costs are borne by the ship
      owner.&#160;&#160;The freight rate normally is agreed on a per cargo ton
      basis.</font></div>
            </td>
          </tr>
      </table>
    </div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">49</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Charter
hire rates fluctuate by varying degrees amongst the drybulk carrier size
categories.&#160;&#160;The volume and pattern of trade in a small number of
commodities (major bulks) affect demand for larger vessels.&#160;&#160;Because
demand for larger dry bulk vessels is affected by the volume and pattern of
trade in a relatively small number of commodities, charter hire rates (and
vessel values) of larger ships tend to be more volatile.&#160;&#160;Conversely,
trade in a greater number of commodities (minor bulks) drives demand for smaller
drybulk carriers.&#160;&#160;Accordingly, charter rates and vessel values for
those vessels are subject to less volatility.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Charter
hire rates paid for drybulk carriers are primarily a function of the underlying
balance between vessel supply and demand, although at times other factors, such
as sentiment may play a role.&#160;&#160;Furthermore, the pattern seen in
charter rates is broadly mirrored across the different charter types and between
the different drybulk carrier categories.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
the time charter market, rates vary depending on the length of the charter
period and vessel specific factors such as age, speed and fuel
consumption.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
the voyage charter market, rates are influenced by cargo size, commodity, port
dues and canal transit fees, as well as delivery and redelivery
regions.&#160;&#160;In general, a larger cargo size is quoted at a lower rate
per ton than a smaller cargo size.&#160;&#160;Routes with costly ports or canals
generally command higher rates than routes with low port dues and no canals to
transit.&#160;&#160;Voyages with a load port within a region that includes ports
where vessels usually discharge cargo or a discharge port within a region that
includes ports where vessels load cargo also are generally quoted at lower
rates.&#160;&#160;This is because such voyages generally increase vessel
utilization by reducing the unloaded portion (or ballast leg) that is included
in the calculation of the return charter to a loading area.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Within
the dry bulk shipping industry, the charter hire rate references most likely to
be monitored are the freight rate indices issued by the Baltic
Exchange.&#160;&#160;These references are based on actual charter hire rates
under charter entered into by market participants as well as daily assessments
provided to the Baltic Exchange by a panel of major shipbrokers.&#160;&#160;The
Baltic Panamax Index is the index with the longest history.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Baltic
Exchange Freight Indices</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">(Index
points)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="g904060_4.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">The
BSI replaced the BHMI on 03.01.06, although the index has been calculated since
01.07.05</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Baltic Exchange</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">50</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
following chart illustrates one-year time charter rates for Handysize, Handymax,
Panamax and Capesize drybulk carriers between 1996 and September
2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Time
Charter Rates &#8211; 1 Year</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">(US
Dollars per Day)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><img src="g904060_5.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="TEXT-INDENT: 36pt; TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
2003 and 2004, rates for drybulk carriers of all sizes strengthened appreciably
in comparison to historical levels as vessel supply and demand were finely
balanced.&#160;&#160;The main driver of this dramatic upsurge in charter rates
was primarily the high level of demand for raw materials imported by
China.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">During
2006, rates stabilized above historically high levels.&#160;&#160;In 2007, rates
rose to new highs, reflecting the very tight balance between vessel supply and
demand.&#160;&#160;In 2008,&#160;rates&#160;remained at comparatively high
levels in the first half of the year, but have fallen sharply since&#160;August
in the face of weaker demand, rising supply and market perception.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Vessel
Prices</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Newbuilding
prices are determined by a number of factors, including the underlying balance
between shipyard output and capacity, raw material costs, freight markets and
sometimes exchange rates.&#160;&#160;In the last few years&#160;&#160;high
levels of new ordering were recorded across all sectors of
shipping.&#160;&#160;As a result, most of the major shipyards in Japan, South
Korea and China have full orderbooks until the end of 2010, although the
downturn in freight rates and the lack of funding to the wider global financial
crisis might lead to some of these orders being cancelled.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
following chart indicates the change in newbuilding prices for drybulk carriers
in the period from 1996.&#160;&#160;As can be seen newbuilding prices have
increased significantly since 2003, due to tightness in shipyard capacity, high
levels of new ordering and stronger freight rates.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">51</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Drybulk
Carrier Newbuilding Prices</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">(Millions
of U.S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="g904060_6.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
the secondhand market, the steep increase in newbuilding prices and the strength
of the charter market have also affected values, to the extent that prices rose
sharply in 2004/2005, before dipping in the early part of 2006, only to rise
thereafter to new highs in the first half of 2008.&#160; However, the sudden
and&#160;sharp downturn in freight rates since August has also had a negative
impact on secondhand values, as the chart below
indicates.</font></div><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Drybulk
Carrier Secondhand Prices &#8211; 5 Year Old Vessels</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">(Millions
U.S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><img src="g904060_7.jpg" alt=""></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-STYLE: italic; FONT-FAMILY: Times New Roman, serif">Source:
Drewry</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">52</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">PLAN
OF DISTRIBUTION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
selling stockholder and any of its pledgees, donees, transferees, assignees and
successors-in-interest may, from time to time, sell any or all of its Common
Shares<font style="DISPLAY: inline; COLOR: #000000">&#160;</font>on any stock
exchange, market or trading facility on which the Common Shares are traded or in
private transactions.&#160;&#160;The offering price of the Common Shares by the
selling stockholder will be based on prevailing market or privately negotiated
prices.&#160;&#160;The selling stockholder may use any one or more of the
following methods when selling Common Shares:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div style="TEXT-INDENT: 27pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">ordinary
      brokerage transactions and transactions in which the broker-dealer
      solicits investors;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div style="TEXT-INDENT: 27pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">block
      trades in which the broker-dealer will attempt to sell the Common Shares
      as agent but may position and resell a portion of the block as principal
      to facilitate the transaction;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div style="TEXT-INDENT: 27pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">purchases
      by a broker-dealer as principal and resale by the broker-dealer for its
      account;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div style="TEXT-INDENT: 27pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">an
      exchange distribution in accordance with the rules of the applicable
      exchange;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div style="TEXT-INDENT: 27pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">privately
      negotiated transactions;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div style="TEXT-INDENT: 27pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">to
      cover short sales made after the date that this registration statement is
      declared effective by the
Commission;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div style="TEXT-INDENT: 27pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">broker-dealers
      may agree with the selling stockholder to sell a specified number of
      Common Shares at a stipulated price per
share;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div style="TEXT-INDENT: 27pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">a
      combination of any such methods of sale;
and</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" style="WIDTH: 54pt">
              <div style="TEXT-INDENT: 27pt; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif">&#183;&#160;&#160;</font></div>
            </td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">any
      other method permitted pursuant to applicable
  law.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
selling stockholder may also sell shares of our common stock under Rule&#160;144
under the Securities Act, if available, rather than under this
prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
connection with sales of the Common Shares or otherwise, the selling stockholder
may enter into hedging transactions with broker-dealers, which may in turn
engage in short sales of shares of our common stock in the course of hedging in
positions the selling stockholder assumes.&#160;&#160;The selling stockholder
may also sell its Common Shares short and deliver Common Shares covered by a
prospectus filed as part of a registration statement to close out short
positions and to return borrowed Common Shares in connection with such short
sales.&#160;&#160;The selling stockholder may also loan or pledge its Common
Shares to broker-dealers that in turn may sell such Common Shares.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Broker-dealers
engaged by the selling stockholder may arrange for other broker-dealers to
participate in sales.&#160;&#160;Broker-dealers may receive commissions or
discounts from the selling stockholder (or, if any broker-dealer acts as agent
for the purchaser of shares, from the purchaser) in amounts to be
negotiated.&#160;&#160;The selling stockholder does not expect these commissions
and discounts to exceed what is customary in the types of transactions
involved.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
selling stockholder may from time to time pledge or grant a security interest in
some or all of the Common Shares owned by them and, if they default in the
performance of their secured obligations, the pledgees or secured parties may
offer and sell Common Shares from time to time under this prospectus, or under
an amendment to this prospectus under Rule&#160;424(b)(3) or other applicable
provision of the Securities Act amending the list of selling stockholders to
include the pledgee, transferee or other successors in interest as selling
stockholder under this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Upon
us being notified in writing by a selling stockholder that any material
arrangement has been entered into with a broker-dealer for the sale of Common
Shares through a block trade, special offering, exchange distribution or
secondary distribution or a purchase by a broker or dealer, a supplement to this
prospectus will be filed, if required, pursuant to Rule&#160;424(b) under the
Securities Act, disclosing (i)&#160;the name of each such selling stockholder
and of the participating broker-dealer(s), (ii)&#160;the number of Common Shares
involved, (iii)&#160;the price at which such Common Shares were sold,
(iv)&#160;the commissions paid or discounts or concessions allowed to such
broker-dealer(s), where applicable, (v)&#160;that such broker-dealer(s) did not
conduct any investigation to verify the information set out or incorporated by
reference in this prospectus, and (vi)&#160;other facts material to the
transaction.&#160;&#160;In addition, upon being notified in writing by a selling
stockholder that a donee or pledgee intends to sell more than 500 Common Shares,
a supplement to this prospectus will be filed if then required in accordance
with applicable securities law.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">53</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
selling stockholder also may transfer Common Shares in other circumstances, in
which case the transferees, pledgees or other successors in interest will be the
selling beneficial owners for purposes of this prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
selling stockholder and any broker-dealers or agents that are involved in
selling the Common Shares may be deemed to be an &#8220;underwriter&#8221; within the
meaning of the Securities Act in connection with such sales.&#160;&#160;In such
event, any commissions received by such broker-dealers or agents and any profit
on the resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act.&#160;&#160;Discounts,
concessions, commissions and similar selling expenses, if any, that can be
attributed to the sale of Common Shares will be paid by the selling stockholder
and/or the purchasers.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
have advised the selling stockholder that it may not use Common Shares
registered on this registration statement to cover short sales of Common Shares
made prior to the date on which this registration statement shall have been
declared effective by the Commission.&#160;&#160;If the selling stockholder uses
this prospectus for any sale of the Common Shares, it will be subject to the
prospectus delivery requirements of the Securities Act.&#160;&#160;The selling
stockholder will be responsible to comply with the applicable provisions of the
Securities Act and Exchange Act, and the rules and regulations thereunder
promulgated, including, without limitation, Regulation M, as applicable to such
selling stockholder in connection with sales of their respective Common Shares
under this registration statement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We&#160;will
pay all fees and expenses incident to the registration of the Common Shares
covered by this Registration Statement, but we will not receive any proceeds
from the sale of the Common Shares.&#160;&#160;We have agreed to indemnify the
selling stockholder against certain losses, claims, damages and liabilities,
including liabilities under the Securities Act.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">At the time that any particular offering
of securities is made, to the extent required by the Securities Act, a
prospectus supplement will be distributed, setting forth the terms of the
offering, including the aggregate number of securities being offered, the
purchase price of the securities, the initial offering price of the securities,
the names of any underwriters, dealers or agents, any discounts, commissions and
other items constituting compensation from us and any discounts, commissions or
concessions allowed or re</font><font style="DISPLAY: inline; COLOR: #000000">-</font><font style="DISPLAY: inline; COLOR: #000000">allowed or paid to
dealers.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Underwriters or agents could make sales
in privately negotiated transactions and/or any other method permitted by law,
including sales deemed to be an at-the-market offering as defined in Rule 415
promulgated under the Securities Act, which includes sales made directly on or
through the NASDAQ Global Market, the existing trading market for our common
stock, or sales made to or through a market maker other than on an
exchange.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">We will bear costs relating to all of
the securities being registered under this Registration Statement except that
the selling stockholder shall be responsible for any fees, discounts or
commissions to any underwriter or any fees or disbursements of counsel for any
underwriter.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">As a result of requirements of the
Financial Industry Regulatory Authority (FINRA), formerly the National
Association of Securities Dealers, Inc., or NASD, the maximum commission or
discount to be received by any FINRA member or independent broker/dealer may not
be greater than eight percent (8%) of the gross proceeds received by&#160;the
selling stockholder&#160;for the sale of any securities being registered
pursuant to SEC Rule 415 under the Securities Act.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">54</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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      <div id="HDR">
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">CAUTIONARY
STATEMENT REGARDING FORWARD LOOKING STATEMENTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Our disclosure and analysis in this
prospectus concerning our operations, cash flows and financial condition,
including, in particular, the likelihood of our success in developing and
expanding our business, include forward-looking statements</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Statements that are predictive in
nature, that depend upon or refer to future events or conditions, or that
include words such as &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;plans,&#8221; &#8220;believes,&#8221;
&#8220;estimates,&#8221; &#8220;projects,&#8221; &#8220;forecasts,&#8221; &#8220;may,&#8221; &#8220;should,&#8221; and similar expressions
are forward-looking statements.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">All statements in this prospectus that
are not statements of historical fact are forward-looking statements</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Forward-looking statements include, but
are not limited to, such matters as:</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">o</font><font style="DISPLAY: inline; COLOR: #000000">ur future operating or financial
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000;" face="Symbol, serif"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000">&#183;</font>&#160;&#160;</font></div>
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      conditions;</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000;" face="Symbol, serif"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000">&#183;</font>&#160;&#160;</font></div>
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      business strategy and expected capital spending or operating expenses,
      including dry-docking and insurance
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      transportation trends, including charter rates and factors affecting
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      liquidity, including our ability to obtain financing in the future to fund
      capital expenditures, acquisitions and other general corporate activities;
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      availability of vessels to purchase, the time that it may take to
      construct new vessels, or vessels&#8217; useful
  lives.</font></font></div>
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our assumptions about factors that are beyond our ability to control or predict
and are subject to risks and uncertainties that are described more fully in the
&#8220;Risk Factors&#8221; section of this prospectus</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Any of these factors or a combination of
these factors could materially affect future results of operations and the
ultimate accuracy of the forward-looking statements</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">Factors that might cause future results
to differ include, but are not limited to, the following:</font></font></div>
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              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000;" face="Symbol, serif"><font style="DISPLAY: inline; FONT-SIZE: 10pt; COLOR: #000000">&#183;</font>&#160;&#160;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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forward-looking statements contained in this prospectus, because they are
statements about events that are not certain to occur as described or at
all</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">All forward-looking statements in this
prospectus are qualified in their entirety by the cautionary statements
contained</font><font style="DISPLAY: inline; COLOR: #000000">&#160;</font><font style="DISPLAY: inline; COLOR: #000000">in this prospectus</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">These forward-looking statements are not
guarantees of our future performance, and actual results and future developments
may vary materially from those projected in the forward-looking
statements.</font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Except to the extent required by
applicable law or regulation, we undertake no obligation to release publicly any
revisions to such forward-looking statements to reflect events or circumstances
after the date of this prospectus or to reflect the occurrence of unanticipated
events.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">55</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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</font></div>
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    <div>&#160;</div>
    <div>
      <div><br>&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif"><font size="+0">EXPENSES</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">The following are the estimated expenses
of the issuance and distribution of the securities being registered under the
Registration Statement of which this prospectus forms a part, all of which will
be paid by us.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div>
        <table cellpadding="0" cellspacing="0" width="88%">
            <tr bgcolor="#cceeff">
              <td align="left" valign="top" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="55%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">SEC registration
      fee</font></font></div>
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              <td valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">$</font></font></div>
                </div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1pt solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">1,850</font></font></div>
                </div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="top" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="55%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Printing and engraving
      expenses</font></font></div>
                </div>
              </td>
              <td valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">$</font></font></div>
                </div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1pt solid">
                <div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      10,000</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="55%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Legal fees and
      expenses</font></font></div>
                </div>
              </td>
              <td valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">$</font></font></div>
                </div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center">
                <div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      275,000</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td valign="top" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="55%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Accounting fees and
      expenses</font></font></div>
                </div>
              </td>
              <td valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">$</font></font></div>
                </div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1pt solid">
                <div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      175,000</font></div>
              </td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="55%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Miscellaneous</font></font></div>
                </div>
              </td>
              <td valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">$</font></font></div>
                </div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 1pt solid; TEXT-ALIGN: center">
                <div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      10,000</font></div>
              </td>
            </tr>
            <tr bgcolor="#cceeff">
              <td valign="top" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="55%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
            <tr bgcolor="white">
              <td align="left" valign="top" width="24%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="55%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Total</font></font></div>
                </div>
              </td>
              <td valign="top" width="3%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
                  <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; COLOR: #000000">$</font></font></div>
                </div>
              </td>
              <td valign="top" width="14%" style="BORDER-BOTTOM: black 3pt double">
                <div style="TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">471,850</font></div>
              </td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>&#160;</div>
    </div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">56</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif"><font size="+0">ENFORCEMENT</font> OF CIVIL LIABILITIES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; COLOR: #000000">Star Bulk Carriers Corp. </font><font style="DISPLAY: inline; COLOR: #000000">is a Marshall Islands company and our
executive offices are located outside of the U.S. in Athens, Greece</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">A majority of our directors, officers
and the experts named in the prospectus reside outside the U.S</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">In addition, a substantial portion of
our assets and the assets of our directors, officers and experts are located
outside of the U.S</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">As a result, you may have difficulty
serving legal process within the U.S. upon us or any of these
persons</font><font style="DISPLAY: inline; COLOR: #000000">.&#160;&#160;</font><font style="DISPLAY: inline; COLOR: #000000">You may also have difficulty enforcing,
both in and outside the U.S., judgments you may obtain in U.S. courts against us
or these persons in any action, including actions based upon the civil liability
provisions of U.S. federal or state securities laws.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Furthermore, there is substantial doubt
that the courts of the Marshall Islands or Greece would enter judgments in
original actions brought in those courts predicated on U.S. federal or state
securities laws.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">LEGAL
MATTERS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">The validity of the securities offered
by this prospectus will be passed upon for us by Seward &amp; Kissel LLP, New
York, New York with respect to matters of U.S. and Marshall Islands
law.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">EXPERTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
consolidated financial statements appearing in the Annual Report on Form 20-F
for the year ended December 31, 2007 of Star Bulk Carriers Corp. and
incorporated herein by reference have been audited as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">The historical financial information was
derived from the audited consolidated financial statements of Star Maritime and
its subsidiaries for the period from May 13, 2005 (date of Star
Maritime</font><font style="DISPLAY: inline; COLOR: #000000">&#8217;</font><font style="DISPLAY: inline; COLOR: #000000">s inception) through December 31,
200</font><font style="DISPLAY: inline; COLOR: #000000">5, and for the fiscal
year ended December 31, 2006.&#160;&#160;The financial statements of Star
Maritime Acquisition Corp. included in the Annual Report were audited by
Goldstein Golub Kessler LLP, independent registered public accounting firm, to
the extent and fo</font><font style="DISPLAY: inline; COLOR: #000000">r</font><font style="DISPLAY: inline; COLOR: #000000"> the period set forth in their
report.&#160;&#160;Such consolidated financial statements are incorporated
herein by reference in reliance upon such report given on the authority of such
firm as experts in accounting and auditing.</font></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
financial statements as of and for the year ended December 31, 2007 incorporated
in this prospectus by reference from&#160;Star Bulk&#8217;s Annual Report on Form 20-F
for the year ended December 31, 2007, and the effectiveness of Star Bulk&#8217;s
internal control over financial reporting have been audited by Deloitte
Hadjipavlou Sofianos &amp; Cambanis S.A, an independent registered public
accounting firm, as stated in their reports, which reports express an
unqualified opinion on the financial statements and express an adverse opinion
on the effectiveness of internal control over financial reporting because of a
material weakness and are incorporated herein by reference.&#160;&#160;Such
financial statements have been so incorporated in reliance upon the reports of
such firm given upon their authority as experts in accounting and
auditing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
statements of revenue and direct operating expenses of: A Duckling Corporation,
F Duckling Corporation, G Duckling Corporation, I Duckling Corporation, and J
Duckling Corporation have been audited by Deloitte &amp; Touche in Taipei,
Taiwan, the Republic of China, an independent registered public accounting firm,
as stated in their reports appearing herein (which reports express unqualified
opinions and include explanatory paragraphs relating to the basis of
presentation as discussed in Note 2). Such statements of revenue and direct
operating expenses have been so included in reliance upon the reports of such
firm given on their authority as experts in accounting and
auditing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 45pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
statements in section in this prospectus entitled &#8216;&#8216;The International Dry Bulk
Shipping Industry&#8217;&#8217; has been reviewed by Drewry Shipping Consultants&#160;Ltd.,
or Drewry, which has confirmed to us that they accurately describe the
international drybulk shipping market, subject to the availability and
reliability of the data supporting the statistical and graphical information
presented in this prospectus, as indicated in the consent of Drewry filed as an
exhibit to the registration statement on Form&#160;F-3 under the Securities Act
of which this prospectus is a part.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">INDUSTRY
AND MARKET DATA</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
industry-related statistical and graphical information we use in this prospectus
has been compiled by Drewry, from its database. Some of the industry information
in this prospectus is based on estimates or subjective judgments in
circumstances where data for actual market transactions either does not exist or
is not publicly available, and consequently, Drewry cannot assure us that it
reflects actual industry and market experience. Drewry compiles and publishes
data for the benefit of its customers. Its methodologies for </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">57</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="TEXT-ALIGN: justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">collecting
data, and therefore the data collected, may differ from those of other sources,
and its data does not reflect all or even necessarily a comprehensive set of the
actual transactions occurring in the market. The published information of other
maritime data collection experts may differ from the data presented in this
prospectus.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">WHERE
YOU CAN FIND ADDITIONAL INFORMATION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">As
required by the Securities Act we filed a registration statement relating to the
securities offered by this prospectus with the Commission.&#160;&#160;This
prospectus is a part of that registration statement, which includes additional
information.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Additional
Information</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
are subject to the informational requirements of the Securities Exchange Act of
1934, as amended (the Exchange Act), and therefore file annual, quarterly and
current reports, proxy statements and other information with the
SEC.&#160;&#160;Such reports, proxy statements and other information filed by us
may be inspected and copied at the Public reference section of the SEC at 100 F
Street, N.E., Washington, D.C. 20549.&#160;&#160;Information on the operation of
the Public Reference Room may be obtained by calling the SEC at
1-800-SEC-0330.&#160;&#160;Our SEC filings are available to the public over the
Internet at the SEC's website at <font style="DISPLAY: inline; COLOR: #0000ff; TEXT-DECORATION: underline">http://www.sec.gov</font>.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Information
Provided by the Company</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
will furnish holders of our common stock with annual reports containing audited
financial statements and a report by our independent registered public
accounting firm.&#160;&#160;The audited financial statements will be prepared in
accordance with U.S. generally accepted accounting principles.&#160;&#160;As a
&#8220;foreign private issuer,&#8221; we are exempt from the rules under the Securities
Exchange Act prescribing the furnishing and content of proxy statements to
shareholders.&#160;&#160;While we furnish proxy statements to shareholders in
accordance with the rules of the NASDAQ Global Market, those proxy statements do
not conform to Schedule 14A of the proxy rules promulgated under the Securities
Exchange Act.&#160;&#160;In addition, as a &#8220;foreign private issuer,&#8221; our
officers and directors are exempt from the rules under the Securities Exchange
Act relating to short swing profit reporting and liability.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman Bold, serif">INCORPORATION
BY REFERENCE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
SEC allows us to &#8220;incorporate by reference&#8221; certain information that we file
with it.&#160;&#160;This means that we can disclose important information to you
by referring you to those filed documents.&#160;&#160;The information
incorporated by reference is considered to be a part of this prospectus, and
information that we file later with the SEC prior to the termination of this
offering will also be considered to be part of this prospectus and will
automatically update and supersede previously filed information, including
information contained in this document.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
incorporate by reference the documents listed below and any future filings made
with the Commission under Section 13(a), 13(c) or 15(d) of the Securities
Exchange Act of 1934:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Annual
      Report on Form 20-F for the year ended December 31, 2007, filed with the
      Commission on June 30, 2008, which contains audited consolidated financial
      statements for the most recent fiscal year for which those statements have
      been filed.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td align="right" style="WIDTH: 36pt">
              <div style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 11pt;" face="Symbol, serif"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">&#9679;</font>&#160;&#160;</font></div>
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            <td>
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      description of our securities contained in our Registration Statement on
      Forms F-1/F-4, (File No. 333- 141296) as amended, originally filed with
      the SEC on March 14, 2007 and any amendment or report filed for the
      purpose of updating that
description.</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
are also incorporating by reference all subsequent annual reports on Form 20-F
that we file with the Commission and certain Reports on Form 6-K that we furnish
to the Commission after the date of this prospectus (if they state that they are
incorporated by reference into this prospectus) until we file a post-effective
amendment indicating that the offering of the securities made by this prospectus
has been terminated.&#160;&#160;In all cases, you should rely on the later
information over different information included in this prospectus or the
prospectus supplement.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">You
should rely only on the information contained or incorporated by reference in
this prospectus and any accompanying prospectus supplement.&#160;&#160;We have
not, and any underwriters have not, authorized any other person to provide you
with different information.&#160;&#160;If anyone provides you with different or
inconsistent information, you should not rely on it.&#160;&#160;We are not, and
the underwriters are not, making an offer to sell these securities in any
jurisdiction where the offer or sale is not permitted.&#160;&#160;You should
assume that the information appearing in this prospectus and any accompanying
prospectus supplement as well as the information we previously filed with the
Commission and incorporated by reference, is accurate as of the dates on the
front cover of those documents only.&#160;&#160;Our business, financial
condition and results of operations and prospects may have changed since those
dates.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">58</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">You
may request a free copy of the above mentioned filing or any subsequent filing
we incorporated by reference to this prospectus by writing or telephoning us at
the following address:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Star
Bulk Carriers Corp.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Attn:
Prokopios Tsirigakis</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">7,
Fragoklisias street, 2<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: super">nd</font>
floor,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Maroussi
151 25,</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Athens,
Greece.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Telephone:
011-210-617-8400</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Commission
Position on Indemnification for Securities Act Liabilities</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; COLOR: #000000">Insofar as indemnification for
liabilities arising under the Securities Act may be permitted to our directors,
officers and controlling persons pursuant to the foregoing provisions, or
otherwise, we have been informed that in the opinion of the Sec</font><font style="DISPLAY: inline; COLOR: #000000">urities and Exchange Commission such
indemnification is against public policy as expressed in the </font><font style="DISPLAY: inline; COLOR: #000000">Securities </font><font style="DISPLAY: inline; COLOR: #000000">Act and is, therefore,
unenforceable.</font></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt">59</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">STAR
BULK CARRIERS CORP.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">INDEX
TO UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Page</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Unaudited
      Interim Condensed Consolidated Balance Sheets as of December 31, 2007 and
      June 30, 2008</font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">F-2</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Unaudited
      Interim Condensed Consolidated Statements of Income for the six months
      ended June 30, 2007 and 2008</font></div>
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            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">F-3</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Unaudited
      Interim Condensed Consolidated Statements of Cash Flows for the six months
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            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">F-4</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="64%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Notes
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      Statements</font></div>
            </td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">F-5</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="64%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
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            <td align="left" valign="top" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="64%">
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
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      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
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      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
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      </div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" colspan="7" valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">STAR
      BULK CARRIERS CORP.</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="4" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" colspan="7" valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Unaudited
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            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="4" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" colspan="7" valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">As
      of December 31, 2007 and June 30, 2008</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="4" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" colspan="7" valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">(Expressed
      in thousands of U.S. dollars except for share and per share
      data)</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="4" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="bottom" width="59%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">December
      31,</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">June
      30,</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="59%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2007</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2008</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">ASSETS</font></div>
            </td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">CURRENT
      ASSETS</font></div>
            </td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Cash
      and cash equivalents</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">18,985</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">38,043</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Trade
      accounts receivable, net</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">40</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Inventories
      (Note 4)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">598</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">804</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Prepaid
      expenses and other receivables</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">299</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">830</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Due
      from managers</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,045</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Vessel
      held-for-sale (Note 6)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">15,562</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Total
      Current Assets</font></div>
            </td>
            <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">19,882</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">56,324</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="59%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">FIXED
      ASSETS</font></div>
            </td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Advances
      for vessels to be acquired (Note 5)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">118,242</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">15,611</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Vessels
      and other fixed assets, net (Note 6)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">262,946</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">704,459</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Total
      Fixed Assets</font></div>
            </td>
            <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">381,188</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">720,070</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="bottom" width="59%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">OTHER
      NON-CURRENT ASSETS</font></div>
            </td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Deferred
      finance charges (Note 7)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">600</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,029</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Due
      from managers</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">120</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">180</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Fair
      value of above market acquired time charter agreements (Note
      8)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,952</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,585</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Restricted
      cash (Note 9)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">11,010</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">TOTAL
      ASSETS</font></div>
            </td>
            <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2.25pt double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">403,742</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2.25pt double">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">790,198</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="59%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">LIABILITIES
      &amp; STOCKHOLDERS' EQUITY</font></div>
            </td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">CURRENT
      LIABILITIES</font></div>
            </td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Current
      portion of long-term debt (Note 9)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">22,000</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Accounts
      payable</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">168</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,636</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Due
      to related party (Note 3)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">480</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,262</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Accrued
      liabilities</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,493</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">3,136</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Due
      to managers</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">168</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Deferred
      revenue</font></div>
            </td>
            <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">916</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">4,293</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Total
      Current Liabilities</font></div>
            </td>
            <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">3,057</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">32,495</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="59%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">NON-CURRENT
      LIABILITIES</font></div>
            </td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Long
      term debt (Note 9)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">183,000</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Fair
      value of below market acquired time charter agreements (Note
      8)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">25,307</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">65,264</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Other
      non-current liabilities</font></div>
            </td>
            <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">74</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Total
      Non-current Liabilities</font></div>
            </td>
            <td align="right" valign="bottom" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">25,307</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">248,338</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="59%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">STOCKHOLDERS&#8217;
      EQUITY</font></div>
            </td>
            <td valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="59%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Preferred
      Stock; $0.01 par value, authorized 25,000,000 shares; none issued or
      outstanding at December 31, 2007 and June 30, 2008 (Note
    10)</font></div>
            </td>
            <td align="right" valign="bottom" width="12%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Retained
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    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
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      <div id="HDR">
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    <div>&#160;</div>
    <div>&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="84%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">STAR
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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          </tr>
          <tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Unaudited
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            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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          </tr>
          <tr>
            <td align="left" valign="bottom" width="44%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">(Expressed
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            <td valign="top" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr>
            <td align="left" valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr>
            <td align="left" valign="bottom" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">REVENUES:</font></div>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Voyage
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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          <tr bgcolor="white">
            <td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="60%">
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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          <tr bgcolor="white">
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            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Vessel
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">5,444</font></td>
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            <td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Operating
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            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">)</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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          <tr bgcolor="white">
            <td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="#cceeff">
            <td valign="bottom" width="60%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Interest
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">(3,242</font></td>
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          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Interest
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2,311</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">679</font></td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="60%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Other</font></div>
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            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="17%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="60%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Total
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
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    <div>&#160;</div>
    <div>&#160;</div>
    <div>&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td colspan="7" valign="bottom" width="85%">
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            <td valign="top" width="4%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 9pt"></font>&#160;</div><br>
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      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
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</font></div>
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          <tr>
            <td align="left" valign="bottom" width="61%">
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            <td colspan="2" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td colspan="2" valign="bottom" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Unaudited
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            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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          <tr>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">(Expressed
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          <tr>
            <td valign="bottom" width="61%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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    <div>&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="76%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr>
            <td valign="bottom" width="76%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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          <tr>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="right" colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="#cceeff">
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="76%">
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="76%">
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; COLOR: #000000; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="76%">
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            <td align="left" valign="bottom" width="76%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 9pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Bank
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BULK CARRIERS CORP.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Notes
to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">June
30, 2008</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">(Expressed
in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Basis
of Presentation and General Information:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying unaudited interim condensed consolidated financial statements
include the accounts of Star Bulk Carriers Corp. (&#8220;Star Bulk&#8221;) and its
subsidiaries (Star Bulk and its subsidiaries are hereinafter collectively
referred to as the &#8220;Company&#8221;) and have been prepared in accordance with U.S.
generally accepted accounting principles for interim financial
information.&#160;&#160;Accordingly, they do not include all the information and
notes required by U.S. generally accepted accounting principles for complete
financial statements.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">These
unaudited interim condensed consolidated financial statements have been prepared
on the same basis as the annual financial statements and, in the opinion of
management, reflect all adjustments, which include only normal recurring
adjustments, considered necessary for a fair presentation of the Company&#8217;s
financial position, results of operations and cash flows for the periods
presented.&#160;&#160;Operating results for the six months ended June 30, 2008
are not necessarily indicative of the results that might be expected for the
fiscal year ended December 31, 2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
unaudited interim condensed consolidated financial statements presented in this
report should be read in conjunction with the Company&#8217;s audited consolidated
financial statements and footnotes thereto as of and for the year ended December
31, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
November 30, 2007, Star Maritime Acquisition Corp. (&#8220;Star Maritime&#8221;)
incorporated in the state of Delaware, merged into its wholly-owned subsidiary
at the time, Star Bulk, a company incorporated in Marshall Islands, with Star
Bulk being the surviving entity.&#160; This merger is referred to&#160;as
the&#160;&#8220;Redomiciliation Merger&#8221; or just the &#8220;Merger.&#8221;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying unaudited interim condensed consolidated financial statements for
the period from January 1, 2007 to June 30, 2007 include the accounts of Star
Maritime and its wholly owned subsidiaries.&#160;&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Star
Bulk was incorporated on December 13, 2006 under the laws of the Marshall
Islands and is the sole owner of all of the outstanding shares of Star Bulk
Management Inc. and the ship-owning subsidiaries as set forth
below.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Star
Maritime was organized on May&#160;13, 2005 as a blank check
company.&#160;&#160;On December&#160;21, 2005, Star Maritime consummated its
initial public offering of 18,867,500 units, at a price of $10.00 per unit, each
unit consisting of one share of Star Maritime common stock and one warrant to
purchase one share of Star Maritime common stock at an exercise price of $8.00
per share.&#160; The entire gross proceeds of the initial public offering
amounting to $188,675 were deposited in a trust account.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
January 12, 2007, Star Maritime and Star Bulk entered into definitive agreements
(the &#8220;Master Agreement&#8221;) to acquire a fleet of eight drybulk carriers (the
&#8220;Transaction&#8221;) from certain subsidiaries of TMT Co. Ltd. (&#8220;TMT&#8221;), a shipping
company headquartered in Taiwan.&#160;&#160;These eight drybulk carriers are
referred to as the initial fleet, or initial vessels.&#160; The aggregate
purchase price specified in the Master Agreement for the initial fleet was
$224,500 in cash and 12,537,645 shares of common stock of Star
Bulk.&#160;&#160;As additional consideration for initial vessels,
1,606,962&#160;shares of common stock of Star Bulk will be issued to TMT in two
installments as follows: (i)&#160;803,481 additional shares of Star Bulk&#8217;s
common stock, no more than 10 business days following Star Bulk&#8217;s filing of its
Annual Report on Form&#160;20-F for the fiscal year ended December&#160;31,
2007, and (ii)&#160;803,481 additional shares of Star Bulk&#8217;s common stock, no
more than 10 business days following the filing of Star Bulk&#8217;s Annual Report on
Form&#160;20-F for the fiscal year ended December&#160;31, 2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
November&#160;27, 2007 the Company obtained shareholder approval for the
acquisition of the initial fleet and for affecting the Redomiciliation Merger,
which became effective on November 30, 2007.&#160;&#160;The shares of Star
Maritime were exchanged on one-for-one basis with shares of Star Bulk and Star
Bulk assumed the outstanding warrants of Star Maritime.&#160;&#160;Subsequently,
Star Maritime shares ceased trading on Amex.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-5</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STAR
BULK CARRIERS CORP.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Notes
to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">June
30, 2008</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">(Expressed
in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Basis
of Presentation and General Information (continued):</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
addition, upon completion of the Redomiciliation Merger, all Trust Account
proceeds were released to the Company to complete the Transaction in accordance
with the terms and conditions of the Master Agreement.&#160;&#160;Star Bulk
shares and warrants started trading on the NASDAQ Global Market on December 3,
2007 under the ticker symbols SBLK and SBLKW,
respectively.&#160;&#160;Immediately following the effective date of the
Redomiciliation Merger, TMT and its affiliates owned 30.2% of Star Bulk&#8217;s
outstanding common stock.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Company began operations on December 3, 2007.&#160;&#160;By the end of March
2008, Star Bulk took delivery of all eight vessels in its initial
fleet.&#160;&#160;Additionally, on December 3, 2007, the Company entered into an
agreement to acquire an additional Supramax vessel, the Star Kappa from TMT,
which was delivered to the Company on December 14, 2007.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Below
is the list of the Company&#8217;s wholly owned ship-owning subsidiaries as of June
30, 2008:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">&#160;&#160;</font></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Wholly
      Owned</font></div>
            </td>
            <td valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;&#160;&#160;&#160;&#160;Vessels</font></div>
            </td>
            <td colspan="3" rowspan="2" valign="bottom" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -7.2pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">DWT</font></div>
            </td>
            <td valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Date</font></div>
            </td>
            <td align="left" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -2.15pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      Year</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="32%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Subsidiaries</font></div>
            </td>
            <td valign="bottom" width="17%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: center" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;&#160;&#160;Acquired</font></div>
            </td>
            <td valign="top" width="25%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Delivered</font></div>
            </td>
            <td align="left" valign="top" width="13%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -2.15pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
      built</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="32%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td colspan="3" valign="top" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="13%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Bulk Management Inc.</font></div>
            </td>
            <td valign="top" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td colspan="3" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td valign="top" width="25%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
            <td valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></div>
            </td>
          </tr>
          <tr>
            <td colspan="7" valign="top" width="100%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td colspan="7" valign="top" width="100%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Vessels in operation
      at June 30, 2008</font></font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Epsilon LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Epsilon*</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">52,402</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;December
      3, 2007</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2001</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Theta LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Theta*</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">52,425</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;December
      6, 2007</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2003</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Kappa LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Kappa</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">52,055</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;December
      14, 2007</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2001</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Beta LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Beta*</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">174,691</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;December
      28, 2007</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1993</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Zeta LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Zeta*</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">52,994</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;January
      2, 2008</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2003</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Delta LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Delta*</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">52,434</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;January
      2, 2008</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2000</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Gamma LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Gamma*</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">53,098</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;January
      4, 2008</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2002</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Alpha LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Alpha*</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">175,075</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;January
      9, 2008</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1992</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Iota LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Iota**</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">78,585</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;March
      7, 2008</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;1983</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Lamda
      LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Sigma</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">184,403</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">April
      15, 2008</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;1991</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Omicron LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Omicron</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">53,489</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">April
      17, 2008</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2005</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td colspan="7" valign="top" width="100%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" colspan="7" valign="top" width="100%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; TEXT-DECORATION: underline">Vessels delivered
      after June 30, 2008</font></font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Cosmo LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Cosmo</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">52,247</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2.15pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">July
      1, 2008</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2005</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="32%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Ypsilon LLC</font></div>
            </td>
            <td colspan="2" valign="top" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Ypsilon</font></div>
            </td>
            <td align="right" valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">150,940</font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="26%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 2.15pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">September
      18, 2008</font></div>
            </td>
            <td align="right" valign="top" width="13%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 5.75pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1991</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">*Initial
fleet or initial vessels</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">**On
April 24, 2008, the Company entered into an agreement to sell <font style="DISPLAY: inline; FONT-STYLE: italic">Star Iota</font> for $18.4 million
which was delivered to its purchasers on October 6, 2008.&#160;&#160;Thus, the
vessel as at June 30, 2008 is classified as held for sale (Note 6).</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-6</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STAR
BULK CARRIERS CORP.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Notes
to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">June
30, 2008</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">(Expressed
in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Adoption
of New Accounting Standards:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
February 2007, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued
Statement of Financial Accounting Standards (&#8220;SFAS&#8221;) No. 159, &#8220;The Fair Value
Option for Financial Assets and Financial Liabilities&#8221; (&#8220;SFAS
159&#8221;).&#160;&#160;SFAS 159 permits entities to choose to measure many financial
instruments and certain other items at fair value, with changes in fair value
recognized in earnings.&#160;&#160;SFAS 159 is effective as of the beginning of
the first fiscal year that begins after November 15, 2007.&#160;&#160;The
adoption of SFAS 159 did not have a material impact on the Company&#8217;s financial
statements.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
September&#160;2006, the FASB issued SFAS No. 157&#160;"Fair Value Measurements"
(&#8220;SFAS&#160;157&#8221;).&#160;&#160;This statement defines fair value, establishes a
framework for measuring fair value in generally accepted accounting principles,
and expands disclosures about fair value measurements.&#160;&#160;This statement
does not require any new fair value measurements, but applies under other
accounting pronouncements that require or permit fair value
measurements.&#160;&#160;SFAS&#160;157 is effective for fiscal years beginning
after November&#160;15, 2007 and interim periods within those fiscal
years.&#160;&#160;The adoption of SFAS 157 did not have a material impact on the
Company&#8217;s financial statements.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Transactions
and balances with related parties are analyzed as follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="71%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="14%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">December
      31, 2007</font></div>
            </td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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          <tr>
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            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,073</font></td>
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            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">84</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Ocean
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            </td>
            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">100</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="71%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Interchart
      Shipping Inc. (d)</font></div>
            </td>
            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">5</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="bottom" width="71%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="right" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="3%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="11%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="white" style="HEIGHT: 0px;">
            <td valign="bottom" width="71%" style="BORDER-TOP-WIDTH: 2px; PADDING-BOTTOM: 4px; BORDER-TOP-COLOR: black"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Totals&#160;</font></td>
            <td align="right" valign="bottom" width="2%" style="BORDER-TOP-WIDTH: 2px; PADDING-BOTTOM: 4px; BORDER-TOP-COLOR: black"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="3%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$&#160;</font></td>
            <td align="right" valign="bottom" width="11%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">480</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="BORDER-TOP-WIDTH: 2px; PADDING-BOTTOM: 4px; BORDER-TOP-COLOR: black"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%" style="BORDER-TOP-WIDTH: 2px; PADDING-BOTTOM: 4px; BORDER-TOP-COLOR: black"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-TOP: black 2px solid; BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">1,262&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="BORDER-TOP-WIDTH: 2px; PADDING-BOTTOM: 4px; BORDER-TOP-COLOR: black"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div align="left">
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(a) TMT Co. Ltd., or
TMT:&#160;&#160;</font>Under the Master Agreement (Note 1) the Company issued to
TMT&#160;12,537,645 shares of Star Bulk&#8217;s common stock representing the stock
consideration portion of the aggregate purchase price of initial vessels and
agreed to issue to TMT the additional stock consideration of 1,606,962 common
shares of Star Bulk in 2008 and 2009.&#160;&#160;Under the Master Agreement, TMT
also had the right to require Star Bulk to make available shelf registration
statements permitting sales of shares into the market from time to time over an
extended period.&#160;&#160;In addition, TMT has the ability to exercise certain
piggyback registration rights.&#160;&#160;</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Under
the Master Agreement, as of December 31, 2007, Star Bulk took delivery of three
vessels of its initial fleet as indicated in Note 1.&#160;&#160;During the six
months ended June 30, 2008, Star Bulk took delivery of the remaining five
vessels of its initial fleet as indicated in Note 1.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Star
Gamma&#160;LLC, a wholly-owned subsidiary of Star Bulk, entered into a time
charter agreement dated, February&#160;23, 2007, with TMT for the Star Gamma .
The charter rate for the Star Gamma is $28.5 per day for a term of one year.
Star Iota&#160;LLC, a wholly-owned subsidiary of Star Bulk, entered into a time
charter agreement, dated February&#160;26, 2007, with TMT for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Iota.</font> The charter rate
for the <font style="DISPLAY: inline; FONT-STYLE: italic">Star Iota</font> was
$18 per day for a term of one year.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">As
of December&#160;31, 2007, Star Bulk had an outstanding balance of $480
(liability) representing bunker and lubricants on board payable from the
company.&#160;&#160;As of June 30, 2008, Star Bulk had an outstanding balance of
$1,073 representing unpaid bunkers payable to TMT.&#160;&#160;For the six months
ended June 30, 2008 the Company earned $6,039 of net revenue under the time
charter party agreements with TMT.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(b)&#160;&#160;Combine Marine S.A.,
or Combine:&#160;&#160;</font>Under an agreement dated May&#160;4, 2007, Star
Bulk appointed Combine, a company affiliated with Messrs.&#160;Tsirigakis,
Pappas and Christos Anagnostou, as interim manager of the vessels in the initial
fleet.&#160;&#160;Under the agreement, Combine provides interim technical
management and associated services, including legal services, to the vessels
starting with their delivery to Star Bulk, and also provides such services and
shore personnel prior to and during vessel delivery to Star Bulk in exchange for
a flat fee of $10 per vessel prior to delivery and at a daily fee of $450 U.S.
dollars per vessel after vessel&#8217;s delivery and during the term of the
agreement.&#160;&#160;Combine is entitled to be reimbursed by Star Bulk for
out-of-pocket expenses incurred by Combine while managing the vessels and is
obligated to provide Star Bulk with the full benefit of all discounts and
rebates available to Combine.&#160;&#160;The term of the agreement is for one
year from the date of delivery of each vessel.&#160;&#160;Either party may
terminate the agreement upon thirty days&#8217; notice.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">As
of December&#160;31, 2007 and June 30, 2008, Star Bulk had an outstanding
liability of $0 and $84 respectively, to Combine.&#160;&#160;During the six
months ended June 30, 2007 and 2008, Combine charged $7 and $1,460,
respectively, for technical management services.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-7</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STAR
BULK CARRIERS CORP.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Notes
to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">June
30, 2008</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">(Expressed
in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties (continued):</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(c) Oceanbulk Maritime, S.A., or
Oceanbulk:&#160;&#160;</font>Mr.&#160;Petros Pappas, one of the Company&#8217;s
directors, is also the Honorary Chairman of Oceanbulk, a ship management company
of drybulk vessels.&#160;&#160;Star Bulk&#8217;s Chief Executive Officer,
Mr.&#160;Prokopios (Akis) Tsirigakis, as well as one of its officers
Mr.&#160;Christos Anagnostou had been employees of Oceanbulk until November 30,
2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
June 3, 2008, the Company entered into an agreement for the acquisition of the
Capesize drybulk carrier vessel Falcon Cape (to be renamed Star Ypsilon) for
$87,180.&#160;&#160;The vessel will be acquired from a company affiliated with
Oceanbulk, which facilitated the transaction.&#160;&#160;There were no costs
and/or commissions charged to the Company paid to Oceanbulk.&#160;&#160;The
vessel was delivered to the Company on September 18, 2008.&#160; (Note
5)</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">As
of December&#160;31, 2007 and June 30, 2008, Star Bulk had&#160;&#160;an
outstanding liability of $0 and $100, respectively, to
Oceanbulk.&#160;&#160;During the six months ended June 30, 2007 and 2008,
Oceanbulk charged $161 and $100 respectively for administrative
expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(d)&#160;&#160;Interchart Shipping
Inc., or Interchart:&#160;&#160;</font>Interchart, a company affiliated with
Oceanbulk, acted as the chartering broker of the Star Zeta and the Star
Omicron.&#160;&#160;As of December 31, 2007 and June 30, 2008, Star Bulk had an
outstanding liability of $0 and $5, respectively, to
Interchart.&#160;&#160;During the six months ended June 30, 2007 and 2008, the
brokerage commission of 1.25% on charter revenue charged by Interchart amounted
to $0 and $81, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">(e)&#160;&#160;Consultancy
Agreements:&#160;&#160;</font>On October 3,&#160;2007, Star Bulk entered into
separate consulting agreements with companies owned and controlled by its Chief
Executive Officer and Chief Financial Officer, for the services provided by the
Chief Executive Officer and the Chief Financial Officer, respectively.&#160;
Each of these agreements is for a term of three years unless terminated earlier
in accordance with the terms and conditions of such agreements.&#160;&#160;Under
the consulting agreements, each company controlled by the Chief Executive
Officer and the Chief Financial Officer is expected to receive an annual
consulting fee of &#8364;370 (approx. $585) and &#8364;250 (approx. $395) respectively,
commencing on the date of the Merger on a pro-rata basis.&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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</font></div>
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STAR
BULK CARRIERS CORP.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Notes
to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">June
30, 2008</font></div>
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in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Transactions
with Related Parties (continued):</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Additionally,
the Chief Executive Officer and the Chief Financial Officer are entitled to
receive benefits under each of their consultancy agreements, among others, each
is entitled to receive an annual discretionary bonus, to be determined by Star
Bulk&#8217;s board of directors in its sole discretion.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
related expenses for the six months ended June 30, 2007 and 2008 were $0 and
$497, respectively, and are included in general and administrative
expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">4.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Inventories:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
amounts shown in the accompanying consolidated balance sheets are analyzed as
follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">
      <div align="left">
        <table cellpadding="0" cellspacing="0" width="100%">
            <tr>
              <td valign="bottom" width="76%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="bottom" width="1%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" valign="bottom" width="10%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 0.5pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">December
      31, 2007</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td valign="bottom" width="1%" style="BORDER-TOP: medium none; PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td colspan="2" valign="bottom" width="10%" style="BORDER-TOP: medium none">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">June
      30, 2008</font></div>
              </td>
              <td align="left" nowrap valign="bottom" width="1%" style="BORDER-RIGHT: medium none; BORDER-TOP: medium none; PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
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              <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 0.5pt">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Lubricants</font></div>
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              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
              <td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">318</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
              <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">804</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="BORDER-RIGHT: medium none; PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr>
              <td align="left" valign="bottom" width="76%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Bunkers</font></div>
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              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">280</font></td>
              <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="BORDER-RIGHT: medium none"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
            <tr bgcolor="#cceeff">
              <td align="left" valign="bottom" width="76%" style="BORDER-BOTTOM: 4px">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;&#160;&#160;&#160;&#160;&#160;Total</font></div>
              </td>
              <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
              <td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 4px; BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">598</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="right" valign="bottom" width="1%" style="BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
              <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">804</font></td>
              <td align="left" nowrap valign="bottom" width="1%" style="BORDER-RIGHT: medium none; BORDER-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            </tr>
        </table>
      </div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
      <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Advances
for vessels to be acquired:</font></div>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Advances
for vessels to be acquired&#160;of $15,611&#160; included in the unaudited
interim condensed consolidated balance sheet as at June 30, 2008 and unaudited
interim condensed consolidated statements of cash flows for the period ended
June 30, 2008&#160;represent cash advances&#160;paid by the Company
for&#160;vessels Star Ypsilon&#160;and Star Cosmo. Star Cosmo and Star Ypsilon
were delivered to the Company on July 1, 2008 and September 18, 2008,
respectively.&#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-9</font></div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
          <div style="WIDTH: 100%" align="left">
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STAR
BULK CARRIERS CORP.</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Notes
to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">June
30, 2008</font></div>
            <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">(Expressed
in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          </div>
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessels
and other fixed assets, net:</font></div>
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amounts in the accompanying consolidated balance sheets are analyzed as
follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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      Cost</font></div>
            </td>
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            <td valign="bottom" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Other
      Fixed Asset Cost</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Accumulated
      Depreciation</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Net
      Book Value</font></div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="52%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Balance,
      December 31, 2007</font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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following table shows the vessels from the initial fleet (Note 1) that were
delivered to the Company in the first quarter of 2008 and the respective dates
that such deliveries took place:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="17%" style="BORDER-BOTTOM: black 0.5pt solid">
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            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="16%" style="BORDER-BOTTOM: black 0.5pt solid">
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            </td>
          </tr>
          <tr>
            <td valign="top" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="17%">
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            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="16%">
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            </td>
          </tr>
          <tr bgcolor="white">
            <td valign="top" width="17%">
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            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">January
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            </td>
          </tr>
          <tr bgcolor="#cceeff">
            <td valign="top" width="17%">
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            </td>
            <td valign="top" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="16%">
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      4, 2008</font></div>
            </td>
          </tr>
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      9, 2008</font></div>
            </td>
          </tr>
          <tr bgcolor="#cceeff">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
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            <td valign="top" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">March
      7, 2008</font></div>
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          </tr>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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addition to taking delivery of the remaining vessels in the initial fleet, the
Company entered into the following transactions to continue the expansion of the
fleet.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
January 22, 2008 the Company entered into an agreement for the acquisition of
the Capesize drybulk carrier vessel Star Sigma, for $83,740.&#160;&#160;The
vessel was delivered to the Company on April 15, 2008.</font></div><br>
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</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
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</font></div>
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BULK CARRIERS CORP.</font></div>
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to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
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30, 2008</font></div>
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in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
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        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">6.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Vessels
and other fixed assets, net (continued):</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
May 22, 2008, the Company entered into an agreement for the acquisition of the
Supramax drybulk carrier vessel Star Cosmo for $68,800.&#160;&#160;The vessel
was delivered to the Company on July 1, 2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
June 3, 2008, the Company entered into an agreement for the acquisition of the
Capesize drybulk carrier vessel Falcon Cape (to be renamed Star Ypsilon) for
$87,180 (Note 3).&#160;&#160;As of June 30, 2008, the Company had advanced a
progress payment in the aggregate amount of $8,718 for the acquisition of the
<font style="DISPLAY: inline; FONT-STYLE: italic">Star Ypsilon </font>(Note
5).&#160;&#160;The vessel was delivered to the Company on September 18,
2008.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">As
of June 30, 2008 the vessel Star Iota was classified as asset held for sale and
recorded at the lower of its carrying amount or fair value less cost to
sell.&#160;&#160;The resulting impairment loss of $4,642 was recorded in the six
months ended June 30, 2008.&#160; On October 6, 2008, the Company delivered the
<font style="FONT-STYLE: italic">Star Iota <font style="FONT-STYLE: normal">to
its purchasers.</font></font></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">7.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Deferred
finance charges:</font></div>
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charges comprise deferred financing costs, consisting of fees and commissions
associated with obtaining loan facilities and amortized to interest and finance
costs over the life of the related debt using the effective interest rate method
over the life of the related debt.&#160; On December 27, 2007 and April 14,
2008, the Company entered into loan agreements for up to an aggregate amount of
$290,000, resulting in the deferral of the associated loan management fees
amounting to $1,110.&#160;&#160;Amortization for the six months ended June 30,
2008, amounted to $81 and was included under interest and finance
costs.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fair
value of below/above market acquired time charter agreements:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
fair value of the time charter agreements acquired at below/above fair market
charter rates on the acquisition of the vessels is summarized
below.&#160;&#160;These amounts were amortized on a straight-line basis to the
end of each charter period.&#160;&#160;An amount of $34,919 was amortized to
voyage revenues for the six months ended June 30, 2008.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-11</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STAR
BULK CARRIERS CORP.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Notes
to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">June
30, 2008</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">(Expressed
in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">8.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Fair
value of below/above market acquired time charter agreements
(continued):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="33%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Vessel</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Charter</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">End
      Date</font></div>
            </td>
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            <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Fair
      value of acquired time charter</font></div>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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      December 31, 2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Amortization
      for the Six months ending June 30, 2008</font></div>
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      as at June 30, 2008</font></div>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
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    <div>&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" colspan="5" valign="bottom" width="62%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Fair
      value of below market </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">acquired
      time charter agreements</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Epsilon</font></div>
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            <td align="right" valign="bottom" width="17%" style="PADDING-LEFT: 5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">March
      15, 2009</font></div>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">14,375</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">13,487</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">7,908</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
      Theta</font></div>
            </td>
            <td align="right" valign="bottom" width="17%" style="PADDING-LEFT: 5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">June
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            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Star
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            <td align="right" valign="bottom" width="17%" style="PADDING-LEFT: 5%; PADDING-BOTTOM: 0.5pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: left" align="right"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">August
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,952</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">367</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,585</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="35%" style="PADDING-BOTTOM: 0.5pt">
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            </td>
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            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,980</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,952</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="10%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">367</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,585</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-term
Debt:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
December 27, 2007 the Company entered into a loan agreement of up to $120,000 in
order to partially finance the acquisition cost of the secondhand vessels, Star
Gamma, Star Delta, Star Epsilon, Star Zeta, and Star Theta.&#160;&#160;The loan
bears interest at LIBOR plus a margin and will be repaid in twenty-eight
quarterly installments through December 2016.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On,
April 14, 2008 (and as amended on&#160;&#160;April 17, 2008 and September 18,
2008) the Company entered into a loan agreement of up to $150,000 with Piraeus
Bank A.E. in order to partially finance the acquisition cost of vessels Star
Omicron and Star Sigma and to provide additional liquidity to the
Company.&#160;&#160;The Star Alpha, Star Beta, and Star Sigma were used as
collateral to secure this loan.&#160;&#160;The loan bears interest at LIBOR plus
a margin and will be repaid in twenty-four quarterly installments through April
2014.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
above loans are secured by a first priority mortgage over the vessels, a
corporate guarantee, and a first assignment of all freights, earnings,
insurances and requisition compensation.&#160;&#160;The loan contains covenants
including restrictions as to changes in management and ownership of the vessels,
additional indebtedness and mortgaging of vessels without the bank&#8217;s prior
consent as well as certain financial covenants relating to the</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-12</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STAR
BULK CARRIERS CORP.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Notes
to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">June
30, 2008</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">(Expressed
in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">9.&#160;&#160;&#160;&#160;&#160;&#160;&#160;Long-term
Debt (continued):</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Company&#8217;s
financial position, operating performance and liquidity.&#160;&#160;In addition,
the Company must maintain minimum cash deposits, as defined in the respective
loan agreements, in the amount equal to $10,000 or $1,000 per vessel whichever
is greater.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Company was in compliance with its debt covenants as of June 30,
2008.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
principal payments required to be made after June 30, 2008, are as
follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">12
      months ending</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" colspan="2" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Amount</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="5%" bgcolor="transparent"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">June
      30, 2009</font></div>
            </td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">22,000</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">June
      30, 2010</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">32,500</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="5%" bgcolor="transparent"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">June
      30, 2011</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">28,000</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">June
      30, 2012</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">21,000</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="5%" bgcolor="transparent"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="86%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">June
      30, 2013</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">17,000</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td valign="bottom" width="5%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="86%" style="PADDING-BOTTOM: 0.5pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">June
      30, 2014 and thereafter</font></div>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="5%" bgcolor="transparent" style="PADDING-BOTTOM: 1pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Interest
expense for the six months ended June 30, 2008 amounting to $3,117, amortization
of deferred finance fees amounting to $81 and other finance fees amounting to
$44 are included under &#8220;Interest and finance costs&#8221; in the accompanying interim
condensed consolidated statements of income.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">10.&#160;&#160;&#160;&#160;&#160;Preferred,
Common stock and Additional paid in capital:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Preferred Stock:</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">&#160;</font>Star
Bulk is authorized to issue up to 25,000,000 shares of preferred stock, $0.01
par value with such designations, as voting, and other rights and preferences,
as may be determined from time to time by the Board of Directors.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Common Stock:</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">&#160;</font>Star
Bulk is authorized to issue 100,000,000 shares of common stock, par value
$0.01.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
December 31, 2007, and June 30, 2008 Star Bulk had outstanding 42,516,433 and
54,532,989 shares of its common stock, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Warrants:&#160;&#160;</font>On the
date of consummation of the Redomiciliation Merger, Star Bulk had 20,000,000
shares of common stock reserved for issuance upon the exercise of the
warrants.&#160;&#160;Each outstanding Star Maritime warrant was assumed by Star
Bulk subject to the same terms and </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">restrictions
except that each Star Maritime warrant would be exercisable for common stock of
Star Bulk.&#160;&#160;Following the effectiveness of the Redomiciliation Merger,
the warrants became exercisable and warrant holders exercised their right to
purchase shares of the Company&#8217;s common stock.&#160;&#160;Star Bulk as of
December 2007 and June 30, 2008 received a total of $7,534 and $94,029
respectively, representing 951,864 and 11,753,556 warrants respectively, at
$8.00 per warrant exercised.&#160;&#160;The Company issued 951,864 and
11,753,556 of common stock upon the exercise of the warrants.&#160;&#160;The
warrants will expire on December&#160;16, 2009.&#160;&#160;There is no cash
settlement option for the Warrants.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Share and Warrant re-purchase
plan:</font>&#160;&#160;Following the consummation of the Redomiciliation
Merger, during the six months ended June 30, 2008, the Company announced a
repurchase plan of up to an </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">aggregate
of $50,000 shares and warrants.&#160;&#160;As at June 30, 2008, the Company had
repurchased 52,000 of its shares and 1,362,500 of its warrants.&#160;&#160;The
Company paid $586 for its common shares and $5,475 for its
warrants.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Transfer of Shares and Warrants from
Directors:</font>&#160;&#160;On March 24, 2008, Mr. Tsirigakis, the President
and Chief Executive Officer, transferred in a private transaction, an aggregate
of 2,473,893 of his Star Bulk common shares and 300,000 of his Star Bulk
warrants to Mr. Petros Pappas, the Company&#8217;s Chairman. &#160;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
March 24, 2008, Mr. George Syllantavos, the Chief Financial Officer and
Secretary transferred in a private transaction an aggregate of 981,524 of his
Star Bulk common shares and 102,500 of his Star Bulk warrants to Mr. Petros
Pappas, the Company&#8217;s Chairman.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Declaration of dividends:</font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">&#160;</font>On
February 14, 2008, the Company declared dividends amounting to $4,599 or $0.10
per share paid on February 28, 2008 to the stockholders of record as of February
25, 2008.&#160;&#160;On April 16, 2008, the Company declared dividends amounting
to $18,844 or $0.35 per share paid on May 23, 2008 to the stockholders of record
as of May 16, 2008.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-13</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STAR
BULK CARRIERS CORP.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Notes
to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">June
30, 2008</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">(Expressed
in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">11.&#160;&#160;&#160;&#160;&#160;&#160;Earnings
per Share:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Company calculates basic and diluted earnings per share&#160;as
follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td align="left" valign="bottom" width="73%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="6" valign="bottom" width="24%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Six
      months ended&#160;June 30,</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="73%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2008</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Income:</font></div>
            </td>
            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" colspan="2" valign="bottom" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" colspan="2" valign="bottom" width="10%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="73%" style="PADDING-BOTTOM: 2.25pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Net
      income</font></div>
            </td>
            <td align="right" valign="bottom" width="2%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="3%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">854</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">48,293</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="73%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Basic
      earnings per share:</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="73%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Weighted
      average common</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="73%" style="PADDING-BOTTOM: 2px">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">shares
      outstanding, basic</font></div>
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the six months ended June 30, 2008, 11,753,556 (Note 10) warrants were
exercised.&#160;&#160;At June 30, 2008, a&#160;total of 5,932,080 warrants were
outstanding at an exercise price of $8 per warrant.&#160;&#160;The exercise
price of warrants was below the average market price of the Company's shares
during the six months ended June 30, 2008.&#160;&#160;Consequently, the
Company&#8217;s warrants were dilutive and included in&#160;the computation of the
diluted weighted average common shares outstanding.&#160;&#160; </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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</font></div>
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BULK CARRIERS CORP.</font></div>
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to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
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30, 2008</font></div>
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in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
            <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
          </div>
        </div>
      </div>
    </div>
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incentive plan:</font></div>
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following table summarizes the status of the Company&#8217;s unvested restricted stock
outstanding for the six months ended June 30, 2008:</font></div>
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    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" style="PADDING-BOTTOM: 1.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" style="PADDING-BOTTOM: 1.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="76%" style="PADDING-BOTTOM: 2.25pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">June
      30, 2008</font></div>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">-</font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">*On
March 31, 2008, the Company entered into an agreement with one of the Company's
directors Mr. Espig.&#160;&#160;Under this agreement, which is part of Company&#8217;s
Equity Incentive Plan, Mr. Espig received 150,000 restricted shares of Star Bulk
common stock, which will vest in two equal installments on April&#160;1, 2008,
and April&#160;1, 2009, respectively.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
grant-date fair values of the restricted stock are determined by the closing
price of the Company&#8217;s common stock traded on the NASDAQ Global Market on the
grant date.&#160;&#160;Total compensation cost of $2,222 was recognized and
included in general and administrative expenses in the accompanying unaudited
interim condensed consolidated income statement for the six months ended June
30, 2008.</font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-15</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
        <div style="WIDTH: 100%" align="left">
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">STAR
BULK CARRIERS CORP.</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">Notes
to Unaudited Interim Condensed Consolidated Financial Statements</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, serif">June
30, 2008</font></div>
          <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 9pt; FONT-FAMILY: Times New Roman, serif">(Expressed
in thousands of United States Dollars &#8211; except for share and per share data,
unless otherwise stated)</font></div>
          <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
        </div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">12.&#160;&#160;&#160;&#160;&#160;Equity
incentive plan (continued):</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">As
of June 30, 2008, there was $1,833 of total unrecognized compensation cost
related to non-vested restricted stock awards, which is expected to be
recognized as compensation expense over a weighted average period of&#160;0.72
years as follows:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 0.5pt solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Amount</font></div>
              <div style="DISPLAY: block; TEXT-INDENT: 0pt">
              </div>
            </td>
            <td align="left" nowrap valign="bottom" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="88%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">July
      1 to December 31, 2008</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">867</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="88%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2009</font></div>
            </td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">803</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 0.5pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2010</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">163</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="88%" style="PADDING-BOTTOM: 2.25pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Total</font></div>
            </td>
            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">1,833</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">13.&#160;&#160;&#160;&#160;&#160;Commitments
and Contingencies:</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Various
claims, suits, and complaints, including those involving government regulations
and product liability, arise in the ordinary course of the shipping business. In
addition, losses may arise from disputes with charterers, agents, insurance and
other claims with suppliers relating to the operations of the Company&#8217;s vessels.
Currently, management is not aware of any such claims or contingent liabilities,
which should be disclosed, or for which a provision should be established in the
accompanying consolidated financial statements.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Company accrues for the cost of environmental liabilities when management
becomes aware that a liability is probable and is able to reasonably estimate
the probable exposure. Currently, management is not aware of any such claims or
contingent liabilities, which should be disclosed, or for which a provision
should be established in the <font size="+0">accompanying</font> consolidated
financial statements.&#160;&#160;Up to $1 billion of the liabilities associated
with the individual vessels&#8217; actions, mainly for sea pollution, are covered by
the Protection and Indemnity (P&amp;I) Club Insurance.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">As
described in Notes 5 above, during the six month period ended June 30, 2008, the
Company entered into separate memoranda of agreement to acquire two second-hand
vessels. As of June 30, 2008, the unpaid balance of the purchase price for these
vessels was $140,000.&#160; </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman">In
April 2008, the Company entered into a twelve-year cancelable operating lease
for its new office facilities that will be terminated in April 2020. Monthly
lease payment would be $22.7 U.S. dollars (14.5 Euros) for the first year.
Obligation&#8217;s calculation is adjusted annually to the inflation rate that it is
estimated 3%. The exchange rate of Euro/U.S. dollar used is the rate 1.57 as at
June 9, 2008.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
    </div>
    <div>&#160;</div>
    <div align="center">
    </div>
    <div><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Future rental
commitments were payable as follows:</font></div>
    <div>&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="54%">
          <tr>
            <td colspan="2" width="10%"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;12 months
      ending</font></td>
            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="19%">
              <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Amount</font></div>
            </td>
            <td width="16%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" width="10%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30,
      2009</font></td>
            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;$</font></td>
            <td width="19%">
              <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">292</font></div>
            </td>
            <td width="16%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" width="10%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30,
      2010</font></td>
            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="19%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;295</font></td>
            <td width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" width="10%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30,
      2011</font></td>
            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="19%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;304</font></td>
            <td width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" width="10%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30,
      2012</font></td>
            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="19%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;313</font></td>
            <td width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" width="10%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30,
      2013</font></td>
            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="19%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;323</font></td>
            <td width="16%" style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" width="10%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30, 2014
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            <td width="19%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;2,747</font></td>
            <td width="16%" style="PADDING-BOTTOM: 2px; TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" width="10%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;Total</font></td>
            <td width="3%" style="BORDER-BOTTOM: black 4px double"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;$</font></td>
            <td width="19%" style="BORDER-BOTTOM: black 4px double">
              <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">4,274</font></div>
            </td>
            <td width="16%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">Future minimum
contractual charter revenue, based on vessels committed to noncancelable
longterm time charter contracts as of June 30, 2008 will be:</font></div>
    <div>&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="54%">
          <tr>
            <td width="4%">&#160;</td>
            <td width="5%">&#160;</td>
            <td width="52%"><font style="FONT-SIZE: 12pt; FONT-FAMILY: times new roman">&#160;<font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">12 months
      ending</font></font></td>
            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="19%">
              <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">Amount</font></div>
            </td>
            <td width="17%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30,
      2009</font></td>
            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;$</font></td>
            <td width="19%">
              <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">170,864</font></div>
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            <td width="17%">&#160;</td>
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          <tr>
            <td colspan="2" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30,
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            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="19%">
              <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">124,735</font></div>
            </td>
            <td width="17%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr>
            <td colspan="2" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30,
      2011</font></td>
            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="19%">
              <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">70,527</font></div>
            </td>
            <td width="17%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr>
            <td colspan="2" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30,
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            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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              <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">31,558</font></div>
            </td>
            <td width="17%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr>
            <td colspan="2" width="9%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30,
      2013</font></td>
            <td width="3%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="19%">
              <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">11,826</font></div>
            </td>
            <td width="17%"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" width="9%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="52%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;June 30,
      2014</font></td>
            <td width="3%" style="BORDER-BOTTOM: black 2px solid"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td width="19%" style="BORDER-BOTTOM: black 2px solid">
              <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">6,998</font></div>
            </td>
            <td width="17%" style="PADDING-BOTTOM: 2px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr>
            <td colspan="2" width="9%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td width="3%" style="BORDER-BOTTOM: black 4px double"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;$</font></td>
            <td width="19%" style="BORDER-BOTTOM: black 4px double">
              <div style="TEXT-ALIGN: right"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;416,508</font></div>
            </td>
            <td width="17%" style="PADDING-BOTTOM: 4px"><font style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
      </table>
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    <div align="center">&#160;</div>
    <div style="TEXT-ALIGN: left" align="center"><font style="FONT-SIZE: 12pt; FONT-FAMILY: Times New Roman">These amounts do not
include any assumed off-hire.</font></div>
    <div style="TEXT-ALIGN: left" align="center">&#160;</div>
    <div style="TEXT-ALIGN: left" align="center">&#160;</div>
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Events:</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" width="0%" style="WIDTH: 52px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" width="0%" style="WIDTH: 41px">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif"><font style="FONT-STYLE: normal">(a)</font> </font></div>
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              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: justify" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Declaration
      of dividends: </font>On July 29, 2008, the Company declared dividends
      amounting to $19,371 or $0.35 per share paid on August 18, 2008, to the
      stockholders of record as of August 8, 2008.<a name="pagef-25" /></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" width="0%" style="WIDTH: 51px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif"><font style="FONT-STYLE: normal">(b)&#160;</font>&#160;</font></div>
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      vessels &#8211; deliveries: </font>On July 1, 2008 and September 18, 2008, the
      Company took delivery of the&#160;drybulk carrier vessels <font style="FONT-STYLE: italic">Star Cosmo<font style="FONT-STYLE: normal">&#160;and </font>Star Ypsilon<font style="FONT-STYLE: normal">,
  respectively</font>.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" width="0%" style="WIDTH: 51px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" width="0%" style="WIDTH: 42px">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif"><font style="FONT-STYLE: normal">(c)&#160;</font>&#160;</font></div>
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            <td width="709">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">New
      loan:</font>&#160;&#160;On, July 1, 2008 the Company concluded a loan
      agreement of up to $35,000 with Piraeus Bank A.E. in order to partly
      finance the acquisition cost of vessel <font style="FONT-STYLE: italic">Star Cosmo</font>.&#160;&#160;The full amount
      of the loan was drawn down, on the same date.&#160;&#160;The loan bears
      interest at Libor plus a margin and will be repaid in twenty-four
      quarterly installments through July
  2014.&#160;&#160;</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" width="0%" style="WIDTH: 52px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" width="0%" style="WIDTH: 41px">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif"><font style="FONT-STYLE: normal">(d)&#160;</font>&#160;</font></div>
            </td>
            <td width="709">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Warrants
      exercised:</font>&#160;&#160;As of October 30, 2008, an additional 15,930
      warrants had been exercised, generating additional net proceeds to the
      Company of $127 and leaving 5,916,150 warrants
  outstanding.</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" width="0%" style="WIDTH: 52px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" width="0%" style="WIDTH: 41px">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif"><font style="FONT-STYLE: normal">(e)</font>&#160;&#160;</font></div>
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            <td width="709">
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">New shares
      issuance:</font> As of July 17, 2008 803,481 shares of common stock of
      Star Bulk were issued to TMT Co Ltd as per Master Agreement (Note
      1).</font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" width="0%" style="WIDTH: 52px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" width="0%" style="WIDTH: 41px">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: times new roman, serif">(f)</font></div>
            </td>
            <td width="712">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: bold"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-STYLE: italic">Loan
      amended</font>:</font>&#160;&#160;On September 18, 2008, the Company's
      Piraeus Bank loan agreement dated April 14, 2008 was
      amended.&#160;&#160;The Company drew down $69,000 <font size="+0">under</font> this facility&#160;to partially finance the
      acquisition of the <font style="DISPLAY: inline; FONT-STYLE: italic">Star
      Ypsilon.</font>&#160;&#160;The vessels <font style="DISPLAY: inline; FONT-STYLE: italic">Star Omicron</font>, <font style="DISPLAY: inline; FONT-STYLE: italic">Star <font size="+0">B</font>eta</font>, and <font style="DISPLAY: inline; FONT-STYLE: italic">Star</font> <font style="DISPLAY: inline; FONT-STYLE: italic">Sigma</font> were collaterized
      to secure this loan.&#160;&#160;The Piraeus Bank loan agreement dated
      April 14, 2008, as amended bears interest at Libor plus a margin and will
      be repaid in twenty-four quarterly installments through September
      2014.</font>&#160;</div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" width="0%" style="WIDTH: 52px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" width="0%" style="WIDTH: 41px">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: times new roman, serif">(g)</font></div>
            </td>
            <td width="709">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Sale
      of <font size="+0">vessel</font>-delivery:&#160; <font style="FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-STYLE: normal">On April
      24, 2008, the Company entered into an agreement to sell
      the&#160;</font></font><font size="+0"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: normal; FONT-STYLE: normal"><font style="FONT-SIZE: 11pt; FONT-STYLE: italic">Star
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      million.&#160; The Company delivered this vessel to its purchasers on
      October 6, 2008.</font></font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" width="0%" style="WIDTH: 52px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="right" width="0%" style="WIDTH: 40px">
                <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: times new roman, serif">(h)</font></div>
              </td>
              <td width="710"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Board
      Member resignation:&#160; <font style="FONT-WEIGHT: normal; FONT-STYLE: normal">On October 20, 2008, Mr.
      Nobu Su resigned from the board of directors of Star Bulk with immediate
      effect.</font></font></td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" width="0%" style="WIDTH: 52px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="right" width="0%" style="WIDTH: 40px">
                <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: times new roman, serif">(i)</font></div>
              </td>
              <td width="710"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Dispute
      relating to change in the employment status of a Capesize vessel:&#160;
      <font style="FONT-WEIGHT: normal; FONT-STYLE: normal"><font style="FONT-STYLE: italic">Star&#160;Beta </font>was time chartered by
      Star Bulk to Industrial carriers Inc. ("ICI").&#160; Under the related
      time charter agreement, ICI was <font size="+0">obligated</font> to pay Star
      Bulk a gross daily charter hire rate of $106,500 until February
      2010.&#160; In turn, ICI sub-chartered the vessel for one year to
      Oldendorff Gmbh &amp; Co. KG of Germany ("Oldendorff") at a gross daily
      charter hire rate of $130,000 until February
  2009.</font></font></td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" width="0%" style="WIDTH: 52px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="right" width="0%" style="WIDTH: 40px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="710"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: normal">ICI has assigned the sub-charter with
      Oldendorff to Star Bulk in exchange for it being released from the
      remaining term of the ICI charter.</font></font></td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" width="0%" style="WIDTH: 52px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="right" width="0%" style="WIDTH: 40px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td width="710"><font style="DISPLAY: inline; FONT-WEIGHT: normal; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: times new roman">Oldendoff
      has notified Star Bulk that it considers the assignment of the sub-charter
      to Star Bulk to be an effective repudiation of the sub-charter by
      ICI.&#160; Star Bulk believes that the assignment of the sub-charter to
      Star Bulk was valid.</font></td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
      <div align="left">
        <table cellpadding="0" cellspacing="0" id="list" width="100%">
            <tr valign="top">
              <td align="right" width="0%" style="WIDTH: 52px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
              <td align="right" width="0%" style="WIDTH: 40px">
                <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: times new roman, serif">(j)</font></div>
              </td>
              <td width="710"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Change
      in future minimum contractual charter revenue:&#160; <font style="FONT-WEIGHT: normal; FONT-STYLE: normal">Future minimum contractual
      charter revenue based on vessels committed to noncancelable long term time
      charter contracts after the event mentioned in Note 14(i) will be $145,645
      and $100,559 for the years ending June 30, 2009 and 2010, respectively.
      (Note 13)</font></font></td>
            </tr>
        </table>
      </div>
      <div>&#160;</div>
    </div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" id="list" width="100%">
          <tr valign="top">
            <td align="right" width="0%" style="WIDTH: 52px"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" width="0%" style="WIDTH: 40px">
              <div style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: normal; FONT-FAMILY: times new roman, serif">(k)&#160;</font></div>
            </td>
            <td width="710">
              <div><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman">Shares
      Repurchased:&#160; <font style="FONT-WEIGHT: normal; FONT-STYLE: normal">As of October
      30,&#160;2008, the Company repurchased under its
      repurchase&#160;</font></font><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-STYLE: italic; FONT-FAMILY: times new roman"><font style="FONT-WEIGHT: normal; FONT-STYLE: normal">plan an additional 925,000
      shares of its common stock at an aggregate purchase price of
      $6,863.</font></font></div>
            </td>
          </tr>
      </table>
    </div>
    <div>&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Report
of Independent Registered Public Accounting Firm</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">To
the Shareholder of A Duckling Corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
have audited the accompanying statements of revenue and direct operating
expenses of A&#160;Duckling Corporation (the &#8220;Company&#8221;) for the periods from
January 1, 2008 to January 9, 2008 (date vessel was delivered to the Buyer),
January 1, 2007 to December 31, 2007, and August 5, 2006 (commencement date of a
time charter agreement to be assigned to the Buyer) to December 31, 2006. These
financial statements are the responsibility of the Company&#8217;s management. Our
responsibility is to express an opinion on these statements based on our
audits.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the statement
is free of material misstatement. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company&#8217;s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the statement,
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of this statement. We
believe that our audits provide a reasonable basis for our opinion.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying statements were prepared for the purposes of complying with the
rules and regulations of the Securities and Exchange Commission in lieu of the
full financial statements required by Rule&#160;3-05 of Regulation&#160;S-X, as
described in Note&#160;2 to Statements of Revenue and Direct Operating Expenses
and are not intended to be a complete presentation of the financial position or
the results of operations of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
our opinion, such statements presents fairly, in all material respects, the
revenue and direct operating expenses of the Company for the periods from
January 1, 2008 to January 9, 2008, January 1, 2007 to December 31, 2007, and
August 5, 2006 to December 31, 2006, in conformity with accounting principles
generally accepted in the United States of America.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Deloitte
&amp; Touche</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Taipei,
Taiwan</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Republic of China</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">August
18, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-17</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><a name="page_du41101_1_31" /><a name="du41101_a_duckling_corporation_stateme__" /><a name="toc_du41101_1">A Duckling Corporation</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Statements
of Revenue and Direct Operating Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(In
U. S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="18%">
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      January 1, 2008 to January 9, 2008</font></div>
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            <td align="left" nowrap valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="18%">
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      January 1, 2007 </font></div>
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      31, 2007</font></div>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="18%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">From
      August 5, 2006 </font></div>
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      December 31, 2006</font></div>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="39%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="18%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="left" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">411,469</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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      operating expenses</font></div>
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            <td align="right" valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="7%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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          <tr bgcolor="#cceeff">
            <td valign="bottom" width="39%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="2%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="7%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="left" valign="bottom" width="7%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="11%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">244,364</font></td>
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            <td align="left" valign="bottom" width="7%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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            <td align="left" valign="bottom" width="9%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">See
notes to statements of revenue and direct operating expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><a name="page_dw41101_1_32" /><a name="dw41101_a_duckling_corporation_notes_t__" /><a name="toc_dw41101_1">A Duckling Corporation</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Notes
to Statements of Revenue and Direct Operating Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(In
U. S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">1.
Business and Asset Purchase Agreement</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
January&#160;12, 2007, Star Bulk Carriers Corp. (the &#8220;Buyer&#8221;), and A Duckling
Corporation (the &#8220;Seller,&#8221; the &#8220;Company,&#8221; or &#8220;A Duckling&#8221;), a Republic of Panama
company entered into an asset purchase agreement (the &#8220;Agreement&#8221;) for the Buyer
to acquire a marine vessel (the &#8220;Disposed Asset&#8221;) The total
purchase&#160;price&#160;amounted to&#160;$112,116,680 and included cash and
buyer&#8217;s share consideration.&#160;The Disposed Asset was delivered to the Buyer
on January 9, 2008. The Disposed Asset is a 175,075&#160;dwt dry bulk vessel
which was built in 1992. In addition, the Buyer and TMT Co., Ltd., (&#8220;TMT&#8221;, a
Taiwan corporation and a related party to the Seller through a common
shareholder) entered into a master agreement on January&#160;12, 2007 (the
&#8220;Master Agreement&#8221;). Pursuant to the Master Agreement, TMT had guaranteed to
assign an existing three-year time charter agreement to the Buyer at a minimum
daily time charter hire rate of $47,000. A Duckling acquired the Disposed Asset
on June&#160;26, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">2.
Basis of Presentation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Historically,
the Disposed Asset operated as an asset within A Duckling and on a consolidated
basis within TMT and had no separate legal status. Accordingly, the Statements
of Revenue and Direct Operating Expenses have been prepared pursuant to a
request from the Buyer and derived from the historical records of A
Duckling.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
cost of the Disposed Asset as of January 9, 2008, December 31, 2007, and
December 31, 2006 and its related accumulated depreciation from the date it was
acquired by A Duckling, to January 9, 2008, December 31, 2007, and December 31,
2006, respectively, are as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Marine
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            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td valign="bottom" width="64%" style="PADDING-BOTTOM: 1.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Operations
related to the Disposed Asset are reflected in the Statements of Revenue and
Direct Operating Expenses for the periods from January 1, 2008 to January 9,
2008, January 1, 2007 to December 31, 2007, and August 5, 2006 (commencement
date of a time charter agreement to be assigned to the Buyer) to December 31,
2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying Statements of Revenue and Direct Operating Expenses for the periods
from January 1, 2008 to January 9, 2008, January 1, 2007 to December 31, 2007,
and August 5, 2006 to December 31, 2006 have been prepared for the purpose of
complying with the rules and regulations of the Securities and Exchange
Commission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying statements were prepared from the books and records maintained by
TMT, of which the Disposed Asset represented only a portion. These statements
are therefore not intended to be a complete representation of the results of
operations for the Disposed Asset as a stand-alone going concern, nor is it
indicative of the results to be expected from future operations of the Disposed
Asset. The accompanying statements are also not intended to be a complete
presentation of the results of operations of A Duckling as of or for any period.
Further, these statements do not include any other adjustments or allocations of
purchase price that may be required in accordance with accounting principles
generally accepted in the United States of America subsequent to the date of
acquisition.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
statement of stockholder&#8217;s equity is not presented, since the Agreement was
structured such that only the Disposed Asset was acquired by the Buyer. <a name="page_dw41101_1_33" /></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
statement of cash flows is not presented, since the Disposed Asset has
historically been managed as part of the operations of TMT and has not been
operated as a stand-alone entity.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-19</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Statements
of Revenue and Direct Operating Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Statements of Revenue and Direct Operating Expenses include revenue and
operating expenses directly attributable to the Disposed Asset.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Directly
attributable expenses of the Disposed Asset include vessel operating expenses,
depreciation, and management fees that are specifically identifiable with the
Disposed Asset.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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other expenses and income, such as TMT corporate overhead, interest income and
interest expense are not included in the accompanying Statements of Revenue and
Direct Operating Expenses, since they are not directly associated with the
operations of the Disposed Asset. Corporate overhead expenses include costs
incurred for administrative support, such as expenses for legal, professional
and executive management functions. The accompanying Statements of Revenue and
Direct Operating Expenses are not necessarily indicative of the future financial
position or results of the operations of the Disposed Asset due to the change in
ownership, and the exclusion of certain assets, liabilities and operating
expenses, as described herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">3.
Summary of Significant Accounting Policies</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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of estimates</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Preparation
of these financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make certain
estimates and assumptions that affect the reported amounts of assets and the
disclosure of contingencies at the date of the statement of revenue and direct
operating expenses reported.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
the preparation of these financial statements, estimates and assumptions have
been made by management including the selection of useful lives of tangible
assets. Actual results could differ from those estimates.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Property
and Equipment</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Property
and equipment consists of the vessel and is recorded at cost. Depreciation is
recorded on a straight-line basis over nine years, the estimated remaining
useful life of the vessel from the date it was acquired by A Duckling, and with
an estimated $3,487,500 salvage value. Depreciation expense amounted to $85,993,
$3,487,500 and $1,453,125 for the periods from January 1, 2008 to January 9,
2008, January 1, 2007 to December 31, 2007, and August 5, 2006 to December 31,
2006, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Revenue
Recognition</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
Duckling generates its revenues from charterers for the charterhire of its
vessel. A vessel is chartered under time charter, where a contract is entered
into for the use of a vessel for a specific period of time and a specified daily
charterhire rate. As a charter agreement exists that includes fixed prices,
service is provided and collection of the related revenue is reasonably assured,
revenue is recognized as it is earned ratably over the duration of the period of
a time charter agreement as adjusted for off-hire days that the vessel spends
undergoing repairs, maintenance and upgrade work depending on the condition and
specifications of the vessel. On August&#160;4, 2006, A Duckling entered into a
time <a name="page_dw41101_1_34">charter agreement with its customer, which has
duration of 35 to 38&#160;months and a daily charterhire rate of $47,500. A
Duckling reports its revenue net of commission discounts offered to its customer
in accordance with Emerging Issues Task Force Issue (&#8220;EITF&#8221;) No.&#160;01-9,
&#8220;Accounting for Consideration Given by a Vendor to a Customer (Including a
Reseller of the Vendor&#8217;s Products).&#8221; In addition, A Duckling reports its revenue
on a gross basis with regard to the vessel fuel charged to its customer when
delivering the vessel to its customer in accordance with EITF No.&#160;99-19,
&#8220;Reporting Revenue Gross as a Principal versus Net as an
Agent.&#8221;</a></font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Operating
Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
Duckling&#8217;s operating expenses consist of vessel operating expenses, depreciation
and management fees that are specifically identifiable with the Disposed Asset.
Vessel operating expenses represent all expenses relating to the operation of
the vessel, including crewing, insurance, repairs and maintenance, commissions,
stores, lubricants, spares and consumables. Vessel operating expenses and
management fees are recognized as incurred.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
May 2007, the Disposed Asset collided with another ship. Repairs to the Disposed
Asset have been completed as of December 31, 2007 and total costs incurred by A
Duckling amounted to $567,681 and are included in operating expenses for the
period from January 1, 2007 to December 31, 2007. Recoveries of the repair costs
from insurance company and the other party, if any, are not recorded as amount
is not known at this time.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Income
Taxes</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Company is a tax-exempt entity in accordance with the Income Tax Code of the
Republic of Panama.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">4.
Significant Customers and Concentration of Credit Risk</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">One
customer accounted for 100% of the total revenue of the Disposed
Asset.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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</font></div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-20</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><a name="page_dy41101_1_35" /><a name="page_ds41101_1_30">Report of Independent
Registered Public Accounting Firm</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">To
the Shareholder of E Duckling Corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
have audited the accompanying statement of revenue and direct operating expenses
of E Duckling Corporation (the &#8220;Company&#8221;) for the period from October&#160;8,
2007 (the commencement date of a time charter agreement to be assigned to the
Buyer) to December&#160;14, 2007 (date vessel was delivered to the Buyer). This
financial statement is the responsibility of the Company&#8217;s management. Our
responsibility is to express an opinion on this statement based on our
audit.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the statement
is free of material misstatement. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial
reporting. Our audit included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company&#8217;s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the statement,
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of this statement. We
believe that our audit provides a reasonable basis for our opinion.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying statement was prepared for the purposes of complying with the rules
and regulations of the Securities and Exchange Commission in lieu of the full
financial statements required by Rule&#160;3-05 of Regulation&#160;S-X, as
described in Note&#160;2 to Statement of Revenue and Direct Operating Expenses
and is not intended to be a complete presentation of the financial position or
the results of operations of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
our opinion, such statement presents fairly, in all material respects, the
revenue and direct operating expenses of the Company for the period from
October&#160;8, 2007 to December&#160;14, 2007, in conformity with accounting
principles generally accepted in the United States of America.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Deloitte
&amp; Touche</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Taipei,
Taiwan</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Republic of China</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">August
&#160;18, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-21</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">E
Duckling Corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Statement
of Revenue and Direct Operating Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(In
U. S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="81%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">From
      October 8, 2007</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">to
      December 14, 2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="81%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="81%">
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            </td>
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            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">3,140,117</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="81%" style="PADDING-BOTTOM: 0.5pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Direct
      operating expenses</font></div>
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            <td align="left" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">698,376</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="81%" style="PADDING-BOTTOM: 2.25pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Excess
      of revenue over direct operating expenses</font></div>
            </td>
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            <td align="left" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 2.25pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">See
notes to statement of revenue and direct operating expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-22</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Duckling Corporation</font></div>
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to Statement of Revenue and Direct Operating Expenses</font></div>
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U. S. Dollars)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">1.
Business and Asset Purchase Agreement</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
December 3, 2007, Star Bulk Carriers Corp. (the &#8220;Buyer&#8221;), and E Duckling
Corporation (the &#8220;Seller,&#8221; the &#8220;Company,&#8221; or &#8220;E Duckling&#8221;), a Republic of Panama
company entered into an asset purchase agreement (the &#8220;Agreement&#8221;) for the Buyer
to acquire a marine vessel (the &#8220;Disposed Asset&#8221;) The total
purchase&#160;price&#160;amounted to&#160;$70,019,639 and included cash and
buyer&#8217;s share consideration. The Disposed Asset was delivered to the Buyer on
December 14, 2007. The Disposed Asset is a 52,055&#160;dwt dry bulk vessel which
was built in 2001. In addition, the Buyer and TMT Co., Ltd., (&#8220;TMT&#8221;, a Taiwan
corporation and a related party to the Seller through a common shareholder)
entered into a master agreement on December 3, 2007 (the &#8220;Master Agreement&#8221;).
Pursuant to the Master Agreement, TMT had guaranteed to assign to the Buyer an
existing three-year time charter agreement at a minimum daily time charter hire
rate of $47,800. E Duckling acquired the Disposed Asset on June&#160;20,
2006.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">2.
Basis of Presentation</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Historically,
the Disposed Asset operated as an asset within E Duckling and on a consolidated
basis within TMT and had no separate legal status. Accordingly, the Statement of
Revenue and Direct Operating Expenses has been prepared pursuant to a request
from the Buyer and derived from the historical records of E
Duckling.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
cost of the Disposed Asset as of December&#160;14, 2007 and its related
accumulated depreciation from the date it was acquired by E Duckling, to
December&#160;14, 2007 is as follows:</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Marine
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Operations
related to the Disposed Asset are reflected in the Statement of Revenue and
Direct Operating Expenses for the period from October&#160;8, 2007 (commencement
date of a time charter agreement to be assigned to the Buyer) to
December&#160;14, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying Statement of Revenue and Direct Operating Expenses for the period
from October&#160;8, 2007 to December&#160;14, 2007 has been prepared for the
purpose of complying with the rules and regulations of the Securities and
Exchange Commission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying statement was prepared from the books and records maintained by
TMT, of which the Disposed Asset represented only a portion. This statement is
therefore not intended to be a complete representation of the results of
operations for the Disposed Asset as a stand-alone going concern, nor is it
indicative of the results to be expected from future operations of the Disposed
Asset. The accompanying statement is also not intended to be a complete
presentation of the results of operations of E Duckling as of or for any period.
Further, this statement does not include any other adjustments or allocations of
purchase price that may be required in accordance with accounting principles
generally accepted in the United States of America subsequent to the date of
acquisition.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
statement of stockholder&#8217;s equity is not presented, since the Agreement was
structured such that only the Disposed Asset was acquired by the
Buyer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
statement of cash flows is not presented, since the Disposed Asset has
historically been managed as part of the operations of TMT and has not been
operated as a stand-alone entity.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Statement
of Revenue and Direct Operating Expenses</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Statement of Revenue and Direct Operating Expenses includes revenue and
operating expenses directly attributable to the Disposed Asset.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Directly
attributable expenses of the Disposed Asset include vessel operating expenses,
depreciation, and management fees that are specifically identifiable with the
Disposed Asset.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Certain
other expenses and income, such as TMT corporate overhead, interest income and
interest expense are not included in the accompanying Statement of Revenue and
Direct Operating Expenses, since they are not directly associated with the
operations of the Disposed Asset. Corporate overhead expenses include costs
incurred for administrative support, such as expenses for legal, professional
and executive management functions. The accompanying Statement of Revenue and
Direct Operating Expenses is not necessarily indicative of the future financial
position or results of the operations of the Disposed Asset due to the change in
ownership, and the exclusion of certain assets, liabilities and operating
expenses, as described herein.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">3.
Summary of Significant Accounting Policies</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Use
of estimates</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Preparation
of this financial statement in conformity with accounting principles generally
accepted in the United States of America requires management to make certain
estimates and assumptions that affect the reported amounts of assets and the
disclosure of contingencies at the date of the statement of revenue and direct
operating expenses reported.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left">
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
the preparation of this financial statement, estimates and assumptions have been
made by management including the selection of useful lives of tangible assets.
Actual results could differ from those estimates.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Property
and Equipment</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Property
and equipment consists of the vessel and is recorded at cost. Depreciation is
recorded on a straight-line basis over twenty years, the estimated remaining
useful life of the vessel from the date it was acquired by E Duckling, and with
an estimated $1,437,381 salvage value. Depreciation expense amounted to
$266,075, for the period from October&#160;8, 2007 to December&#160;14,
2007.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Revenue
Recognition</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">E
Duckling generates its revenues from charterers for the charterhire of its
vessel. E vessel is chartered under time charter, where a contract is entered
into for the use of a vessel for a specific period of time and a specified daily
charterhire rate. As a charter agreement exists that includes fixed prices,
service is provided and collection of the related revenue is reasonably assured,
revenue is recognized as it is earned ratably over the duration of the period of
a time charter agreement as adjusted for off-hire days that the vessel spends
undergoing repairs, maintenance and upgrade work depending on the condition and
specifications of the vessel. On September&#160;20, 2006, E Duckling entered
into a time charter agreement with its customer, which has duration of 35 to
37&#160;months and a daily charterhire rate of $47,800. E Duckling reports its
revenue net of commission discounts offered to its customer in accordance with
Emerging Issues Task Force Issue (&#8220;EITF&#8221;) No.&#160;01-9, &#8220;Accounting for
Consideration Given by a Vendor to a Customer (Including a Reseller of the
Vendor&#8217;s Products).&#8221; In addition, E Duckling reports its revenue on a gross
basis with regard to the vessel fuel charged to its customer when delivering the
vessel to its customer in accordance with EITF No.&#160;99-19, &#8220;Reporting
Revenue Gross as a Principal versus Net as an Agent.&#8221;</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Operating
Expenses</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">E
Duckling&#8217;s operating expenses consist of vessel operating expenses, depreciation
and management fees that are specifically identifiable with the Disposed Asset.
Vessel operating expenses represent all expenses relating to the operation of
the vessel, including crewing, insurance, repairs and maintenance, commissions,
stores, lubricants, spares and consumables. Vessel operating expenses and
management fees are recognized as incurred.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Income
Taxes</font></div>
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Company is a tax-exempt entity in accordance with the Income Tax Code of the
Republic of Panama.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">4.
Significant Customers and Concentration of Credit Risk</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">One
customer accounted for 100% of the total revenue of the Disposed
Asset.</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 18pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Report
of Independent Registered Public Accounting Firm</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">To
the Shareholder of F Duckling Corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
have audited the accompanying statements of revenue and direct operating
expenses of F&#160;Duckling Corporation (the &#8220;Company&#8221;) for the periods from
January 1, 2008 to January 2, 2008 (date vessel was delivered to the Buyer), and
May 7, 2007 (the commencement date of a time charter agreement to be assigned to
the Buyer) to December&#160;31, 2007.These financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an
opinion on these statements based on our audits.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the statement
is free of material misstatement. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company&#8217;s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the statement,
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of this statement. We
believe that our audits provide a reasonable basis for our opinion.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying statements were prepared for the purposes of complying with the
rules and regulations of the Securities and Exchange Commission in lieu of the
full financial statements required by Rule&#160;3-05 of Regulation&#160;S-X, as
described in Note&#160;2 to Statements of Revenue and Direct Operating Expenses
and are not intended to be a complete presentation of the financial position or
the results of operations of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
our opinion, such statements present fairly, in all material respects, the
revenue and direct operating expenses of the Company for the periods from
January 1, 2008 to January 2, 2008, and May&#160;7, 2007 to December&#160;31,
2007 in conformity with accounting principles generally accepted in the United
States of America.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Deloitte
&amp; Touche</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Taiwan</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Republic of China</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">August
18, 2008<a name="page_ea41101_1_36" /><a name="ea41101_f_duckling_corporation_stateme__" /><a name="toc_ea41101_1" /></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-25</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">F
Duckling Corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Statements
of Revenue and Direct Operating Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(In
U. S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <tr>
            <td valign="bottom" width="57%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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      May 7,&#160;2007</font></div>
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            <td valign="bottom" width="57%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="22%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="left" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="17%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">0</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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      operating expenses</font></div>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="5%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" valign="bottom" width="8%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="right" valign="bottom" width="9%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%" style="PADDING-BOTTOM: 0.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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          <tr bgcolor="white">
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      of revenue over direct operating expenses</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">(
      Excess of direct operating expenses </font><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">over
      revenue )</font></div>
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            <td align="left" valign="bottom" width="5%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
            <td align="right" valign="bottom" width="17%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">(&#160;55,181</font></td>
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            <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 1.5pt"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="8%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">See
notes to statements of revenue and direct operating expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><a name="page_ec41101_1_37" /><a name="ec41101_f_duckling_corporation_notes_t__" /><a name="toc_ec41101_1"><br></a></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-26</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">F
Duckling Corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Notes
to Statements of Revenue and Direct Operating Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(In
U. S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">1.
Business and Asset Purchase Agreement</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
January&#160;12, 2007, Star Bulk Carriers Corp. (the &#8220;Buyer,&#8221;) and F Duckling
Corporation (the &#8220;Seller,&#8221; the &#8220;Company,&#8221; or &#8220;F Duckling&#8221;), a Republic of Panama
company entered into an asset purchase agreement (the &#8220;Agreement&#8221;) for the Buyer
to acquire a marine vessel (the &#8220;Disposed Asset&#8221;) The total
purchase&#160;price&#160;amounted to&#160;$64,572,205 and included cash and
buyer&#8217;s share consideration. The Disposed Asset was delivered to the Buyer on
January 2, 2008. The Disposed Asset is a 52,434 dwt dry bulk vessel which was
built in 2000. In addition, the Buyer and TMT Co., Ltd., (&#8220;TMT&#8221;, a Taiwan
corporation and a related party to the Seller through a common shareholder)
entered into a master agreement on January&#160;12, 2007 (the &#8220;Master
Agreement&#8221;). Pursuant to the Master Agreement, TMT had guaranteed to procure a
two-year time charter agreement at a minimum daily time charter hire rate of
$24,500. F&#160;Duckling acquired the Disposed Asset on May&#160;5,
2006.</font></div>
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Basis of Presentation</font></div>
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the Disposed Asset operated as an asset within F Duckling and on a consolidated
basis within TMT and had no separate legal status. Accordingly, the Statements
of Revenue and Direct Operating Expenses have been prepared pursuant to a
request from the Buyer and derived from the historical records of F
Duckling.</font></div>
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cost of the Disposed Asset as of January 2, 2008 and December&#160;31, 2007, and
its related accumulated depreciation from the date it was acquired by
F&#160;Duckling, to January 2, 2008 and December&#160;30, 2007, respectively are
as follows:</font></div>
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            <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td align="left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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            <td align="left" valign="bottom" width="1%" style="BORDER-BOTTOM: black 1.5pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Operations
related to the Disposed Asset are reflected in the Statements of Revenue and
Direct Operating Expenses for the periods from January 1, 2008 to January 2,
2008, and May&#160;7, 2007 (commencement date of a time charter agreement to be
assigned to the Buyer) to December&#160;31, 2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying Statements of Revenue and Direct Operating Expenses for the periods
from January 1, 2008 to January 2, 2008, and May&#160;7, 2007 to
December&#160;31, 2007 have been prepared for the purpose of complying with the
rules and regulations of the Securities and Exchange Commission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying statements were prepared from the books and records maintained by
TMT, of which the Disposed Asset represented only a portion. These statements
are therefore not intended to be a complete representation of the results of
operations for the Disposed Asset as a stand-alone going concern, nor is it
indicative of the results to be expected from future operations of the Disposed
Asset. The accompanying statements are also not intended to be a complete
presentation of the results of operations of F Duckling as of or for any period.
Further, these statements do not include any other adjustments or allocations of
purchase price that may be required in accordance with accounting principles
generally accepted in the United States of America subsequent to the date of
acquisition.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
statement of stockholder&#8217;s equity is not presented, since the Agreement was
structured such that only the Disposed Asset was acquired by the
Buyer.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">A
statement of cash flows is not presented, since the Disposed Asset has
historically been managed as part of the operations of TMT and has not been
operated as a stand-alone entity.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Statements
of Revenue and Direct Operating Expenses</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Statements of Revenue and Direct Operating Expenses include revenue and
operating expenses directly attributable to the Disposed Asset.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Directly
attributable expenses of the Disposed Asset include vessel operating expenses,
depreciation and management fees that are specifically identifiable with the
Disposed Asset.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Certain
other expenses and income, such as TMT corporate overhead, interest income and
interest expense are not included in the accompanying Statements of Revenue and
Direct Operating Expenses, since they are not directly associated with the
operations of the Disposed Asset. Corporate overhead expenses include costs
incurred for administrative support, such as expenses for legal, professional
and executive management functions. The accompanying Statements of Revenue and
Direct Operating Expenses are not necessarily indicative of the future financial
position or results of the operations of the Disposed Asset due to the change in
ownership, and the exclusion of certain assets, liabilities and operating
expenses, as described herein.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">3.
Summary of Significant Accounting Policies</font></div>
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of estimates</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Preparation
of these financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make certain
estimates and assumptions that affect the reported amounts of assets and the
disclosure of contingencies at the date of the statement of revenue and direct
operating expenses reported.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
the preparation of these financial statements, estimates and assumptions have
been made by management including the selection of useful lives of tangible
assets. Actual results could differ from those estimates.</font></div>
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and equipment consists of the vessel and is recorded at cost. Depreciation is
recorded on a straight-line basis over nineteen years, the estimated remaining
useful life of the vessel from the date it was acquired by F&#160;Duckling, and
with an estimated $1,422,350 salvage value. Depreciation expense amounted to
$7,794 and $ 926,091 for the periods from January 1, 2008 to January 2, 2008,
and May&#160;7, 2007 to December&#160;31, 2007, respectively.</font></div>
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Recognition</font></div>
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Duckling generates its revenues from charterers for the charterhire of its
vessel. A vessel is chartered under time charter, where a contract is entered
into for the use of a vessel for a specific period of time and a specified daily
charterhire rate. As a charter agreement exists that includes fixed prices,
service is provided and collection of the related revenue is reasonably assured,
revenue is recognized as it is earned ratably over the duration of the period of
a time charter agreement as adjusted for off-hire days that the vessel spends
undergoing repairs, maintenance and upgrade work depending on the condition and
specifications of the vessel. On February&#160;14, 2007, F&#160;Duckling entered
into a time charter agreement with its customer, which has duration of 23 to
26&#160;months and a daily charterhire rate of $25,800. F&#160;Duckling reports
its revenue on a gross basis with regard to the vessel fuel charged to its
customer when delivering the vessel to its customer in accordance with Emerging
Issues Task Force Issue No.&#160;99-19, &#8220;Reporting Revenue Gross as a Principal
versus Net as an Agent.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Expenses</font></div>
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Duckling&#8217;s operating expenses consist of vessel operating expenses, depreciation
and management fees that are specifically identifiable with the Disposed Asset.
Vessel operating expenses represent all expenses relating to the operation of
the vessels, including crewing, insurance, repairs and maintenance, commissions,
stores, lubricants, spares and consumables. Vessel operating expenses and
management fees are recognized as incurred.</font></div>
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Company is a tax-exempt entity in accordance with the Income Tax Code of the
Republic of Panama.</font></div>
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Significant Customers and Concentration of Credit Risk</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">One
customer accounted for 100% of the total revenue of the Disposed
Asset.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">5.
Related Party Transactions</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Company has a management agreement with TMT, under which TMT provides management
services in exchange for a fixed monthly fee of $7,500 in 2008 and 2007. Total
management fees paid to TMT amounted to $500 and $58,548 during the periods from
January 1, 2008 to January 2, 2008, and May&#160;7, 2007 to December&#160;31,
2007, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div><br>
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</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
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      </div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><a name="page_ee41101_1_40">Report of Independent Registered Public Accounting
Firm</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">To
the Shareholder of G Duckling Corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
have audited the accompanying statement of revenue and direct operating expenses
of G Duckling Corporation (the &#8220;Company&#8221;) for the period from January 30,
2007(the commencement date of a time charter agreement to be assigned to the
Buyer) to December 3, 2007(date vessel was delivered to the Buyer). This
financial statement is the responsibility of the Company&#8217;s management. Our
responsibility is to express an opinion on this statement based on our
audit.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the statement
is free of material misstatement. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial
reporting. Our audit included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company&#8217;s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the statement,
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of this statement. We
believe that our audit provides a reasonable basis for our opinion.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying statement was prepared for the purposes of complying with the rules
and regulations of the Securities and Exchange Commission in lieu of the full
financial statements required by Rule 3-05 of Regulation S-X, as described in
Note 2 to Statement of Revenue and Direct Operating Expenses and is not intended
to be a complete presentation of the financial position or the results of
operations of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
our opinion, such statement presents fairly, in all material respects, the
revenue and direct operating expenses of the Company for the period from January
30, 2007 to December 3, 2007, in conformity with accounting principles generally
accepted in the United States of America.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Deloitte
&amp; Touche</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Taiwan</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Republic of China</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">August
18, 2008</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-29</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
    </div><br>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><a name="page_eg41101_1_41" /><a name="eg41101_g_duckling_corporation_stateme__" /><a name="toc_eg41101_1">G Duckling Corporation</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Statement
of Revenue and Direct Operating Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(In
U. S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="71%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="25%">
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      January 30, 2007 </font></div>
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      December 3, 2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="71%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="25%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="right" valign="bottom" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">7,707,444</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="71%" style="PADDING-BOTTOM: 0.5pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Direct
      operating expenses</font></div>
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            <td align="left" valign="bottom" width="6%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="6%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">See
notes to statement of revenue and direct operating expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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      <div id="PN" style="PAGE-BREAK-AFTER: always">
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><a name="page_ei41101_1_42" /><a name="ei41101_g_duckling_corporation_notes_t__" /><a name="toc_ei41101_1">G Duckling Corporation</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Notes
to Statement of Revenue and Direct Operating Expense</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(In
U. S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">1.
Business and Asset Purchase Agreement</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
January 12, 2007, Star Bulk Carriers Corp. (the &#8220;Buyer&#8221;), and G Duckling
Corporation (the &#8220;Seller,&#8221; the &#8220;Company,&#8221; or &#8220;G Duckling&#8221;) a Republic of Panama
company entered into an asset purchase agreement (the &#8220;Agreement&#8221;) for the Buyer
to acquire a marine vessel (the &#8220;Disposed Asset&#8221;) The total
purchase&#160;price&#160;amounted to&#160;$66,573,309 and included cash and
buyer&#8217;s share consideration. The Disposed Asset was delivered to the Buyer on
December 3, 2007. The Disposed Asset is a 52,402&#160;dwt dry bulk vessel which
was built in 2001. In addition, the Buyer and TMT Co., Ltd., (&#8220;TMT&#8221;, a Taiwan
corporation and a related party to the Seller through a common shareholder)
entered into a master agreement on January&#160;12, 2007 (the &#8220;Master
Agreement&#8221;). Pursuant to the Master Agreement, TMT had guaranteed to procure a
two-year time charter agreement at a minimum daily time charter hire rate of
$24,500. G Duckling acquired the Disposed Asset on July&#160;12,
2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">2.
Basis of Presentation</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Historically,
the Disposed Asset operated as an asset within G Duckling and on a consolidated
basis within TMT and had no separate legal status. Accordingly, the Statement of
Revenue and Direct Operating Expenses has been prepared pursuant to a request
from the Buyer and derived from the historical records of G
Duckling.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
cost of the Disposed Asset as of December 3, 2007 and its related accumulated
depreciation from the date it was acquired by G&#160;Duckling to December 3,
2007 is as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="82%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="3%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="14%">
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      3, 2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="82%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Marine
      vessel</font></div>
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related to the Disposed Asset are reflected in the Statement of Revenue and
Direct Operating Expenses for the period from January&#160;30, 2007
(commencement date of a time charter agreement to be assigned to the Buyer) to
December 3, 2007.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying Statement of Revenue and Direct Operating Expenses for the period
from January&#160;30, 2007 to December 3, 2007 has been prepared for the purpose
of complying with the rules and regulations of the Securities and Exchange
Commission.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying statement was prepared from the books and records maintained by
TMT, of which the Disposed Asset represented only a portion. This statement is
therefore not intended to be a complete representation of the results of
operations for the Disposed Asset as a stand-alone going concern, nor is it
indicative of the results to be expected from future operations of the Disposed
Asset. The accompanying statement is also not intended to be a complete
presentation of the results of operations of G Duckling as of or for any period.
Further, this statement does not include any other adjustments or allocations of
purchase price that may be required in accordance with accounting principles
generally accepted in the United States of America subsequent to the date of
acquisition.</font></div>
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statement of stockholder&#8217;s equity is not presented, since the Agreement was
structured such that only the Disposed Asset was acquired by the Buyer. <a name="page_ei41101_1_43" /></font></div>
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statement of cash flows is not presented, since the Disposed Asset has
historically been managed as part of the operations of TMT and has not been
operated as a stand-alone entity.</font></div>
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of Revenue and Direct Operating Expenses</font></div>
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Statement of Revenue and Direct Operating Expenses includes revenue and
operating expenses directly attributable to the Disposed Asset.</font></div>
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attributable expenses of the Disposed Asset include vessel operating expenses
and depreciation that are specifically identifiable with the Disposed
Asset.</font></div>
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other expenses and income, such as TMT corporate overhead, interest income and
interest expense are not included in the accompanying Statement of Revenue and
Direct Operating Expenses, since they are not directly associated with the
operations of the Disposed Asset. Corporate overhead expenses include costs
incurred for administrative support, such as expenses for legal, professional
and executive management functions. The accompanying Statement of Revenue and
Direct Operating Expenses is not necessarily indicative of the future financial
position or results of the operations of the Disposed Asset due to the change in
ownership, and the exclusion of certain assets, liabilities and operating
expenses, as described herein.</font></div>
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Summary of Significant Accounting Policies</font></div>
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of estimates</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Preparation
of this financial statement in conformity with accounting principles generally
accepted in the United States of America requires management to make certain
estimates and assumptions that affect the reported amounts of assets and the
disclosure of contingencies at the date of the statement of revenue and direct
operating expenses reported.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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the preparation of this financial statement, estimates and assumptions have been
made by management including the selection of useful lives of tangible assets.
Actual results could differ from those estimates.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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and Equipment</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Property
and equipment consists of the vessel and is recorded at cost. Depreciation is
recorded on a straight-line basis over twenty years the estimated remaining
useful life of the vessel from the date it was acquired by G&#160;Duckling and
with an estimated $1,419,048 salvage value. Depreciation expense amounted to
$1,189,668 during the period from January&#160;30, 2007 to December 3,
2007.</font></div>
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Recognition</font></div>
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generates its revenues from charters for the charterline of its vessel. A vessel
is chartered under time charter, where a contract is entered into for the use of
a vessel for a specific period of time and a specified daily charterhire rate.
As a charter agreement exists that includes fixed prices, service is provided
and collection of the related revenue is reasonably assured, revenue is
recognized as it is earned ratably over the duration of the period of a time
charter agreement as adjusted for off-hire days that the vessel spends
undergoing repairs, maintenance and upgrade work depending on <a name="page_ei41101_1_44">the condition and specifications of the vessel. On
January&#160;30, 2007, G Duckling entered into a time charter agreement with its
customer, which has duration of 23 to 25&#160;months and a daily charterhire
rate of $25,550. G&#160;Duckling reports its revenue net of commission discounts
offered to its customer in accordance with Emerging Issues Task Force (&#8220;EITF&#8221;)
Issue No.&#160;01-9, &#8220;Accounting for Consideration Given by a Vendor to a
Customer (Including a Reseller of the Vendor&#8217;s Products).&#8221; In addition,
G&#160;Duckling reports its revenue on a gross basis with regard to the vessel
fuel charged to its customer when delivering the vessel to its customer in
accordance with EITF No.&#160;99-19, &#8220;Reporting Revenue Gross as a Principal
versus Net as an Agent.&#8221;</a></font></div>
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Expenses</font></div>
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operating expenses consist of vessel operating expenses and depreciation that
are specifically identifiable with the Disposed Asset. Vessel operating expenses
represent all expenses relating to the operation of the vessel, including
crewing, insurance, repairs and maintenance, commissions, stores, lubricants,
spares and consumables. Vessel operating expenses are recognized as
incurred.</font></div>
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Taxes</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Company is a tax-exempt entity in accordance with the Income Tax Code of the
Republic of Panama.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">4.
Significant Customers and Concentration of Credit Risk</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">One
customer accounted for 100% of the total revenue of the Disposed
Asset.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">5.
Related Party Transactions</font></div>
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provides management services to the Company for no charge.</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><a name="page_ek41101_1_45">Report of Independent Registered Public Accounting
Firm</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">To
the Shareholder of I Duckling Corporation</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
have audited the accompanying statements of revenue and direct operating
expenses of I Duckling Corporation (the &#8220;Company&#8221;) for the periods from January
1, 2008 to January 2, 2008 (date vessel was delivered to the Buyer), and
February 13, 2007 (the commencement date of a time charter agreement to be
assigned to the Buyer) to December 31, 2007. These financial statements are the
responsibility of the Company&#8217;s management. Our responsibility is to express an
opinion on these statements based on our audits.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the statement
is free of material misstatement. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial
reporting. Our audits included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company&#8217;s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the statement,
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of this statement. We
believe that our audits provide a reasonable basis for our opinion.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying statements were prepared for the purposes of complying with the
rules and regulations of the Securities and Exchange Commission in lieu of the
full financial statements required by Rule 3-05 of Regulation S-X, as described
in Note 2 to Statements of Revenue and Direct Operating Expenses and are not
intended to be a complete presentation of the financial position or the results
of operations of the Company.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
our opinion, such statements present fairly, in all material respects, the
revenue and direct operating expenses of the Company for the periods from
January 1, 2008 to January 2, 2008, and from February 13, 2007 to December 31,
2007, in conformity with accounting principles generally accepted in the United
States of America.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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&amp; Touche</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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Taiwan</font></div>
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18, 2008<a name="page_em41101_1_46" /><a name="em41101_i_duckling_corporation_stateme__" /></font></div>
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Duckling Corporation</font></div>
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U. S. Dollars)</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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      1,&#160;2008</font></div>
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          <tr>
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            <td colspan="2" valign="bottom" width="20%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">See
notes to statements of revenue and direct operating expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">I
Duckling Corporation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Notes
to Statements of Revenue and Direct Operating Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(In
U. S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">1.
Business and Asset Purchase Agreement</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
January 12, 2007, Star Bulk Carriers Corp. (the &#8220;Buyer&#8221;), and I Duckling
Corporation (the &#8220;Seller,&#8221; the &#8220;Company,&#8221; or &#8220;I Duckling&#8221;) a Republic of Panama
company entered into an asset purchase agreement (the &#8220;Agreement&#8221;) for the Buyer
to acquire a marine vessel (the &#8220;Disposed Asset&#8221;) The total
purchase&#160;price&#160;amounted to&#160;$57,853,675 and included cash and
buyer&#8217;s share consideration.&#160;&#160;The Disposed Asset was delivered to the
Buyer on January 2, 2008. The Disposed Asset is a 52,994 dwt dry bulk vessel
which was built in 2003. In addition, the Buyer and TMT Co., Ltd., (&#8220;TMT&#8221;, a
Taiwan corporation and a related party to the Seller through a common
shareholder) entered into a master agreement on January 12, 2007 (the &#8216;Master
Agreement&#8217;). Pursuant to the Master Agreement, TMT had guaranteed to procure a
three-year time charter agreement at a minimum daily time charter hire rate
$28,500. I Duckling acquired the Disposed Asset on May 6, 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">2.
Basis of Presentation</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Historically,
the Disposed Asset operated as an asset within I Duckling and on a consolidated
basis within TMT and had no separate legal status. Accordingly, the Statements
of Revenue and Direct Operating Expenses have been prepared pursuant to a
request from the Buyer and derived from the historical records of I
Duckling.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
cost of the Disposed Asset as of January 2, 2008 and, December 31, 2007 and its
related accumulated depreciation from the date it was acquired by I Duckling ,to
January 2, 2008 and, December 31, 2007, respectively are as
follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="16%">
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      2,&#160;</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2008</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="16%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">December
      31,&#160;</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr>
            <td valign="bottom" width="63%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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related to the Disposed Asset are reflected in the Statements of Revenue and
Direct Operating Expenses for the periods from January 1, 2008 to January 2,
2008 and February 13, 2007 (commencement date of a time charter agreement to be
assigned to the Buyer) to December 31, 2007.</font></div>
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accompanying Statements of Revenue and Direct Operating Expenses for the periods
from January 1, 2008 to January 2, 2008 and February&#160;13, 2007 to December
31, 2007 have been prepared for the purpose of complying with the rules and
regulations of the Securities and Exchange Commission.</font></div>
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accompanying statements were prepared from the books and records maintained by
TMT, of which the Disposed Asset represented only a portion. These statements
are therefore not intended to be a complete representation of the results of
operations for the Disposed Asset as a stand-alone going concern, nor is it
indicative of the results to be expected from future operations of the Disposed
Asset. The accompanying statements are also not intended to be a complete
presentation of the results of operations of I Duckling as of or for any period.
Further, these statements do not include any other adjustments or allocations of
purchase price that may be required in accordance with accounting principles
generally accepted in the United States of America subsequent to the date of
acquisition.</font></div>
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statement of stockholder&#8217;s equity is not presented, since the Agreement was
structured such that only the Disposed Asset was acquired by the Buyer. <a name="page_eo41101_1_48" /></font></div>
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statement of cash flows is not presented, since the Disposed Asset has
historically been managed as part of the operations of TMT and has not been
operated as a stand-alone entity.</font></div>
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of Revenue and Direct Operating Expenses</font></div>
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Statements of Revenue and Direct Operating Expenses include revenue and
operating expenses directly attributable to the Disposed Asset.</font></div>
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attributable expenses of the Disposed Asset include vessel operating expenses,
depreciation and management fees that are specifically identifiable with the
Disposed Asset.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Certain
other expenses and income, such as TMT corporate overhead, interest income and
interest expense are not included in the accompanying Statements of Revenue and
Direct Operating Expenses, since they are not directly associated with the
operations of the Disposed Asset. Corporate overhead expenses include costs
incurred for administrative support, such as expenses for legal, professional
and executive management functions. The accompanying Statements of Revenue and
Direct Operating Expenses are not necessarily indicative of the future financial
position or results of the operations of the Disposed Asset due to the change in
ownership, and the exclusion of certain assets, liabilities and operating
expenses, as described herein.</font></div>
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Summary of Significant Accounting Policies</font></div>
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of estimates</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Preparation
of these financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make certain
estimates and assumptions that affect the reported amounts of assets and the
disclosure of contingencies at the date of the statement of revenue and direct
operating expenses reported.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
the preparation of these financial statements, estimates and assumptions have
been made by management including the selection of useful lives of tangible
assets. Actual results could differ from those estimates.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Property
and Equipment</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Property
and equipment consists of the vessel and is recorded at cost. Depreciation is
recorded on a straight-line basis over twenty-one years, the estimated remaining
useful life of the vessel from the date it was acquired by I Duckling, and<font style="DISPLAY: inline; COLOR: #333333">&#160;</font>with an estimated
$1,477,273 salvage value. Depreciation expense amounted to $8,095 and $1,297,011
during the periods from January 1, 2008 to January 2, 2008, and
February&#160;13, 2007 to December 31, 2007, respectively.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Revenue
Recognition</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">I
Duckling generates its revenues from charterers for the charterhire of its
vessel. A vessel is chartered under time charter, where a contract is entered
into for the use of a vessel for a specific period of time and a specified daily
charterhire rate. As a charter agreement exists that includes fixed prices,
service is provided and collection of the related revenue is reasonably assured,
revenue is recognized as it is earned ratably over the duration of the period of
a time charter agreement as adjusted for the off-hire days that the vessel
spends undergoing repairs, maintenance and upgrade work depending on <a name="page_eo41101_1_49">the condition and specifications of the vessel. On
January&#160;31, 2007, I&#160;Duckling entered into a time charter agreement
with its customer, which has duration of 11 to 13&#160;months and a daily
charterhire rate of $30,300. I Duckling reports its revenue net of commission
discounts offered to its customer in accordance with Emerging Issues Task Force
Issue (&#8220;EITF&#8221;) No. 01-9, &#8220;Accounting for Consideration Given by a Vendor to a
Customer (Including a Reseller of the Vendor&#8217;s Products).&#8221; In addition, I
Duckling reports its revenue on a gross basis with regard to the vessel fuel
charged to its customer when delivering the vessel to its customer in accordance
with EITF No. 99-19, &#8220;Reporting Revenue Gross as a Principal versus Net as an
Agent.&#8221;</a></font></div>
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Expenses</font></div>
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Duckling&#8217;s operating expenses consist of vessel operating expenses, depreciation
and management fees that are specifically identifiable with the Disposed Asset.
Vessel operating expenses represent all expenses relating to the operation of
the vessel, including crewing, insurance, repairs and maintenance, commissions,
stores, lubricants, spares and consumables. Vessel operating expenses and
management fees are recognized as incurred.</font></div>
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Taxes</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Company is a tax-exempt entity in accordance with the Income Tax Code of the
Republic of Panama.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">4.
Significant Customers and Concentration of Credit Risk</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">One
customer accounted for 100% of the total revenue of the Disposed
Asset.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">5.
Related Party Transactions</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Company has a management agreement with TMT, under which TMT provides management
services in exchange for a fixed monthly fee of $7,500 in 2007 and 2008. Total
management fees paid to TMT amounted to $500 and $79,018 during the periods from
January 1, 2008 to January 2, 2008, and from February 13, 2007 to December 31,
2007, respectively.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif"><a name="page_eq41101_1_50">Report of Independent Registered Public Accounting
Firm</a></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">To
the Shareholder of J Duckling Corporation</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">We
have audited the accompanying statement of revenue and direct operating expenses
of J&#160;Duckling Corporation (the &#8220;Company&#8221;) for the period from May&#160;16,
2007 (the commencement date of a time charter agreement to be assigned to the
Buyer) to December 6, 2007(date vessel was delivered to the Buyer). This
financial statement is the responsibility of the Company&#8217;s management. Our
responsibility is to express an opinion on this statement based on our
audit.</font></div>
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conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the statement
is free of material misstatement. The Company is not required to have, nor were
we engaged to perform, an audit of its internal control over financial
reporting. Our audit included consideration of internal control over financial
reporting as a basis for designing audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company&#8217;s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a
test basis, evidence supporting the amounts and disclosures in the statement,
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of this statement. We
believe that our audit provides a reasonable basis for our opinion.</font></div>
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accompanying statement was prepared for the purposes of complying with the rules
and regulations of the Securities and Exchange Commission in lieu of the full
financial statements required by Rule&#160;3-05 of Regulation&#160;S-X, as
described in Note&#160;2 to Statement of Revenue and Direct Operating Expenses
and is not intended to be a complete presentation of the financial position or
the results of operations of the Company.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
our opinion, such statement presents fairly, in all material respects, the
revenue and direct operating expenses of the Company for the period from
May&#160;16, 2007 to December 6, 2007, in conformity with accounting principles
generally accepted in the United States of America.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Deloitte
&amp; Touche</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Taipei,
Taiwan</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
Republic of China</font></div>
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18, 2008<a name="page_es41101_1_51" /><a name="es41101_j_duckling_corporation_stateme__" /><a name="toc_es41101_1" /></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-37</font></div>
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</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">J
Duckling Corporation</font></div>
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of Revenue and Direct Operating Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(In
U.&#160;S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="19%">
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      May 16, 2007 to December 6, 2007</font></div>
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          <tr>
            <td valign="bottom" width="78%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="19%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
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            <td align="right" valign="bottom" width="9%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">6,605,243</font></td>
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            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 0.5pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Direct
      operating expenses</font></div>
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            <td align="left" valign="bottom" width="78%" style="PADDING-BOTTOM: 2.25pt">
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            <td align="left" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">See
notes to statement of revenue and direct operating expenses.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">F-38</font></div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right"><font style="DISPLAY: inline; FONT-SIZE: 8pt; COLOR: #000000; FONT-FAMILY: Times New Roman">&#160;
</font></div>
      </div>
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    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">J
Duckling Corporation</font></div>
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to Statement of Revenue and Direct Operating Expenses</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">(In
U. S. Dollars)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">1.
Business and Asset Purchase Agreement</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">On
January&#160;12, 2007, Star Bulk Carriers Corp. (the &#8220;Buyer&#8221;), and J Duckling
Corporation (the &#8220;Seller,&#8221; the &#8220;Company,&#8221; or &#8220;J Duckling&#8221;), a Republic of Panama
company entered into an asset purchase agreement (the &#8220;Agreement&#8221;) for the Buyer
to acquire a marine vessel (the &#8220;Disposed Asset&#8221;) The total
purchase&#160;price&#160;amounted to&#160;$67,140,790 and included cash and
buyer&#8217;s share consideration. The Disposed Asset was delivered to the Buyer on
December 6, 2007. The Disposed Asset is a 52,425 dwt dry bulk vessel which was
built in 2003. J Duckling acquired the Disposed Asset on July&#160;12,
2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">2.
Basis of Presentation</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Historically,
the Disposed Asset operated as an asset within J Duckling and on a consolidated
basis within TMT and had no separate legal status. Accordingly, the Statement of
Revenue and Direct Operating Expenses has been prepared pursuant to a request
from the Buyer and derived from the historical records of J
Duckling.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
cost of the Disposed Asset as of December 6, 2007 and its related accumulated
depreciation from the date it was acquired by J&#160;Duckling to December 6,
2007 is as follows:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="bottom" width="83%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
            <td colspan="2" valign="bottom" width="14%">
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      6, 2007</font></div>
            </td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="83%">
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      vessel</font></div>
            </td>
            <td valign="bottom" width="2%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td colspan="2" valign="bottom" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&#160;</font></td>
          </tr>
          <tr bgcolor="#cceeff">
            <td align="left" valign="bottom" width="83%">
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            </td>
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            <td align="left" valign="bottom" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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            <td align="left" nowrap valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="83%" style="PADDING-BOTTOM: 0.5pt">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">Accumulated
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            <td align="left" valign="bottom" width="5%" style="BORDER-BOTTOM: black 0.5pt solid"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">&#160;</font></td>
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            <td align="left" valign="bottom" width="5%" style="BORDER-BOTTOM: black 2.25pt double"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: times new roman, serif">$</font></td>
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          </tr>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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related to the Disposed Asset are reflected in the Statement of Revenue and
Direct Operating Expenses for the period from May&#160;16, 2007 (commencement
date of a time charter agreement to be assigned to the Buyer) to December 6,
2007.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">The
accompanying Statement of Revenue and Direct Operating Expenses for the period
from May&#160;16, 2007 to December 6, 2007 has been prepared for the purpose of
complying with the rules and regulations of the Securities and Exchange
Commission.</font></div>
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accompanying statement was prepared from the books and records maintained by
TMT, of which the Disposed Asset represented only a portion. This statement is
therefore not intended to be a complete representation of the results of
operations for the Disposed Asset as a stand-alone going concern, nor is it
indicative of the results to be expected from future operations of the Disposed
Asset. The accompanying statement is also not intended to be a complete
presentation of the results of operations of J Duckling as of or for any period.
Further, this statement does not include any other adjustments or allocations of
purchase price that may be required in accordance with accounting principles
generally accepted in the United States of America subsequent to the date of
acquisition.</font></div>
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structured such that only the Disposed Asset was acquired by the
Buyer.</font></div>
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statement of cash flows is not presented, since the Disposed Asset has
historically been managed as part of the operations of TMT and has not been
operated as a stand-alone entity.</font></div>
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operating expenses directly attributable to the Disposed Asset.</font></div>
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attributable expenses of the Disposed Asset include vessel operating expenses,
depreciation and management fees that are specifically identifiable with the
Disposed Asset.</font></div>
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other expenses and income, such as TMT corporate overhead, interest income and
interest expense are not included in the accompanying Statement of Revenue and
Direct Operating Expenses, since they are not directly associated with the
operations of the Disposed Asset. Corporate overhead expenses include costs
incurred for administrative support, such as expenses for legal, professional
and executive management functions. The accompanying Statement of Revenue and
Direct Operating Expenses is not necessarily indicative of the future financial
position or results of the operations of the Disposed Asset due to the change in
ownership, and the exclusion of certain assets, liabilities and operating
expenses, as described herein.</font></div>
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Summary of Significant Accounting Policies</font></div>
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of estimates</font></div>
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of this financial statement in conformity with accounting principles generally
accepted in the United States of America requires management to make certain
estimates and assumptions that affect the reported amounts of assets and the
disclosure of contingencies at the date of the statement of revenue and direct
operating expenses reported.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">In
the preparation of this financial statement, estimates and assumptions have been
made by management including the selection of useful lives of tangible assets.
Actual results could differ from those estimates.</font></div>
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and Equipment</font></div>
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and equipment consists of the vessel and is recorded at cost. Depreciation is
recorded on a straight-line basis over twenty-two years, the estimated remaining
useful life of the vessel from the date it was acquired by J&#160;Duckling, and
with an estimated $1,344,783 salvage value. Depreciation expense amounted to
$750,530, for the period from May&#160;16, 2007 to December 6,
2007.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">Revenue
Recognition</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">J&#160;Duckling
generates its revenues from charterers for the charterhire of its vessel. A
vessel is chartered under time charter, where a contract is entered into for the
use of a vessel for a specific period of time and a specified daily charterhire
rate. As a charter agreement exists that includes fixed prices, service is
provided and collection of the related revenue is reasonably assured, revenue is
recognized as it is earned ratably over the duration of the period of a time
charter agreement as adjusted for the off-hire days that the vessel spends
undergoing repairs, maintenance and upgrade work depending on the condition and
specifications of the vessel. On April&#160;23, 2007, J&#160;Duckling entered
into a time charter agreement with its customer, which has duration of 23 to
25&#160;months and a daily charterhire rate of $32,500. J Duckling reports its
revenue net of commission discounts offered to its customer in accordance with
Emerging Issues Task Force Issue (&#8220;EITF&#8221;) No.&#160;01-9, &#8220;Accounting for
Consideration Given by a Vendor to a Customer (Including a Reseller of the
Vendor&#8217;s Products).&#8221; In addition, J&#160;Duckling reports its revenue on a gross
basis with regard to the vessel fuel charged to its customer when delivering the
vessel to its customer in accordance with EITF No.&#160;99-19, &#8220;Reporting
Revenue Gross as a Principal versus Net as an Agent.&#8221;</font></div>
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related to a dispute over the charterhire rate from the previous time charter
arrangement is recognized when the dispute is resolved and money is received
from the customer and such revenue amounted to $130,880 during the period from
May&#160;16, 2007 to December 6, 2007.</font></div>
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Expenses</font></div>
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Duckling&#8217;s operating expenses consist of vessel operating expenses, depreciation
and management fees that are specifically identifiable with the Disposed Asset.
Vessel operating expenses represent all expenses relating to the operation of
the vessel, including crewing, insurance, repairs and maintenance, commissions,
stores, lubricants, spares and consumables. Vessel operating expenses and
management fees are recognized as incurred.</font></div>
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Taxes</font></div>
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Company is a tax-exempt entity in accordance with the Income Tax Code of the
Republic of Panama.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">4.
Significant Customers and Concentration of Credit Risk</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 11pt; FONT-FAMILY: Times New Roman, serif">One
customer accounted for 100% of the total revenue of the Disposed
Asset.</font></div>
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v7</font></font></div><br>
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