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Basis of Presentation and General Information (Tables)

12 Months Ended

Dec. 31, 2014

Basis of Presentation and General Information [Abstract]

Schedule Of Purchase Price Allocation

		July 11, 2014
Assets
Cash and cash equivalents	$	89,887
Restricted cash		6,381
Other current assets		13,906
Advances for vessel acquisition and vessels under construction		316,786
Vessels		426,000
Fair value of above market acquired charters		1,967
Total Assets acquired	$	854,927

Liabilities
Current liabilities, excluding current portion of long term bank debt and derivative financial liabilities		12,372
Long-term debt, including current portion		208,237
Derivative financial liabilities		5,728
Total Liabilities assumed	$	226,337

Net assets acquired	$	628,590


Consideration paid in common shares for Oceanbulk and Pappas Companies (51,988,494 shares issued)		616,272
Gain from Bargain Purchase	$	12,318

Results Of Operations For Companies Acquired

					Pappas
		Oceanbulk			Companies
Voyage revenues	$	39,585		$	2,249
Operating income/(loss)	$	(645	)	$	111
Net loss	$	(4,822	)	$	(213	)

Business Acquisition Pro Forma Information

		2013			2014
Pro forma revenues	$	82,090		$	177,654
Pro forma operating income / (loss)	$	(1,172	)	$	(10,296	)
Pro forma net loss	$	(10,604	)	$	(24,075	)
Pro forma loss per share, basic and diluted	$	(0.15	)	$	(0.27	)

List of Subsidiaries

	Subsidiaries owning vessels in operation at December 31, 2014

									Date				Year
	Wholly Owned Subsidiaries		Vessel Name		DWT				Delivered to Star Bulk				Built
1	Cape Ocean Maritime LLC		Leviathan (1)		182,511				September 19, 2014				2014
2	Cape Horizon Shipping LLC		Peloreus (1)		182,496				July 22, 2014				2014
3	OOCAPE1 Holdings LLC		Obelix (1)		181,433				July 11, 2014				2011
4	Sandra Shipco LLC		Sandra (tbr Star Pauline) (2)		180,274				December 29, 2014				2008
5	Christine Shipco LLC		Christine (tbr Star Martha) (2)		180,274				October 31, 2014				2010
6	Pacific Cape Shipping LLC		Pantagruel (1)		180,181				July 11, 2014				2004
7	Star Borealis LLC		Star Borealis		179,678				September 9, 2011				2011
8	Star Polaris LLC		Star Polaris		179,600				November 14, 2011				2011
9	Star Trident V LLC		Star Angie (2)		177,931				October 29, 2014				2007
10	Sky Cape Shipping LLC		Big Fish (1)		177,643				July 11, 2014				2004
11	Global Cape Shipping LLC		Kymopolia (1)		176,990				July 11, 2014				2006
12	Sea Cape Shipping LLC		Big Bang (1)		174,109				July 11, 2014				2007
13	Star Aurora LLC		Star Aurora		171,199				September 8, 2010				2000
14	Star Mega LLC		Star Mega		170,631				August 16, 2011				1994
15	Lowlands Beilun Shipco LLC		Lowlands Beilun (tbr Star Despoina) (2)		170,162				December 29, 2014				1999
16	Star Big LLC		Star Big		168,404				July 25, 2011				1996
17	Star Trident VII LLC		Star Eleonora (2)		164,218				December 3, 2014				2001
18	Nautical Shipping LLC		Amami (1)		98,681				July 11, 2014				2011
19	Majestic Shipping LLC		Madredeus (1)		98,681				July 11, 2014				2011
20	Star Sirius LLC		Star Sirius		98,681				March 7, 2014				2011
21	Star Vega LLC		Star Vega		98,681				February 13, 2014				2011
22	Star Alta II LLC		Star Angelina (3)		82,981				December 5, 2014				2006
23	Star Alta I LLC		Star Gwyneth (3)		82,790				December 5, 2014				2006
24	Star Trident I LLC		Star Kamila (2)		82,769				September 3, 2014				2005
25	Grain Shipping LLC		Pendulum (1)		82,619				July 11, 2014				2006
26	Star Trident XIX LLC		Star Maria (2)		82,598				November 5, 2014				2007
27	Star Trident XII LLC		Star Markella (2)		82,594				September 29, 2014				2007
28	Star Trident IX LLC		Star Danai (2)		82,574				October 21, 2014				2006
29	Star Trident XI LLC		Star Georgia (2)		82,298				October 14, 2014				2006
30	Star Trident VIII LLC		Star Sophia (2)		82,269				October 31, 2014				2007
31	Star Trident XVI LLC		Star Mariella (2)		82,266				September 19, 2014				2006
32	Star Trident XIV LLC		Star Moira (2)		82,257				November 19, 2014				2006
33	Star Trident X LLC		Star Renee (2)		82,221				December 18, 2014				2006
34	Star Trident II LLC		Star Nasia (2)		82,220				August 29, 2014				2006
35	Star Trident XIII LLC		Star Laura (2)		82,209				December 8, 2014				2006
36	Star Trident XVII LLC		Star Helena (2)		82,187				December 29, 2014				2006
37	Mineral Shipping LLC		Mercurial Virgo (1)		81,545				July 11, 2014				2013
38	KMSRX Holdings LLC		Magnum Opus (1)		81,022				July 11, 2014				2014
39	Dioriga Shipping Co.		Tsu Ebisu (1)		81,001				July 11, 2014				2014
40	Star Trident III LLC		Star Iris (2)		76,466				September 8, 2014				2004
41	Star Trident IV LLC		Star Aline (2)		76,429				September 4, 2014				2004
42	Star Trident XX LLC		Star Emily (2)		76,417				September 16, 2014				2004
43	Star Trident XXI LLC		Star Christianna (2)		74,577				October 6, 2014				1998
44	Star Trident XXII LLC		Star Natalie (2)		73,798				August 29, 2014				1998
45	Star Trident XXV LLC		Star Vanessa (2)		72,493				November 7, 2014				1999
46	Star Trident XXVII LLC		Star Monika (2)		71,504				October 10, 2014				1993
47	Star Trident XXVIII LLC		Star Julia (2)		70,083				December 22, 2014				1994
48	Star Trident XXIX LLC		Star Tatianna (2)		69,634				August 28, 2014				1993
49	Star Challenger I LLC		Star Challenger		61,462				December 12, 2013				2012
50	Star Challenger II LLC		Star Fighter		61,455				December 30, 2013				2013
51	Premier Voyage LLC		Maiden Voyage (1)		58,722				July 11, 2014				2012
52	Glory Supra Shipping LLC		Strange Attractor (1)		55,742				July 11, 2014				2006
53	Star Omicron LLC		Star Omicron		53,489				April 17, 2008				2005
54	Star Gamma LLC		Star Gamma (ex C Duckling)		53,098				January 4, 2008				2002
55	Star Zeta LLC		Star Zeta (ex I Duckling)		52,994				January 2, 2008				2003
56	Star Delta LLC		Star Delta (ex F Duckling)		52,434				January 2, 2008				2000
57	Star Theta LLC		Star Theta (ex J Duckling)		52,425				December 6, 2007				2003
58	Star Epsilon LLC		Star Epsilon (ex G Duckling)		52,402				December 3, 2007				2001
59	Star Cosmo LLC		Star Cosmo		52,246				July 1, 2008				2005
60	Star Kappa LLC		Star Kappa (ex E Duckling)		52,055				December 14, 2007				2001
61	Star Trident XXX LLC		Star Michele (2)		45,588				October 14, 2014				1998
62	Star Trident XXXI LLC		Star Kim (2) (4)		38,858				December 5, 2014				1994


(1) Vessels acquired pursuant to the Merger and the Pappas Transaction
(2) Vessels acquired pursuant to the Excel Transactions
(3) Vessels acquired from Heron
(4) This vessel was sold on December 17, 2014 and was delivered to her new owners on January 21, 2015.

List of Newbuildings

	Subsidiaries owning newbuildings at December 31, 2014
					Expected Delivery
	Wholly Owned Subsidiaries	Newbuildings Name	Type	DWT	Date

1	Positive Shipping Company	HN 5016 (tbn Indomitable) (Note 20)	Capesize	182,160	January 2015
2	Aurelia Shipping LLC	HN NE 164 (tbn Honey Badger) (Note 20)	Ultramax	61,000	February 2015
3	Rainbow Maritime LLC	HN NE 165 (tbn Wolverine) (Note 20)	Ultramax	61,000	February 2015
4	Spring Shipping LLC	HN 1061 (tbn Roberta) (5) (Note 20)	Ultramax	64,000	March 2015
5	Orion Maritime LLC	HN 1063 (tbn Idee Fixe) (5) (Note 20)	Ultramax	64,000	March 2015
6	Pearl Shiptrade LLC	HN NE 166 (tbn Gargantua) (Note 20)	Newcastlemax	209,000	April 2015
7	Success Maritime LLC	HN 1062 (tbn Laura) (5)	Ultramax	64,000	April 2015
8	L.A. Cape Shipping LLC	HN 5017 (tbn Deep Blue)	Capesize	182,000	April 2015
9	Olympia Shiptrade LLC	HN 1312 (tbn Bruno Marks)	Capesize	180,000	May 2015
10	Ultra Shipping LLC	HN 1064 (tbn Kaley) (5)	Ultramax	64,000	May 2015
11	Star Asia I LLC	HN 5040 (tbn Star Aquarius)	Ultramax	60,000	May 2015
12	Sea Diamond Shipping LLC	HN NE 167 (tbn Goliath)	Newcastlemax	209,000	June 2015
13	Coral Cape Shipping LLC	HN NE 184 (tbn Maharaj)	Newcastlemax	209,000	July 2015
14	Victory Shipping LLC	HN 1313 (tbn Jenmark)	Capesize	180,000	July 2015
15	Blooming Navigation LLC	HN 1080 (tbn Kennadi)	Ultramax	64,000	July 2015
16	Star Asia II LLC	HN 5043 (tbn Star Pisces)	Ultramax	60,000	July 2015
17	Star Seeker LLC	HN 1372 (tbn Star Libra) (5)	Newcastlemax	208,000	August 2015
18	Jasmine Shipping LLC	HN 1081 (tbn Mackenzie)	Ultramax	64,000	August 2015
19	Cape Confidence Shipping LLC	HN 5055 (tbn Behemoth)	Capesize	182,000	September 2015
20	Star Cape I LLC	HN 1338 (tbn Star Aries)	Capesize	180,000	September 2015
21	Star Axe I LLC	HN NE 196 (tbn Star Antares)	Ultramax	61,000	September 2015
22	Oday Marine LLC	HN 1082 (tbn Night Owl)	Ultramax	64,000	October 2015
23	Clearwater Shipping LLC	HN 1359 (tbn Star Marisa) (5)	Newcastlemax	208,000	November 2015
24	Cape Runner Shipping LLC	HN 5056 (tbn Megalodon)	Capesize	182,000	November 2015
25	Searay Maritime LLC	HN 1083 (tbn Early Bird)	Ultramax	64,000	November 2015
26	Star Axe II LLC	HN NE 197 (tbn Star Lutas)	Ultramax	61,000	November 2015
27	Star Castle I LLC	HN 1342 (tbn Star Gemini)	Newcastlemax	208,000	January 2016
28	Star Cape II LLC	HN 1339 (tbn Star Taurus)	Capesize	180,000	January 2016
29	Domus Shipping LLC	HN 1360 (tbn Star Ariadne) (5)	Newcastlemax	208,000	February 2016
30	Star Breezer LLC	HN 1371 (tbn Star Virgo) (5)	Newcastlemax	208,000	February 2016
31	Star Ennea LLC	HN NE 198 (tbn Star Poseidon)	Newcastlemax	209,000	March 2016
32	Star Castle II LLC	HN 1343 (tbn Star Leo)	Newcastlemax	208,000	March 2016
33	Festive Shipping LLC	HN 1361 (tbn Star Magnanimus) (5)	Newcastlemax	208,000	May 2016
34	Gravity Shipping LLC	HN 1362 (tbn Star Manticore) (5)	Newcastlemax	208,000	June 2016
35	White Sand Shipping LLC	HN 1363 (tbn Star Chaucer) (5)	Newcastlemax	208,000	September 2016



(5) Subject to a bareboat capital lease (Note 6)

List of Non-vessel owning subsidiaries

Non-vessel owning subsidiaries at December 31, 2014

Wholly Owned Subsidiaries

Star Bulk Management Inc.

Starbulk S.A.

Star Bulk Manning LLC

Star Omas LLC (6)

Star Synergy LLC (6)

Oceanbulk Shipping LLC

Oceanbulk Carriers LLC

International Holdings LLC

Unity Holding LLC

Star Bulk (USA) LLC

Star Trident XXIII LLC (7)

Star Trident XXVI LLC (7)

Star Trident VI LLC (7)

Star Trident XVIII LLC (7)

Star Trident XV LLC (7)

Star Trident XXIV LLC (7)

Lamda LLC (8)

Star Alpha LLC (8)

Star Beta LLC (8)

Star Ypsilon LLC (8)

(6) Entities established to merge with the holding companies of Oceanbulk (please refer to Note 1)

(7) Entities established to acquire Excel Vessels which as of December 31, 2014, had not been delivered to the

Company

(8) Owning companies of vessels which have been sold and currently have no operations

List of vessels under commercial and technical management by Starbulk S.A.

						Effective Date
						of Management
Vessel Owning Company		Vessel Name		DWT		Agreement		Year Built

Global Cape Shipping LLC (9)		Kymopolia		176,990		January 30, 2014		2006
OOCAPE1 Holdings LLC (9)		Obelix		181,433		October 19, 2012		2011
Pacific Cape Shipping LLC (9)		Pantagruel		180,181		October 24, 2013		2004
Sea Cape Shipping LLC (9)		Big Bang		174,109		August 30, 2013		2007
Sky Cape Shipping LLC (9)		Big Fish		177,662		October 18, 2013		2004
Majestic Shipping LLC (9)		Madredeus		98,681		February 4, 2014		2011
Nautical Shipping LLC (9)		Amami		98,681		February 4, 2014		2011
Grain Shipping LLC (9)		Pendulum		82,619		February 17, 2014		2006
Mineral Shipping LLC (9)		Mercurial Virgo		81,545		February 17, 2014		2011
Adore Shipping Corp.		Renascentia(10)		74,732		June 20, 2013		1999
Hamon Shipping Inc		Marto (11)		74,470		August 2, 2013		2001
Glory Supra Shipping LLC (9)		Strange Attractor		55,742		September 24, 2013		2006
Premier Voyage LLC (9)		Maiden Voyage		58,722		September 28, 2012		2012
Serenity Maritime Inc.		Serenity I		53,688		June 11, 2011		2006




(9) These companies were subsidiaries of Oceanbulk and related parties to the Company (please refer to Note 3), which became wholly owned subsidiaries following the completion of the Merger on July 11, 2014, when the respective management agreements were terminated.
(10) On June 20, 2014, this vessel was sold and the management agreement between Starbulk S.A. and the previous owners was terminated. The Company received management fees for a period of two months following the termination date, in accordance with the terms of the management agreement.
(11) On July 3, 2014, the Company received a notice of termination of the management agreement for this vessel. The management agreement was terminated upon the vessel's delivery to its new managers, on August 20, 2014. The Company received management fees for a period of three months following the termination date, in accordance with the terms of the management agreement.

Charter Revenue Percentage


Charterer		2012		2013		2014
A		14%		13%		12%
B		15%		3%		3%
C		28%		34%		12%
D		10%		6%		1%