<SEC-DOCUMENT>0001567619-16-002985.txt : 20160920
<SEC-HEADER>0001567619-16-002985.hdr.sgml : 20160920
<ACCEPTANCE-DATETIME>20160920162033
ACCESSION NUMBER:		0001567619-16-002985
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160920
FILED AS OF DATE:		20160920
DATE AS OF CHANGE:		20160920

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:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-33869
		FILM NUMBER:		161894090

	BUSINESS ADDRESS:	
		STREET 1:		C/O STAR BULK MANAGEMENT INC.
		STREET 2:		40 AGIOU KONSTANTINOU STR, MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15124
		BUSINESS PHONE:		011-30-210-617-8400

	MAIL ADDRESS:	
		STREET 1:		C/O STAR BULK MANAGEMENT INC.
		STREET 2:		40 AGIOU KONSTANTINOU STR, MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15124
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>s001420x3_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 18pt"><B>UNITED
STATES </B></FONT><BR>
<FONT STYLE="font-size: 18pt"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT><BR>
<B>Washington, D.C. 20549 </B></P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN PRIVATE ISSUER </B><BR>
<B>PURSUANT TO RULE 13A-16 OR 15D-16 </B><BR>
<B>OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of September 2016</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission File Number: 001-33869 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>STAR BULK CARRIERS CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Translation of registrant&rsquo;s name
into English)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Star Bulk Carriers Corp. </B><BR>
<B>c/o Star Bulk Management Inc. </B><BR>
<B>40 Agiou Konstantinou Street, </B><BR>
<B>15124 Maroussi, </B><BR>
<B>Athens, Greece </B><BR>
<FONT STYLE="font-size: 10pt"><B>(Address of principal executive office) </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form&nbsp;40-F.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form 20-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note</B>: Regulation S-T Rule 101(b)(1) only permits the
submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):&nbsp;&nbsp;<FONT STYLE="font-family: Wingdings">&uml;</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Note</B>: Regulation S-T Rule 101(b)(7) only permits the
submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer
must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized
(the registrant&rsquo;s &ldquo;home country&rdquo;), or under the rules of the home country exchange on which the registrant&rsquo;s
securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed
to the registrant&rsquo;s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission
or other Commission filing on EDGAR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">INFORMATION CONTAINED IN THIS FORM
6-K REPORT</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Underwriting Agreement</B><BR>
<BR>
On September 15, 2016, Star Bulk Carriers Corp. (the &ldquo;Company&rdquo;) entered into an underwriting agreement (the &ldquo;Underwriting
Agreement&rdquo;) with Citigroup Global Markets Inc., Clarksons Platou Securities, Inc., Deutsche Bank Securities Inc. and DNB
Markets, Inc. as representatives of the several underwriters named on Schedule I thereto (collectively, the &ldquo;Underwriters&rdquo;)
pursuant to which the Company agreed to issue 11,976,745 of its common shares, par value $0.01 per share (the &ldquo;Shares&rdquo;)
at a price of $4.30 per Share in a registered offering under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;).&nbsp;
The Underwriting Agreement contains customary indemnities and covenants.<BR>
<BR>
The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference
to the Underwriting Agreement, a copy of which is attached to this Current Report on Form 6-K as Exhibit 1.1, and is incorporated
herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><B>Legal Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the issuance of the Shares, the Company received
an opinion of its Marshall Islands counsel, Seward &amp; Kissel LLP, which is filed as Exhibit 5.1 hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description does not purport to be complete and
is qualified in its entirety by reference to the opinion of Seward &amp; Kissel LLP, a copy of which is included as Exhibit 5.1
to this Current Report on Form 6-K and is incorporated herein by reference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The information contained in this Current
Report on Form 6-K, including the exhibits hereto, is hereby incorporated by reference into the Company&rsquo;s Registration Statement
on Form F-3 (File No.&nbsp;333-197886).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&nbsp;</P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2">Date:&nbsp;&nbsp;September 20, 2016</TD>
    <TD ROWSPAN="2">&nbsp;</TD>
    <TD COLSPAN="3"><B>STAR BULK CARRIERS CORP.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">(Registrant)</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Simos Spyrou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%">&nbsp;</TD>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 7%">Name:</TD>
    <TD STYLE="width: 35%">Simos Spyrou</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Co-Chief Financial Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>[Signature Page for 6-K]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I></I></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>&nbsp;</I><BR CLEAR="ALL">
</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 16%; text-decoration: underline"><B><U>Exhibit No.</U></B></TD>
    <TD NOWRAP STYLE="width: 84%; text-decoration: underline"><B><U>Name</U></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>1.1</TD>
    <TD>Underwriting Agreement, dated September 15, 2016, between Star Bulk Carriers Corp. (the &ldquo;Company&rdquo;) and the underwriters named on Schedule&nbsp;I thereto.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD NOWRAP>5.1</TD>
    <TD>Opinion of Seward &amp; Kissel LLP.</TD></TR>
</TABLE>


<P STYLE="margin: 0">&nbsp;</P>

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<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>s001420x3_ex1-1.htm
<DESCRIPTION>EXHIBIT 1.1
<TEXT>
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<P STYLE="margin: 0; text-align: right"><B>Exhibit 1.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Star Bulk Carriers Corp.</B><BR>
<BR>
11,976,745 Common Shares<BR>
<BR>
UNDERWRITING AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">388 Greenwich Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clarksons Platou Securities, Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">280 Park Avenue, 21st floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">60 Wall Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DNB Markets, Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">200 Park Avenue, 31st Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10166</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representatives of the&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Several Underwriters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 15, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Star Bulk Carriers Corp., a corporation incorporated
under the laws of the Republic of the Marshall Islands (the &ldquo;<U>Company</U>&rdquo;), proposes to sell to the several underwriters
(the &ldquo;<U>Underwriters</U>&rdquo;) named on Schedule I hereto for whom you are acting as representatives (the &ldquo;<U>Representatives</U>&rdquo;)
an aggregate of 11,976,745 (the &ldquo;<U>Shares</U>&rdquo;) of the Company&rsquo;s common shares, $0.01 par value (the &ldquo;<U>Common
Shares</U>&rdquo;). The respective amounts of the Shares to be so purchased by the several Underwriters are set forth opposite
their names on Schedule I hereto. <FONT STYLE="font-size: 10pt"><SUP> </SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">As the Representatives, you have advised the
Company (a)&nbsp;that you are authorized to enter into this Agreement on behalf of the several Underwriters, and (b)&nbsp;that
the several Underwriters are willing, acting severally and not jointly, to purchase the numbers of Shares set forth opposite their
respective names on Schedule I.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In consideration of the mutual agreements
contained herein and of the interests of the parties in the transactions contemplated hereby, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">1.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Representations and Warranties of the Company</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company represents and warrants to each
of the Underwriters as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>A registration statement on Form F-3 (File No. 333-197886), as amended, with respect to the Shares, including a form
of prospectus (the &ldquo;<U>Base Prospectus</U>&rdquo;), has been prepared by the Company in conformity in all material respects
with the applicable requirements of the Securities Act of 1933, as amended (the &ldquo;<U>Act</U>&rdquo;), and the rules and regulations
(the &ldquo;<U>Rules and Regulations</U>&rdquo;) of the Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;)
thereunder, has been filed with the Commission and has become effective not earlier than three years prior to the date hereof.
The Company and the transactions contemplated by this Agreement meet the requirements and comply with the conditions for the use
of Form F-3. Copies of such registration statement, including any amendments thereto, the Base Prospectus, as supplemented by any
preliminary prospectus (including any preliminary prospectus supplement) relating to the Shares filed with the Commission pursuant
to Rule 424(b) under the Act, and including the documents incorporated in the Base Prospectus by reference (a &ldquo;<U>Preliminary</U>
<U>Prospectus</U>&rdquo;), and the exhibits, financial statements and schedules to such registration statement, in each case as
finally amended and revised, have heretofore been delivered by the Company to you. Such registration statement, together with any
registration statement filed by the Company pursuant to Rule 462(b) under the Act, is herein referred to as the &ldquo;<U>Registration
Statement</U>,&rdquo; which shall be deemed to include all information omitted therefrom in reliance upon Rules 430A, 430B or 430C
under the Act and contained in the Final Prospectus referred to below, has become effective under the Act and no post-effective
amendment to the Registration Statement has been filed as of the date of this Agreement. &ldquo;<U>Final Prospectus</U>&rdquo;
means the form of prospectus relating to the Shares first filed with the Commission pursuant to and within the time limits described
in Rule 424(b) under the Act. Any reference herein to the Registration Statement, to any Preliminary Prospectus or to the Final
Prospectus or to any amendment or supplement to any of the foregoing documents shall be deemed to refer to and include any documents
incorporated by reference therein, and, in the case of any reference herein to the Final Prospectus, also shall be deemed to include
any documents incorporated by reference therein, and any supplements or amendments thereto, filed with the Commission after the
date of filing of the Final Prospectus under Rule 424(b) under the Act, and prior to the termination of the offering of the Shares
by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>As of the Applicable Time (as defined below) and as of the Closing Date, as the case may be, neither (i)&nbsp;the
General Use Free Writing Prospectus(es) (as defined below) issued at or prior to the Applicable Time and the Statutory Prospectus
(as defined below), all considered together (collectively, the &ldquo;General Disclosure Package&rdquo;), nor (ii)&nbsp;any individual
Limited Use Free Writing Prospectus (as defined below), when considered together with the General Disclosure Package, included
or will include any untrue statement of a material fact or omitted or will omit to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading, provided, however, that
the Company makes no representations or warranties as to information contained in or omitted from any Issuer Free Writing Prospectus,
in reliance upon, and in conformity with, written information furnished to the Company by or on behalf of any Underwriter through
the Representatives, specifically for use therein, it being understood and agreed that the only such information is that described
in Section 13 herein. As used in this subsection and elsewhere in this Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Applicable Time&rdquo; means 9 a.m.
(New York time) on the date of this Agreement or such other time as agreed to by the Company and the Representatives.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Statutory Prospectus&rdquo; means the
Base Prospectus, as amended and supplemented immediately prior to the Applicable Time, including any document incorporated by reference
therein and any prospectus supplement deemed to be a part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Issuer Free Writing Prospectus&rdquo;
means any &ldquo;issuer free writing prospectus,&rdquo; as defined in Rule 433 under the Act, relating to the Shares in the form
filed or required to be filed with the Commission or, if not required to be filed, in the form retained in the Company&rsquo;s
records pursuant to Rule 433(g) under the Act, including the presentation identified on Schedule II (A) to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;General Use Free Writing Prospectus&rdquo;
means any Issuer Free Writing Prospectus that is identified on Schedule II (B) to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;Limited Use Free Writing Prospectus&rdquo;
means any Issuer Free Writing Prospectus that is not a General Use Free Writing Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company has been duly organized and is validly existing as a corporation in good standing under the laws of the
Marshall Islands, with corporate power and authority to own or lease, as the case may be, its properties and conduct its business
as described in the Registration Statement, the General Disclosure Package and the Final Prospectus. Each of the subsidiaries of
the Company is listed in Exhibit A-I hereto (collectively, the &ldquo;<U>Subsidiaries</U>&rdquo;). Each of the &ldquo;significant
subsidiaries&rdquo; of the Company, as such term is defined in Rule 1-02 of Regulation S-X, listed in Exhibit A-II hereto (collectively,
the &ldquo;<U>Significant Subsidiaries</U>&rdquo;), has been duly organized and is validly existing as a corporation or limited
liability company, as the case may be, in good standing (where such concept is legally relevant) under the laws of the jurisdiction
of its incorporation, with corporate power and authority to own or lease its properties and conduct its business as described in
the Registration Statement, the General Disclosure Package and the Final Prospectus, except where the failure to have been duly
organized, to be validly existing, to be in good standing or to have such power and authority would not be reasonably expected
to have a material adverse effect on the earnings, business, management, properties, assets, rights, operations, condition (financial
or otherwise) or prospects of the Company and of the Subsidiaries taken as a whole or (ii)&nbsp;prevent the consummation of the
transactions contemplated hereby (the occurrence of any such effect or any such prevention described in the foregoing clauses (i)
and (ii) being referred to as a &ldquo;<U>Material</U> <U>Adverse Effect</U>&rdquo;). The Subsidiaries are the only subsidiaries,
direct or indirect, of the Company. The Company and each of its Significant Subsidiaries are duly qualified to transact business
in all jurisdictions in which the conduct of their business requires such qualification. The outstanding shares of capital stock
or membership interests, as applicable, of each of the Subsidiaries have been duly authorized and validly issued, are fully paid
and non-assessable and are owned by the Company or another Subsidiary free and clear of all liens, encumbrances and equities and
claims (other than any liens, encumbrances, and equities and claims described in the Registration Statement, the General Disclosure
Package and the Final Prospectus), and no options, warrants or other rights to purchase, agreements or other obligations to issue
or other rights to convert any obligations into shares of capital stock or ownership interests in the Subsidiaries are outstanding
(other than as described in the Registration Statement, the General Disclosure Package and the Final Prospectus).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>This Agreement has been duly authorized, executed and delivered by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The outstanding Common Shares of the Company have been duly authorized and validly issued and are fully paid and
non-assessable; the Shares to be issued and sold by the Company have been duly authorized and when issued and paid for as contemplated
herein will be validly issued, fully paid and non-assessable; and no preemptive rights of shareholders exist with respect to any
of the Shares or the issue and sale thereof. Neither the filing of the Registration Statement nor the offering or sale of the Shares
as contemplated by this Agreement gives rise to any rights, other than those which have been waived or satisfied, for or relating
to the registration of any Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The information set forth under the caption &ldquo;Capitalization&rdquo; in the Registration Statement and the Final
Prospectus (and any similar section or information contained in the General Disclosure Package) is true and correct in all material
respects or, to the extent that it is based upon assumptions or projections, is based upon assumptions or projections that the
Company has determined in good faith. All of the Shares conform in all material respects to the description thereof contained in
the Registration Statement, the General Disclosure Package and the Final Prospectus. The form of certificate for the Shares conforms
to the corporate law of the jurisdiction of the Company&rsquo;s incorporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Commission has not issued an order preventing or suspending the use of any Preliminary Prospectus, any Issuer
Free Writing Prospectus or the Final Prospectus relating to the proposed offering of the Shares, and no proceeding for that purpose
or pursuant to Section 8A of the Act has been instituted or, to the Company&rsquo;s knowledge, threatened by the Commission. The
Registration Statement contains, the General Disclosure Package contains and the Final Prospectus and any amendments or supplements
thereto will contain, all statements which are required to be stated therein by, and will conform in all material respects to,
the requirements of the Act and the Rules and Regulations. The documents incorporated, or to be incorporated, by reference in the
Final Prospectus, at the time filed or furnished with the Commission conformed or will conform, in all material respects to the
requirements of the Securities Exchange Act of 1934, as amended (&ldquo;<U>Exchange Act</U>&rdquo;) or the Act, as applicable,
and the rules and regulations of the Commission thereunder. The Registration Statement and any amendment thereto do not contain,
and will not contain, any untrue statement of a material fact and do not omit, and will not omit, to state a material fact required
to be stated therein or necessary to make the statements therein not misleading. The General Disclosure Package (including the
documents incorporated by reference therein), as of the Applicable Time, does not contain any untrue statement of a material fact
and does not omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading.
The Final Prospectus and any amendments and supplements thereto (including the documents incorporated by reference therein) do
not contain, and will not contain, any untrue statement of a material fact; and do not omit, and will not omit, to state a material
fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading;
provided, however, that the Company makes no representations or warranties as to information contained in or omitted from the Registration
Statement or the Final Prospectus, or any such amendment or supplement, in reliance upon, and in conformity with, written information
furnished to the Company by or on behalf of any Underwriter through the Representatives, specifically for use therein, it being
understood and agreed that the only such information is that described in Section 13 herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(h)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through the completion of the
public offer and sale of the Shares or until any earlier date that the Company notified or notifies the Representatives, did not,
does not and will not include any information that conflicted, conflicts or will conflict with the information contained in the
Registration Statement or the Final Prospectus, including any document incorporated by reference therein and any Prospectus Supplement
deemed to be a part thereof that has not been superseded or modified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company has not, directly or indirectly, distributed, and will not distribute, any offering materials in connection
with the offering and sale of the Shares other than any Preliminary Prospectus, the Final Prospectus and other materials, if any,
permitted under the Act and consistent with Section 4(b) below. The Company will file with the Commission all Issuer Free Writing
Prospectuses in the time and manner required under Rule 433(d) under the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(j)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>There are no franchises, contracts, indentures, mortgages, loan agreements, notes, leases or other instruments required
to be described in the Registration Statement, the General Disclosure Package or the Final Prospectus, or to be filed as an exhibit
thereto, which are not described or filed as required; and any statements in the Registration Statement, the General Disclosure
Package and the Final Prospectus under the captions &ldquo;Material United States Federal Income Tax Considerations,&rdquo; &ldquo;Marshall
Islands Tax Considerations&rdquo; and &ldquo;Certain Relationships and Related Party Transactions&rdquo; insofar as they purport
to summarize provisions of law, rules, regulations, documents or legal, regulatory or governmental proceedings, provide accurate
summaries thereof in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(k)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>(i)&nbsp;At the earliest time after the filing the Registration Statement that the Company or another offering participant
made a bona fide offer (within the meaning of Rule 164(h)(2) under the Act of the Shares and (ii)&nbsp;as of the date hereof (with
such date being used as the determination date for purposes of this clause (ii)), the Company was not and is not an &ldquo;ineligible
issuer&rdquo; (as defined in Rule 405 under the Act, without taking into account any determination by the Commission pursuant to
Rule 405 under the Act that it is not necessary that the Company be considered an ineligible issuer), including, without limitation,
for purposes of Rules 164 and 433 under the Act with respect to the offering of the Shares as contemplated by the Registration
Statement. The Common Shares are an &ldquo;actively-traded security&rdquo; as such term is defined in Regulation M.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(l)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The consolidated financial statements of the Company and the Subsidiaries, together with related notes and schedules
as set forth or incorporated by reference in the Registration Statement, the General Disclosure Package and the Final Prospectus,
present fairly in all material respects the financial position and the results of operations and cash flows of the Company and
the consolidated Subsidiaries, at the indicated dates and for the indicated periods. Such financial statements and related schedules
have been prepared in accordance with United States generally accepted principles of accounting (&ldquo;GAAP&rdquo;), consistently
applied throughout the periods involved, except as disclosed therein, and all adjustments necessary for a fair presentation of
results for such periods have been made. The summary consolidated financial and statistical data included or incorporated by reference
in the Registration Statement, the General Disclosure Package and the Final Prospectus present fairly in all material respects
the information shown therein, and such data has been compiled on a basis consistent with the financial statements presented therein
and the books and records of the Company. All disclosures contained in the Registration Statement, the General Disclosure Package
and the Final Prospectus regarding &ldquo;non-GAAP financial measures&rdquo; (as such term is defined by the Rules and Regulations)
comply, in all material respects, with Regulation G of the Exchange Act and Item 10 of Regulation S-K under the Act, to the extent
applicable. The Company and the Subsidiaries do not have any material liabilities or obligations, direct or contingent (including
any off-balance sheet obligations or any &ldquo;variable interest entities&rdquo; within the meaning of Financial Accounting Standards
Board Accounting Standards Codification 810-10), not disclosed in the Registration Statement, the General Disclosure Package and
the Final Prospectus. There are no financial statements (historical or pro forma) that are required to be included in the Registration
Statement, the General Disclosure Package or the Final Prospectus that are not included as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(m)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To the knowledge of the Company, the historical combined financial statements of Oceanbulk Shipping LLC and Oceanbulk
Carriers LLC (collectively, &ldquo;<U>Oceanbulk</U>&rdquo;), together with related notes and schedules as set forth or incorporated
by reference in the Registration Statement, the General Disclosure Package and the Final Prospectus, present fairly in all material
respects the financial position and the results of operations and cash flows of Oceanbulk, at the indicated dates and for the indicated
periods. Such financial statements and related schedules have been prepared, in all material respects, in accordance with GAAP,
consistently applied throughout the periods involved, except as disclosed therein, and all adjustments necessary for a fair presentation
of results for such periods have been made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(n)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Ernst &amp; Young (Hellas) Certified Auditors-Accountants S.A., which has audited or performed review procedures
on certain of the financial statements of the Company and the Subsidiaries filed with or furnished to the Commission, as part of,
or incorporated by reference in, the Registration Statement, the General Disclosure Package and the Final Prospectus, is an independent
registered public accounting firm with respect to the Company and its Subsidiaries within the meaning of the Act and the applicable
Rules and Regulations and the Public Company Accounting Oversight Board (United States) (the &ldquo;<U>PCAOB</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(o)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Ernst &amp; Young (Hellas) Certified Auditors-Accountants S.A., which has audited or performed review procedures
on certain of the financial statements of Oceanbulk filed with or furnished to the Commission, as part of, or incorporated by reference
in, the Registration Statement, the General Disclosure Package and the Final Prospectus, is an independent registered public accounting
firm with respect to Oceanbulk within the meaning of the Act and the applicable Rules and Regulations and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(p)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company and each of the Subsidiaries maintain a system of internal accounting controls sufficient to provide
reasonable assurances that (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorization;
(ii)&nbsp;transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets; (iii)&nbsp;access to assets is permitted only in accordance with management&rsquo;s general or specific
authorization; and (iv)&nbsp;the recorded accountability for assets is compared with existing assets at reasonable intervals and
appropriate action is taken with respect to any differences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(q)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company has established and maintains &ldquo;disclosure controls and procedures&rdquo; (as defined in Rules 13a-15(e)
and 15d-15(e) under the Exchange Act); the Company&rsquo;s &ldquo;disclosure controls and procedures&rdquo; are reasonably designed
to ensure that all information required to be disclosed by the Company in the reports that it files or submits under the Exchange
Act is recorded, processed, summarized and reported within the time periods specified in the rules and regulations of the Exchange
Act, and that all such information is accumulated and communicated to the Company&rsquo;s management, including its Chief Executive
Officer and Co-Chief Financial Officers, as appropriate to allow timely decisions regarding required disclosure and to make the
certifications of the Chief Executive Officer and Co-Chief Financial Officers of the Company required under the Exchange Act with
respect to such reports.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(r)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Since the end of the Company&rsquo;s most recent audited fiscal year, there has been (i)&nbsp;no material weakness
in the Company&rsquo;s internal control over financial reporting (whether or not remediated) and (ii)&nbsp;no change in the Company&rsquo;s
internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s
internal control over financial reporting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(s)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>There is and has been no failure on the part of the Company and any of the Company&rsquo;s directors or officers,
in their capacities as such, to comply with any provision of the Sarbanes-Oxley Act of 2002 and the rules and regulations promulgated
in connection therewith (the &ldquo;<U>Sarbanes-Oxley Act</U>&rdquo;), including Section 402 relating to loans and Sections 302
and 906 relating to certifications.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(t)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>There is no action, suit, claim or proceeding pending or, to the knowledge of the Company, threatened against the
Company or any of the Subsidiaries before any court or administrative agency or otherwise which would be reasonably expected to
either (i)&nbsp;have, individually or in the aggregate, a Material Adverse Effect, except as set forth in the Registration Statement,
the General Disclosure Package and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(u)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as described in the Registration Statement, the General Disclosure Package and the Final Prospectus, the Company
and the Subsidiaries have good and marketable title to all of the properties and assets reflected in the consolidated financial
statements hereinabove described or described in the Registration Statement, the General Disclosure Package and the Final Prospectus,
subject to no lien, mortgage, pledge, charge or encumbrance of any kind except those reflected in such financial statements or
which would not be reasonably expected to have a Material Adverse Effect. The Company and the Subsidiaries occupy their leased
properties under valid and binding leases conforming in all material respects to the descriptions thereof set forth in the Registration
Statement, the General Disclosure Package and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(v)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company and the Subsidiaries have filed all material U.S. federal, state, local and foreign tax returns which
have been required to be filed and have paid all material taxes indicated by such returns and all assessments received by them
to the extent that such taxes or assessments have become due, except for any such taxes or assessments which are being contested
in good faith and for which an adequate reserve for accrual has been established in accordance with GAAP. All material tax liabilities
have been adequately provided for in the financial statements of the Company, and the Company does not know of any actual or proposed
additional material tax assessments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(w)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Since the respective dates as of which information is given in the Registration Statement, the General Disclosure
Package and the Final Prospectus, as each may be amended or supplemented, (i) there has not been any material adverse change or
any development involving a prospective material adverse change in or affecting the earnings, business, management, properties,
assets, rights, operations, condition (financial or otherwise), or prospects of the Company and the Subsidiaries taken as a whole,
whether or not occurring in the ordinary course of business, (ii) the Company has not purchased any of its outstanding capital
stock, nor declared, paid or otherwise made any dividend or distribution of any kind on its capital stock other than ordinary and
customary dividends and (iii) there has not been any material transaction entered into or any material transaction that is probable
of being entered into by the Company or the Subsidiaries, other than transactions in the ordinary course of business and changes
and transactions described in the Registration Statement, the General Disclosure Package and the Final Prospectus, as each may
be amended or supplemented. The Company and the Subsidiaries have no material contingent obligations which are not disclosed in
the Company&rsquo;s financial statements which are included in the Registration Statement, the General Disclosure Package and the
Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(x)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any of the Subsidiaries is, or with the giving of notice or lapse of time or both, will be,
(i)&nbsp;in violation of its certificate or articles of incorporation, by-laws, certificate of formation, limited liability agreement,
partnership agreement or other organizational documents or (ii)&nbsp;in violation of or in default under any agreement, lease,
contract, indenture or other instrument or obligation to which it is a party or by which it, or any of its properties, is bound
and, solely with respect to this clause (ii), which violation or default would be reasonably expected to have a Material Adverse
Effect. The execution, delivery and performance of this Agreement, the issuance and delivery of the Shares and the consummation
of the transactions contemplated herein and the fulfillment of the terms hereof will not conflict with, result in a breach or violation
of any of the terms or provisions of, result in the imposition of any lien, charge or encumbrance upon any property or assets of
the Company or any of its Subsidiaries pursuant to, or constitute a default under, (i) any indenture, mortgage, deed of trust or
other agreement or instrument to which the Company or any Subsidiary is a party or by which the Company or any Subsidiary or any
of their respective properties is bound, or (ii) the certificate or articles of incorporation or by-laws of the Company or (iii)
any law, order, rule or regulation, judgment, order, writ or decree applicable to the Company or any Subsidiary of any court or
of any government, regulatory body or administrative agency or other governmental body having jurisdiction, except, with respect
to clauses (i) or (iii), for such conflicts, breaches, violations or defaults as would not, individually or in the aggregate, be
reasonably expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(y)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company and its Subsidiaries have not violated and are in compliance with all laws, statutes, ordinances, regulations,
rules and orders of each foreign, federal, state or local government and any other governmental department or agency having jurisdiction
over the Company and any Subsidiary, and any judgment, decision, decree or order of any court or governmental agency, department
or authority having jurisdiction over the Company and any Subsidiary, except for those violations that would not, individually
or in the aggregate, be reasonably expected to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(z)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The execution and delivery of, and the performance by the Company of its obligations under, this Agreement have been
duly authorized by all necessary corporate action on the part of the Company, and this Agreement has been duly executed and delivered
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(aa)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each approval, consent, order, authorization, designation, declaration or filing by or with any regulatory, administrative
or other governmental body necessary in connection with the execution, delivery and performance by the Company of this Agreement,
the issuance and delivery of the Shares and the consummation of the transactions contemplated hereby and by the General Disclosure
Package and the Final Prospectus (except such additional steps as may be required by the Commission, the Financial Industry Regulatory
Authority (&ldquo;<U>FINRA</U>&rdquo;) or such additional steps as may be necessary to qualify the Shares for public offering by
the Underwriters under state securities or Blue Sky laws) has been obtained or made and is in full force and effect other than
(i) any listing applications and related consents or any notices required by the NASDAQ Global Select Market in the course of the
offering of the Shares, (ii) filings with the Commission pursuant to Rule 424(b) under the Act, (iii) filings with the Commission
on Form 6-K with respect to this Agreement or the transactions contemplated hereby, or (iv) such as shall have been obtained or
made prior to the time of purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(bb)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any of the Subsidiaries or any related entities (i)&nbsp;is required to register as a &ldquo;broker&rdquo;
or &ldquo;dealer&rdquo; in accordance with the provisions of the Exchange Act or (ii)&nbsp;directly or indirectly through one or
more intermediaries, controls or is a &ldquo;person associated with a FINRA member&rdquo; or &ldquo;associated person of a FINRA
member&rdquo; (within the meaning of Article I of the Bylaws of the FINRA).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(cc)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>There are no existing or, to the knowledge of the Company, threatened labor disputes with the employees of the Company
or the Subsidiaries which are likely to have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(dd)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
the Company and each of the Subsidiaries hold all material licenses, certificates and permits from governmental authorities which
are necessary to the conduct of their businesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(ee)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect,
the Company and the Subsidiaries each own or possess, or can acquire on reasonable terms, the right to use all patents, patent
rights, trademarks, trade names, service marks, service names, copyrights, license rights, know-how (including trade secrets and
other unpatented and unpatentable proprietary or confidential information, systems or procedures) and other intellectual property
rights (&ldquo;<U>Intellectual</U> <U>Property</U>&rdquo;) necessary to carry on their business; and to the Company&rsquo;s knowledge,
neither the Company nor any of the Subsidiaries has infringed, and none of the Company or the Subsidiaries have received notice
of conflict with, any Intellectual Property of any other person or entity. The Company has taken all reasonable steps necessary
to secure interests in such Intellectual Property from its contractors. There are no outstanding options, licenses or agreements
of any kind relating to the Intellectual Property of the Company that are required to be described in the Registration Statement,
the General Disclosure Package and the Final Prospectus and are not described in all material respects. The Company is not a party
to or bound by any options, licenses or agreements with respect to the Intellectual Property of any other person or entity that
are required to be set forth in the Final Prospectus and are not described therein in all material respects. None of the technology
employed by the Company has been obtained or is being used by the Company in violation of any contractual obligation binding on
the Company or any of its officers, directors or employees or otherwise in violation of the rights of any persons; the Company
has not received any written or oral communications alleging that the Company has violated, infringed or conflicted with, or, by
conducting its business as set forth in the Registration Statement, the General Disclosure Package and the Final Prospectus, would
violate, infringe or conflict with, any of the Intellectual Property of any other person or entity in a manner that would, individually
or in the aggregate, be reasonably expected to have a Material Adverse Effect. The Company knows of no infringement by others of
Intellectual Property owned by or licensed to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(ff)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any Subsidiary is or, after giving effect to the offering and sale of the Shares contemplated
hereunder and the application of the net proceeds from such sale as described in the Registration Statement, the General Disclosure
Package and the Final Prospectus, will be required to register as an &ldquo;investment company&rdquo; within the meaning of such
term under the Investment Company Act of 1940 as amended (the &ldquo;<U>1940 Act</U>&rdquo;), and the rules and regulations of
the Commission thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(gg)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The statistical, industry-related and market-related data included or incorporated by reference in the Registration
Statement, the General Disclosure Package and the Final Prospectus are based on or derived from sources which the Company reasonably
and in good faith believes are reliable and accurate, and such data agree with the sources from which they are derived.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(hh)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each vessel described in the Registration Statement, the General Disclosure Package and the Final Prospectus, except
for the vessels which the Company or a Subsidiary has contracted to acquire or to have constructed or for which the Company or
a Subsidiary has entered into a bareboat charter, is owned directly by one of the Subsidiaries; each of the vessels listed on <U>Exhibit
B</U> hereto and specified as being owned (the &ldquo;<U>Owned Vessels</U>&rdquo;) by a Subsidiary has been duly registered as
a vessel under the laws and regulations and flag of the jurisdiction set forth opposite its name on <U>Exhibit B</U> in the sole
ownership of the Subsidiary set forth opposite its name on <U>Exhibit B</U>, except as would not, individually or in the aggregate,
be reasonably expected to have a Material Adverse Effect; each such Subsidiary has good title to the applicable Owned Vessel, free
and clear of all mortgages, pledges, liens, security interests and claims and all defects of the title of record other than as
disclosed in the Registration Statement, the General Disclosure Package and the Final Prospectus and no other action is necessary
to establish and perfect such entity&rsquo;s title to and interest in such vessel as against any charterer or third party, except
as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect; and each such Owned Vessel
is in good standing with respect to the payment of past and current taxes, fees and other amounts payable under the laws of the
jurisdiction where it is registered as would affect its registry with the ship registry of such jurisdiction except for failures
to be in good standing which would not, in the aggregate, be reasonably expected to have a Material Adverse Effect. Upon delivery
to and acceptance by the relevant Subsidiary under the memoranda of agreement, the newbuilding contracts or the bareboat charter
described in the Registration Statement, the General Disclosure Package and the Final Prospectus, each of the vessels listed on
<U>Exhibit B</U> hereto and specified as being under contract (the &ldquo;<U>Contracted Vessels</U>&rdquo;) for delivery to and
acceptance by a Subsidiary (i)&nbsp;will be duly registered as a vessel under the laws of the jurisdiction set forth opposite its
name on <U>Exhibit B</U> in the sole ownership of the Subsidiary, or, in the case of vessels subject to bareboat charters, the
disponent ownership of the Subsidiary, set forth opposite its name on <U>Exhibit B</U>, (ii)&nbsp;on such date, each such Subsidiary
will have good title to the applicable Contracted Vessel, free and clear of all mortgages, pledges, liens, security interests,
claims and all defects of the title of record, except for any mortgages, pledges, liens, security interests or claims arising from
any financing arrangement which the Company or a Subsidiary may enter to finance the Contracted Vessel and except such encumbrances
which would not, in the aggregate, be reasonably expected to have a Material Adverse Effect; and (iii)&nbsp;each such Contracted
Vessel will be in good standing with respect to the payment of past and current taxes, fees and other amounts payable under the
laws of the jurisdiction where it is registered as would affect its registry with the ship registry of such jurisdiction, except
for such failures to be in good standing which would not, individually or in the aggregate, be reasonably expected to have a Material
Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each Owned Vessel is, and the Company will use reasonable commercial efforts to ensure that each Contracted Vessel
will be, operated in compliance with the rules, codes of practice, conventions, protocols, guidelines or similar requirements or
restrictions imposed, published or promulgated by any governmental authority, classification society or insurer applicable to the
respective vessel (collectively, &ldquo;<U>Maritime Guidelines</U>&rdquo;) and all applicable international, national, state and
local conventions, laws, regulations, orders, governmental licenses and other requirements (including, without limitation, all
Environmental Laws (as defined below)), except where such failure to be in compliance would not, individually or in the aggregate,
be reasonably expected to have a Material Adverse Effect. The Company and each applicable Subsidiary are, and with respect to the
Contracted Vessels will be, qualified to own or lease, as the case may be, and operate such vessels under all applicable international,
national, state and local conventions, laws, regulations, orders, governmental licenses and other requirements (including, without
limitation, all Environmental Laws) and Maritime Guidelines, including the laws, regulations and orders of each such vessel&rsquo;s
flag state, except where such failure to be so qualified would not, individually or in the aggregate, be reasonably expected to
have a Material Adverse Effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(jj)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each Owned Vessel is classed by a classification society which is a full member of the International Association
of Classification Societies and is in class with valid class and trading certificates, without any overdue recommendations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(kk)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company and the Subsidiaries carry, or are covered by, insurance (which term shall include membership in P&amp;I
clubs) in such amounts and covering such risks as is prudent, reasonable and customary for companies engaged in similar businesses
in similar industries; neither the Company nor any of its Subsidiaries has received notice from any insurer or agent of such insurer
that substantial capital improvements or other expenditures will have to be made in order to continue such insurance; all such
insurance is outstanding and in full force and effect and neither the Company nor any Subsidiary has received any notice of cancellation
or proposed cancellation relating to such insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(ll)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect,
(i)&nbsp;neither the Company nor any of its Subsidiaries is in violation of any federal, state, local or foreign statute, law,
rule, regulation, ordinance, code, policy or rule of common law or any judicial or administrative interpretation thereof, including
any judicial or administrative order, consent, decree or judgment, relating to pollution or protection of human health (as it relates
to exposure to Hazardous Materials (as defined below)), the environment (including, without limitation, ambient air, surface water,
groundwater, land surface or subsurface strata) or wildlife, including, without limitation, laws and regulations relating to the
release or threatened release of chemicals, pollutants, contaminants, wastes, toxic substances, hazardous substances, petroleum
or petroleum products, asbestos-containing materials or mold (collectively, &ldquo;<U>Hazardous Materials</U>&rdquo;), or to the
manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials (collectively,
&ldquo;<U>Environmental Laws</U>&rdquo;), (ii)&nbsp;the Company and each of its Subsidiaries has all permits, authorizations and
approvals required under any applicable Environmental Laws and is in compliance with its requirements, (iii)&nbsp;there are no
pending or, to the knowledge of the Company, threatened administrative, regulatory or judicial actions, suits, demands, demand
letters, claims, liens, notices of noncompliance or violation, investigation or proceedings relating to any Environmental Law against
the Company or any of its Subsidiaries, (iv)&nbsp;to the knowledge of the Company, there are no events or circumstances that would
reasonably be expected to form the basis of an order for clean-up or remediation, or an action, suit or proceeding by any private
party or governmental body or agency, against or affecting the Company or any of its Subsidiaries, relating to Hazardous Materials
or any Environmental Laws, (v)&nbsp;neither the Company nor any of its Subsidiaries has been named as a &ldquo;potentially responsible
party&rdquo; under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended, (vi)&nbsp;there
has been no storage, generation, transportation, handling, treatment, disposal, discharge, emission or other release of any Hazardous
Materials by, due to, or caused by the Company or any of its Subsidiaries (or, to the Company&rsquo;s knowledge, by any other entity
for whose acts or omissions the Company is or may liable) upon any other property now or previously owned or leased by the Company
or any of its Subsidiaries, or upon any other property, which would be a violation of or give rise to any liability under any applicable
law, rule, regulation, order, judgment, decree or permit (including any applicable regulations and standards adopted by the International
Maritime Organization) relating to pollution or protection of human health (as it relates to exposure to Hazardous Materials) and
the environment, (vii)&nbsp;there has been no disposal, discharge, emission or other release of any kind onto such property or
into the environment surrounding such property, of any toxic or other wastes or other hazardous substances with respect to which
the Company has knowledge and (viii)&nbsp;neither the Company nor any of its Subsidiaries has agreed to assume, undertake or provide
indemnification for any liability or any other person under any Environmental Law, including any obligation for cleanup or remedial
action, other than by operation of law or due to the Company&rsquo;s or any of its Subsidiaries, membership in any mutual protection
and indemnity association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(mm)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In the ordinary course of its business, the Company periodically reviews the effect of Environmental Laws on the
business, operations and properties of the Company and its Subsidiaries, in the course of which it identifies and evaluates associated
costs and liabilities (including, without limitation, any capital or operating expenditures required for clean-up, closure of properties
or compliance with Environmental Laws, or any permit, license or approval, any related constraints on operating activities and
any potential liabilities to third parties). On the basis of such review, the Company has reasonably concluded that such associated
costs and liabilities would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect and
for the avoidance of doubt neither the Company nor any of its Subsidiaries is aware of any legal proceedings that are pending or
known to be contemplated against any of them under any Environmental Laws in which a governmental entity is also or would also
be a party (other than such proceedings regarding which the Company and the affected Subsidiaries reasonably believe no monetary
sanctions of $100,000 or more will be imposed on them) or has estimated incurring material capital expenditures to comply with
any Environmental Laws, except for such costs and liabilities, proceedings and capital expenditures as set forth in the Registration
Statement, the General Disclosure Package and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(nn)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Common Shares are listed on the NASDAQ Global Select Market and the Company has submitted a notice of an additional
issuance to the NASDAQ Global Select Market regarding the Shares. Except as set forth in the Registration Statement, the General
Disclosure Package, and the Final Prospectus, the Company has taken no action designed to cause, or likely to have the effect of,
de-listing its Common Shares from the NASDAQ Global Select Market, nor has the Company received any notification that the NASDAQ
Global Select Market is contemplating terminating such listing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(oo)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>There are no relationships or related party transactions involving the Company or any of the Subsidiaries or any
other person required to be described in the Registration Statement, the General Disclosure Package and the Final Prospectus which
have not been described as required.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(pp)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as disclosed in the Registration Statement, the General Disclosure Package and the Final Prospectus and other
than the Subsidiaries, the Company does not own directly or indirectly, any equity or long-term debt securities of any corporation,
partnership, limited liability company, joint venture, association or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(qq)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any of its properties or assets has any immunity from the jurisdiction of any court or from
any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise)
under the laws of the United States, the Marshall Islands, the Republic of Liberia or Greece, or any political subdivisions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(rr)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To the knowledge of the Company, neither the Company nor any of the Subsidiaries has made any contribution or other
payment to any official of, or candidate for, any federal, state or foreign office in violation of any law which violation is required
to be disclosed in the Registration Statement, the General Disclosure Package and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(ss)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as set forth in the Registration Statement, the General Disclosure Package and the Final Prospectus, the Company
is not prohibited, directly or indirectly, from paying any dividends, from making any other distribution, from repaying any loans
or advances or from transferring any of its property or assets. All dividends and other distributions declared and payable on the
shares of capital stock of the Company may, under the current laws and regulations of the Marshall Islands and any political subdivisions
thereof, be paid in United States dollars and may be freely transferred out of the Marshall Islands, and all such dividends and
other distributions will not be subject to withholding or other taxes under the laws and regulations of the Marshall Islands and
are otherwise free and clear of any other tax, withholding or deduction and without the necessity of obtaining any consents, approvals,
authorizations, orders, licenses, registrations, clearances and qualifications of or with any court or governmental agency or body
in the Marshall Islands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(tt)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as set forth in the Registration Statement, the General Disclosure Package and the Final Prospectus or as
provided by the laws of its jurisdiction of organization with respect to permissible sources of funds from which dividends may
be paid, no Subsidiary of the Company is currently prohibited, directly or indirectly, from paying any dividends to the Company,
from making any other distribution on such Subsidiary&rsquo;s capital stock, from repaying to the Company any loans or advances
to such Subsidiary from the Company or from transferring any of such Subsidiary&rsquo;s property or assets to the Company or any
other Subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(uu)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Assuming payment for the Shares as contemplated by this Agreement, there are no restrictions on subsequent transfers
of the Shares by the Underwriters under the laws of the Marshall Islands except as may be provided by law with respect to insolvency
or bankruptcy of an Underwriter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(vv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>No forward-looking statement (within the meaning of Section 27A of the Act and Section 21E of the Exchange Act) contained
in the Registration Statement, the General Disclosure Package or the Final Prospectus has been made or reaffirmed without a reasonable
basis or has been disclosed other than in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(ww)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company believes that it is not currently a passive foreign investment company (&ldquo;<U>PFIC</U>&rdquo;) within
the meaning of Section 1297(a) of the United States Internal Revenue Code of 1986, as amended, and does not currently intend to
take any action that is likely to result in it becoming a PFIC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(xx)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>There are no material capital gains, income, withholding, documentary, stamp or other taxes or duties or similar
fees or charges under U.S. federal law or the laws of any U.S. state, the Republic of the Marshall Islands or the Republic of Liberia
or any political subdivision of any thereof, required to be paid in connection with the execution and delivery of this Agreement
or the issuance by the Company of the Shares, or the sale and delivery by the Company of the Shares to or for the respective accounts
of the Underwriters or the sale and delivery by the Underwriters of the Shares to the initial purchasers thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(yy)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Registration
Statement fairly presents the information called for in all material respects and has been prepared in accordance with the Commission&rsquo;s
rules and guidelines applicable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(zz)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as described in the Registration Statement, the General Disclosure Package or the Final Prospectus and except
as would not be reasonably expected to have a Material Adverse Effect, neither the Company nor any Subsidiary has sent or received
any communication regarding termination of, or intent not to renew, any of the contracts, charters or agreements referred to or
described in the Registration Statement, the General Disclosure Package or the Final Prospectus, or referred to or described in,
or filed as an exhibit to, the Registration Statement, and no such termination or non-renewal has been threatened by the Company
or any Subsidiary or, to the Company&rsquo;s knowledge, any other party to any such contract or agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(aaa)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor any of its Subsidiaries or affiliates, nor any director, officer, nor, to the knowledge of
the Company, any employee, agent, representative or other person acting on behalf of the Company or any of its Subsidiaries or
affiliates has taken or will take any action in furtherance of an offer, payment, promise to pay, or authorization or approval
of the payment or giving of money, property, gifts or anything else of value, directly or indirectly, to any &ldquo;government
official&rdquo; (including any officer or employee of a government or government-owned or controlled entity or of a public international
organization, or any person acting in an official capacity for or on behalf of any of the foregoing, or any political party or
party official or candidate for political office) to influence official action or secure an improper advantage; and the Company
and its subsidiaries and affiliates have conducted their businesses in compliance with applicable anti-corruption laws and have
instituted and maintain and will continue to maintain policies and procedures designed to promote and achieve compliance with such
laws and with the representation and warranty contained herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(bbb)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with all
applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III
of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001
(USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and its subsidiaries conduct
business, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any governmental agency (collectively, the &ldquo;<U>Anti-Money Laundering Laws</U>&rdquo;) and no action, suit
or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any of
its subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(ccc)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>(i) Neither the Company nor any of its Subsidiaries, nor any director, officer or employee thereof, nor, to the Company&rsquo;s
knowledge, any agent, affiliate or representative of the Company or any of its Subsidiaries, is an individual or entity (&ldquo;<U>Person</U>&rdquo;)
that is, or is owned or controlled by a Person that is:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(A)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the target of any sanctions administered or enforced by the U.S. Department of Treasury&rsquo;s Office of Foreign
Assets Control (&ldquo;<U>OFAC</U>&rdquo;), the United Nations Security Council (&ldquo;<U>UNSC</U>&rdquo;), the European Union
(&ldquo;<U>EU</U>&rdquo;), Her Majesty&rsquo;s Treasury (&ldquo;<U>HMT</U>&rdquo;), or other relevant sanctions authority (collectively,
&ldquo;<U>Sanctions</U>&rdquo;), nor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(B)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>located, organized or resident in a country or territory that is the subject of Sanctions (including, without limitation,
Burma/Myanmar, Crimea, Cuba, Iran, Libya, North Korea, Sudan and Syria).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise
make available such proceeds to any subsidiary, joint venture partner or other Person:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(A)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to fund or facilitate any activities or business of or with any Person or in any country or territory that, at the
time of such funding or facilitation, is the subject of Sanctions; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in"><FONT STYLE="color: #010000">(B)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>in any other manner that will result in a violation of Sanctions by any Person (including any Person participating
in the offering, whether as underwriter, advisor, investor or otherwise).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>the Company and its Subsidiaries have not knowingly engaged in, are not now knowingly engaged in, and will not knowingly
engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction
is or was the subject of Sanctions, except as permitted by the Sanctions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(ddd)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Except as described in the Registration Statement, the General Disclosure Package and the Final Prospectus, no holders
of any securities of the Company or of any options, warrants or other convertible or exchangeable securities of the Company have
the right to include any securities issued by the Company in the Registration Statement or any registration statement to be filed
by the Company or to require the Company to file a registration statement under the Act, other than those holders who have waived
such rights. Except as described in the Preliminary Prospectus, any Issuer Free Writing Prospectus and the Final Prospectus, no
holder of any securities of the Company or any other person has the right, contractual or otherwise, which has not been satisfied
or effectively waived, to cause the Company to sell or otherwise issue to them, or permit them to underwrite the sale of, any of
the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(eee)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Other than pursuant to this Agreement, neither the Company nor any of the Subsidiaries has incurred any liability
for any finder&rsquo;s or broker&rsquo;s fee or agent&rsquo;s commission in connection with the execution and delivery of this
Agreement or the consummation of the transactions contemplated hereby or by the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(fff)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Neither the Company nor to the Company&rsquo;s knowledge, any of its shareholders, has taken or may take, directly
or indirectly, any action designed to cause or result in, or which has constituted or which might be reasonably expected to constitute,
the stabilization or manipulation of the prices of the Shares to facilitate the sale or resale of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(ggg)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company is a &ldquo;foreign private issuer&rdquo; as defined in Rule 405 of the Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">2.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Purchase, Sale and Delivery of the Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>On the basis of the representations, warranties and covenants herein contained, and subject to the conditions herein
set forth, the Company agrees to sell to the Underwriters and each Underwriter agrees, severally and not jointly, to purchase,
at a price of $4.085 per share (the &ldquo;<U>Underwriters&rsquo; Price</U>&rdquo;), the number of Shares set forth opposite the
name of each Underwriter on Schedule I hereof, subject to adjustments in accordance with Section 9 hereof; <I>provided</I> that
with respect to an aggregate of 7,744,480 of the Shares allocated at the direction of the Company (the &ldquo;<U>Directed Shares</U>&rdquo;)
to Oaktree Capital Management, L.P. and its affiliates, Caspian Capital LP and its affiliates, and family members or entities owned
and controlled by affiliates of the family of Mr. Pappas (collectively, the &ldquo;<U>Significant Shareholders</U>&rdquo;), the
Underwriters shall purchase such Directed Shares at the Public Offering Price (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Payment for the Shares to be sold hereunder is to be made in federal (same day) funds against delivery of the Shares
through the facilities of The Depository Trust Company (&ldquo;DTC&rdquo;) to the Representatives for the several accounts of the
Underwriters. Such payment and delivery are to be made through the facilities of The Depository Trust Company, New York, New York
at 10:00 a.m., New York time, on the third business day after the date of this Agreement or at such other time and date not later
than five business days thereafter as you and the Company shall agree upon, such time and date being herein referred to as the
&ldquo;<U>Closing Date</U>.&rdquo; (As used herein, &ldquo;<U>business day</U>&rdquo; means a day on which the NASDAQ Global Select
Market is open for trading and on which banks in New York are open for business and are not permitted by law or executive order
to be closed.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">3.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Offering by the Underwriters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">It is understood that the several Underwriters
are to make a public offering of the Shares as soon as the Representatives deem it advisable to do so. The Shares are to be initially
offered to the public at $4.30 a share (the &ldquo;<U>Public Offering Price</U>&rdquo;). The Representatives may from time to time
thereafter change the public offering price and other selling terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">It is further understood that you will act
as the Representatives for the Underwriters in the offering and sale of the Shares in accordance with a Master Agreement Among
Underwriters entered into by you and the several other Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">4.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Covenants of the Company</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company covenants and agrees with the
several Underwriters that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will (A)&nbsp;prepare and timely file with the Commission under Rule 424(b) (without reliance on Rule
424(b)(8)) under the Act a Final Prospectus in a form approved by the Representatives containing information previously omitted
at the time of effectiveness of the Registration Statement in reliance on Rules 430A, 430B or 430C under the Act, (B)&nbsp;not
file any amendment to the Registration Statement or distribute any amendment or supplement to the General Disclosure Package, to
the Final Prospectus or to any document incorporated by reference therein of which the Representatives shall not previously have
been advised and furnished with a copy or to which the Representatives shall have reasonably objected as soon as reasonably practicable
in writing or which is not in compliance with the Rules and Regulations and (C)&nbsp;file or furnish on a timely basis all reports
required to be filed or furnished by the Company with the Commission subsequent to the date of the Final Prospectus and prior to
the termination of the offering of the Shares by the Underwriters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will (i)&nbsp;not make any offer relating to the Shares that would constitute an Issuer Free Writing
Prospectus or that would otherwise constitute a &ldquo;free writing prospectus&rdquo; (as defined in Rule 405 under the Act) required
to be filed by the Company with the Commission under Rule 433 under the Act unless the Representatives approves its use in writing
prior to first use (each, a &ldquo;<U>Permitted Free Writing Prospectus</U>&rdquo;), which approval shall not be unreasonably withheld;
provided that the prior written consent of the Representatives hereto shall be deemed to have been given in respect of the Issuer
Free Writing Prospectus included in Schedule II hereto, (ii)&nbsp;treat each Permitted Free Writing Prospectus as an Issuer Free
Writing Prospectus, (iii)&nbsp;comply with the requirements of Rules 164 and 433 under the Act applicable to any Issuer Free Writing
Prospectus, including the requirements relating to timely filing with the Commission, legending and record keeping and (iv)&nbsp;not
take any action that would result in an Underwriter or the Company being required to file with the Commission pursuant to Rule
433(d) under the Act a free writing prospectus prepared by or on behalf of such Underwriter that such Underwriter otherwise would
not have been required to file thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will advise the Representatives promptly (A)&nbsp;when any post-effective amendment to the Registration
Statement or new registration statement relating to the Shares shall have become effective, or any supplement to the Final Prospectus
shall have been filed, (B)&nbsp;of the receipt of any comments from the Commission, (C)&nbsp;of any request of the Commission for
amendment of the Registration Statement or the filing of a new registration statement or any amendment or supplement to the General
Disclosure Package or the Final Prospectus or any document incorporated by reference therein or otherwise deemed to be a part thereof
or for any additional information and (D)&nbsp;of the issuance by the Commission of any stop order suspending the effectiveness
of the Registration Statement or such new registration statement or any order preventing or suspending the use of any Preliminary
Prospectus, any Issuer Free Writing Prospectus or the Final Prospectus, or of the institution of any proceedings for that purpose
or pursuant to Section 8A of the Act. The Company will use its reasonable best efforts to prevent the issuance of any such order
and to obtain as soon as possible the lifting thereof, if issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will use commercially reasonable efforts to cooperate with the Representatives in endeavoring to qualify
the Shares for sale under the securities laws of such jurisdictions as the Representatives may reasonably have designated in writing
and will make such applications, file such documents, and furnish such information as may be reasonably required for that purpose,
provided the Company shall not be required to qualify as a foreign corporation or to file a general consent to service of process
in any jurisdiction where it is not now so qualified or required to file such a consent. The Company will, from time to time, prepare
and file such statements, reports, and other documents, as are or may be required to continue such qualifications in effect for
so long a period as the Representatives may reasonably request for distribution of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will deliver to, or upon the order of, the Representatives, from time to time, as many copies of any
Preliminary Prospectus as the Representatives may reasonably request. The Company will deliver to, or upon the order of, the Representatives,
from time to time, as many copies of any Issuer Free Writing Prospectus as the Representatives may reasonably request. The Company
will deliver to, or upon the order of, the Representatives during the period when delivery of a Final Prospectus (or, in lieu thereof,
the notice referred to under Rule 173(a) under the Act) is required under the Act, as many copies of the Final Prospectus in final
form, or as thereafter amended or supplemented, as the Representatives may reasonably request. The Company will deliver to the
Representatives such number of copies of the Registration Statement (including such number of copies of the exhibits filed therewith
that may reasonably be requested), including documents incorporated by reference therein, and of all amendments thereto, as the
Representatives may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will comply with the Act and the Rules and Regulations, and the Exchange Act, and the rules and regulations
of the Commission thereunder, so as to permit the completion of the distribution of the Shares as contemplated in this Agreement
and the Final Prospectus. If during the period in which a prospectus (or, in lieu thereof, the notice referred to under Rule 173(a)
under the Act) is required by law to be delivered by an Underwriter or dealer, any event shall occur as a result of which, in the
judgment of the Company or in the reasonable opinion of the Underwriters, it becomes necessary to amend or supplement the Final
Prospectus in order to make the statements therein, in the light of the circumstances existing at the time the Final Prospectus
is delivered to a purchaser, not misleading, or, if it is necessary at any time to amend or supplement the Final Prospectus to
comply with any law, the Company as promptly as reasonably practicable will either (i)&nbsp;prepare and file with the Commission
an appropriate amendment to the Registration Statement or supplement to the Final Prospectus or (ii)&nbsp;prepare and file with
the Commission an appropriate filing under the Exchange Act which shall be incorporated by reference in the Final Prospectus so
that the Final Prospectus as so amended or supplemented will not, in the light of the circumstances when it is so delivered, be
misleading, or so that the Final Prospectus will comply with the law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>If the General Disclosure Package is being used to solicit offers to buy the Shares at a time when the Final Prospectus
is not yet available to prospective purchasers and any event shall occur as a result of which, in the judgment of the Company or
in the reasonable opinion of the Underwriters, it becomes necessary to amend or supplement the General Disclosure Package in order
to make the statements therein, in the light of the circumstances, not misleading, or to make the statements therein not conflict
with the information contained in the Registration Statement then on file, or if it is necessary at any time to amend or supplement
the General Disclosure Package to comply with any law, the Company promptly will either (i)&nbsp;prepare, file with the Commission
(if required) and furnish to the Underwriters and any dealers an appropriate amendment or supplement to the General Disclosure
Package or (ii)&nbsp;prepare and file with the Commission an appropriate filing under the Exchange Act which shall be incorporated
by reference in the General Disclosure Package so that the General Disclosure Package as so amended or supplemented will not, in
the light of the circumstances, be misleading or conflict with the Registration Statement then on file, or so that the General
Disclosure Package will comply with law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(h)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will make generally available to its security holders, as soon as it is practicable to do so, but in
any event not later than 15 months after the effective date of the Registration Statement, an earnings statement (which need not
be audited) in reasonable detail, complying with the requirements of Section 11(a) of the Act and Rule 158 under the Act and will
advise you in writing when such statement has been so made available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Prior to the Closing Date, the Company will furnish to the Underwriters, as soon as they have been prepared by or
are available to the Company, a copy of any finalized unaudited interim financial statements of the Company for any period subsequent
to the period covered by the most recent financial statements appearing in the Registration Statement and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(j)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>(1) No offering, sale, short sale or other disposition of any Common Shares of the Company or other securities convertible
into or exchangeable or exercisable for Common Shares or derivative of Common Shares (or agreement for such) will be made and (2)
no filing of any registration statement with the Commission relating to the offering of any Common Shares or any securities convertible
into or exercisable or exchangeable for Common Shares will be made, in each case for a period of 60 days after the date of the
Final Prospectus, directly or indirectly, by the Company otherwise than hereunder or with the prior written consent of each of
the Representatives. Notwithstanding the foregoing, the Company may issue equity incentive shares in accordance with its 2015 and
2016 Equity Incentive Plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(k)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>For a period of 60 days after the date of the Final Prospectus, the Company shall use commercially reasonable efforts
to maintain the listing of its Common Shares on the NASDAQ Global Select Market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(l)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company has caused each executive officer and director of the Company and each person listed on Schedule III
hereto, to sign, on or prior to the date of this agreement, a letter or letters, substantially in the form attached hereto as <U>Exhibit
C</U> (the &ldquo;<U>Lockup Agreement</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(m)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company shall apply the net proceeds of its sale of the Shares as set forth in the Registration Statement, General
Disclosure Package and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(n)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company shall not invest, or otherwise use the proceeds received by the Company from its sale of the Shares in
such a manner as would require the Company or any of the Subsidiaries to register as an investment company under the 1940 Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(o)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company will not take, directly or indirectly, any action designed to cause or result in, or that has constituted
or might reasonably be expected to constitute, the stabilization or manipulation of the price of any securities of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">5.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Costs and Expenses</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company will pay all costs, expenses and
fees incident to the performance of the obligations of the Company under this Agreement, including, without limiting the generality
of the foregoing, the following: accounting fees of the Company; the fees and disbursements of counsel for the Company; costs incident
to the authorization, issuance, sale, preparation and delivery of the Shares and any taxes payable in that regard, the cost of
printing and delivering to, or as requested by, you copies of the Registration Statement, Preliminary Prospectus, the Issuer Free
Writing Prospectuses, the Final Prospectus, this Agreement, any Blue Sky surveys and any supplements or amendments thereto; the
costs and expenses of the Company relating to investor presentations on any &ldquo;road show&rdquo; undertaken in connection with
the marketing of the offering of the Shares, including without limitation, expenses associated with the preparation or dissemination
of any electronic road show, expenses associated with the production of road show slides and graphics, fees and expenses of any
consultants engaged in connection with the road show presentations with the prior approval of the Company, travel and lodging expenses
of the representatives and officers of the Company and any such consultants and 50% of the cost of any aircraft chartered in connection
with the road show; the filing fees of the Commission, if any; the filing fees and expenses (including legal fees and disbursements
up to $15,000) incident to securing any required review by FINRA of the terms of the sale of the Shares; the listing fee of the
NASDAQ Global Select Market; the reasonable fees and expenses of the transfer agent, including the fees and disbursements of counsel
for the transfer agent in connection with the Shares; the costs and expenses (including without limitation any damages or other
amounts payable in connection with legal or contractual liability) associated with the reforming of any contracts for sale of the
Shares made by the Underwriters caused by a breach of the representation in Section 1(b)); and the expenses, including the fees
and disbursements of counsel for the Underwriters, incurred in connection with the qualification of the Shares under state securities
or Blue Sky laws. The Company shall not, however, be required to pay for any of the Underwriters&rsquo; expenses (other than those
related to qualification under FINRA regulation and state securities or Blue Sky laws) except that, if this Agreement shall not
be consummated because the conditions in Section 6 hereof are not satisfied, or because this Agreement is terminated by the Representatives
pursuant to Section 11(a) hereof, or by reason of any failure, refusal or inability on the part of the Company to perform any undertaking
or satisfy any condition of this Agreement or to comply with any of the terms hereof on its part to be performed, unless such failure,
refusal or inability is due primarily to the default or omission of you or any of the Underwriters, the Company shall reimburse
the several Underwriters for reasonable out-of-pocket expenses, including reasonable fees and disbursements of counsel, reasonably
incurred in connection with investigating, marketing and proposing to market the Shares or in contemplation of performing their
obligations hereunder; but the Company shall not in any event be liable to the Underwriters for damages on account of loss of anticipated
profits from the sale by them of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">6.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conditions of Obligations of the Underwriters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The several obligations of the Underwriters
to purchase the Shares on the Closing Date are subject to the accuracy, as of the Applicable Time or the Closing Date, as the case
may be, of the representations and warranties of the Company contained herein, and to the performance by the Company of its covenants
and obligations hereunder and to the following additional conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Registration Statement and all post-effective amendments thereto shall have become effective and the Final Prospectus
and each Issuer Free Writing Prospectus required shall have been filed as required by Rules 424(b) (without reliance on Rule 424(b)(8)),
430A, 430B, 430C or 433 under the Act, as applicable, within the time period prescribed by, and in compliance with, the Rules and
Regulations, and any request of the Commission for additional information (to be included in the Registration Statement or otherwise)
shall have been disclosed to the Representatives and complied with to its reasonable satisfaction. No stop order suspending the
effectiveness of the Registration Statement, as amended from time to time, shall have been issued and no proceedings for that purpose
or pursuant to Section 8A under the Act shall have been taken or, to the knowledge of the Company, shall be contemplated or threatened
by the Commission and no injunction, restraining order or order of any nature by a Federal or state court of competent jurisdiction
shall have been issued as of the Closing Date which would prevent the issuance of the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Representatives shall have received on the Closing Date, as the case may be, the following, dated the Closing
Date, in form and substance reasonably satisfactory to Simpson Thacher &amp; Bartlett LLP, counsel for the Underwriters (&ldquo;<U>Underwriters&rsquo;
Counsel</U>&rdquo;) addressed to each of the Underwriters (including the Representatives) and stating that such opinions may be
relied upon by Underwriters&rsquo; Counsel:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>favorable opinion and negative assurance letter of Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP, U.S. counsel
for the Company, with respect to matters of U.S. law, as customary and to the effect as Underwriters&rsquo; Counsel may reasonably
request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>favorable opinion of Seward &amp; Kissel LLP, special counsel for the Company with respect to matters of Marshall
Islands law, as customary and to the effect as Underwriters&rsquo; Counsel may reasonably request; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>favorable opinion of Souzana Manaka, special counsel for the Company with respect to matters of Greek law, as customary
and to the effect as Underwriters&rsquo; Counsel may reasonably request;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="color: #010000">(iv)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>favorable opinion of Georgia Mastagaki, of the Company, as customary and to the effect as Underwriters&rsquo; Counsel
may reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Representatives shall have received from Underwriters&rsquo; Counsel an opinion dated the Closing Date, as the
case may be, with respect to such matters as may be requested by the Underwriters. In addition, the Representatives shall have
received from Underwriters&rsquo; Counsel a letter stating that nothing has come to the attention of such counsel which leads them
to believe that (i)&nbsp;the Registration Statement, or any amendment thereto, as of the time it became effective under the Act
(including the information deemed to be a part of the Registration Statement at the time it became effective pursuant to Rules
430A, 430B or 430C under the Act) contained an untrue statement of a material fact or omitted to state a material fact required
to be stated therein or necessary to make the statements therein not misleading, (ii)&nbsp;the General Disclosure Package, as of
the Applicable Time, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not misleading and (iii)&nbsp;the Final
Prospectus, or any supplement thereto, on the date it was filed pursuant to the Rules and Regulations and as of the Closing Date,
as the case may be, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact,
necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading
(except that such counsel need express no view as to financial statements and schedules and other financial data therein). With
respect to such statement, Underwriters&rsquo; Counsel may state that their belief is based upon the procedures set forth therein,
but is without independent check and verification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>You shall have received, on each of the date hereof and the Closing Date, a letter dated the date hereof and the
Closing Date, as the case may be, in form and substance reasonably satisfactory to you, of Ernst &amp; Young (Hellas) Certified
Auditors-Accountants S.A confirming that they are an independent registered public accounting firm with respect to the Company
and the Subsidiaries within the meaning of the Act and the applicable Rules and Regulations and the PCAOB, and stating that in
their opinion (a) the financial statements audited by them and included or incorporated by reference in the Registration Statement,
the General Disclosure Package and the Final Prospectus comply in form in all material respects with the applicable accounting
requirements of the Act and the related Rules and Regulations and (b) they have no reason to believe that the unaudited financial
statements included or incorporated by reference in the Registration Statement, the General Disclosure Package and the Final Prospectus
do not comply in form in all material respects with the applicable accounting requirements of the Act and the related Rules and
Regulations; and containing such other statements and information as is ordinarily included in accountants&rsquo; &ldquo;comfort
letters&rdquo; to Underwriters with respect to the financial statements and certain financial and statistical information contained
in the Registration Statement, the General Disclosure Package and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>You shall have received, on the date hereof, letters dated the date hereof, in form and substance reasonably satisfactory
to you, of Ernst &amp; Young (Hellas) Certified Auditors-Accountants S.A., confirming that they are an independent registered public
accounting firm to Oceanbulk within the meaning of the Act and the applicable Rules and Regulations and the PCAOB, and stating
that in their opinion (a) the financial statements audited by them and included or incorporated by reference in the Registration
Statement, the General Disclosure Package and the Final Prospectus comply in form in all material respects with the applicable
accounting requirements of the Act and the related Rules and Regulations and (b) they have no reason to believe that the unaudited
financial statements included or incorporated by reference in the Registration Statement, the General Disclosure Package and the
Final Prospectus do not comply in form in all material respects with the applicable accounting requirements of the Act and the
related Rules and Regulations; and containing such other statements and information as is ordinarily included in accountants&rsquo;
&ldquo;comfort letters&rdquo; to Underwriters with respect to the financial statements and certain financial and statistical information
contained in the Registration Statement, the General Disclosure Package and the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Representatives shall have received on the Closing Date, a certificate or certificates of the Chief Executive
Officer and the Co-Chief Financial Officers of the Company to the effect that, as of the Closing Date, each of them severally represents,
in his capacity as Chief Executive Officer or Co-Chief Financial Officer, as the case may be, and not in his individual capacity,
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Registration Statement has become effective under the Act and no stop order suspending the effectiveness of the
Registration Statement or no order preventing or suspending the use of any Preliminary Prospectus, any Issuer Free Writing Prospectus
or the Final Prospectus has been issued, and no proceedings for such purpose or pursuant to Section 8A of the Act have been taken
or are, to his knowledge, contemplated or threatened by the Commission;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The representations and warranties of the Company contained in Section 1 hereof are true and correct as of the Closing
Date; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="color: #010000">(iii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Since the respective dates as of which information is given in the Registration Statement, the General Disclosure
Package and Final Prospectus, there has not been any material adverse change or any development involving a prospective material
adverse change in or affecting the business, management, properties, assets, rights, operations, condition (financial or otherwise)
or prospects of the Company and the Subsidiaries taken as a whole, whether or not arising in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(g)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Representatives shall have received on the date hereof and the Closing Date, as the case may be, a certificate
of the Chief Financial Officer of the Company to the effect set forth in <U>Exhibit D</U> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(h)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company shall have furnished to the Representatives such further certificates and documents confirming the representations
and warranties, covenants and conditions contained herein and related matters as the Representatives may have reasonably requested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company shall not have received a notice from the NASDAQ Global Select Market that the Shares have not been approved
for listing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(j)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Lockup Agreements described in Section 4(l) are in full force and effect.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(k)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Directed Shares shall have been simultaneously purchased from the Underwriters pursuant to Section 2(a) hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The opinions and certificates mentioned in
this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in all material respects reasonably
satisfactory to the Representatives and to Underwriters&rsquo; Counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If any of the conditions hereinabove provided
for in this Section 6 shall not have been fulfilled when and as required by this Agreement to be fulfilled, the obligations of
the Underwriters hereunder may be terminated by the Representatives by notifying the Company of such termination in writing by
facsimile at or prior to the Closing Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In such event, the Company and the Underwriters
shall not be under any obligation to each other (except to the extent provided in Sections 5 and 8 hereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">7.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Conditions of the Obligations of the Company</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The obligations of the Company to sell and
deliver the Shares required to be delivered as and when specified in this Agreement are subject to the condition that at the Closing
Date, no stop order suspending the effectiveness of the Registration Statement shall have been issued and in effect or proceedings
therefor initiated or threatened.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">8.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Indemnification</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>The Company agrees:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="color: #010000">(i)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to indemnify and hold harmless each Underwriter and each person, if any, who controls any Underwriter within the
meaning of either Section 15 of the Act or Section 20 of the Exchange Act and each affiliate of any Underwriter within the meaning
of Rule 405 under the Act, against any losses, claims, damages or liabilities to which such Underwriter or any such controlling
person may become subject under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings
in respect thereof) arise out of or are based upon: any untrue statement or alleged untrue statement of any material fact contained
in the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus, the Final Prospectus, any Company
information that the Company has filed, or is required to file, pursuant to Rule 433(d) under the Act, any &ldquo;road show&rdquo;
as defined in Rule 433(h) under the Act or any amendment or supplement thereto or the omission or alleged omission to state therein
a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
under which they were made; provided, however, that the Company will not be liable in any such case to the extent that any such
loss, claim, damage or liability arises out of or is based upon an untrue statement or alleged untrue statement, or omission or
alleged omission made in the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus, the Final
Prospectus, any &ldquo;road show&rdquo; as defined in Rule 433(h) under the Act or such amendment or supplement, in reliance upon
and in conformity with written information furnished to the Company by or through the Representatives specifically for use therein,
it being understood and agreed that the only such information furnished by any Underwriter consists of the information described
as such in Section 133 herein; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in"><FONT STYLE="color: #010000">(ii)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>to reimburse each Underwriter and each such controlling person upon demand for any legal or other out-of-pocket expenses
reasonably incurred by such Underwriter or such controlling person in connection with investigating or defending any such loss,
claim, damage or liability, action or proceeding or in responding to a subpoena or governmental inquiry related to the offering
of the Shares, whether or not such Underwriter or controlling person is a party to any action or proceeding. In the event that
it is finally judicially determined that the Underwriters were not entitled to receive payments for legal and other expenses pursuant
to this subparagraph, the Underwriters will promptly return all sums that had been advanced pursuant hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Each Underwriter severally and not jointly will indemnify and hold harmless the Company, each of its directors, each
of its officers who have signed the Registration Statement and each person, if any, who controls the Company within the meaning
of the Act, against any losses, claims, damages or liabilities to which the Company or any such director, officer, or controlling
person may become subject under the Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions or proceedings
in respect thereof) arise out of or are based upon (i)&nbsp;any untrue statement or alleged untrue statement of any material fact
contained in the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus, the Final Prospectus or
any amendment or supplement thereto, or (ii)&nbsp;the omission or the alleged omission to state therein a material fact required
to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they
were made; and will reimburse any legal or other expenses reasonably incurred by the Company or any such director, officer, or
controlling person in connection with investigating or defending any such loss, claim, damage, liability, action or proceeding;
provided, however, that each Underwriter will be liable in each case to the extent, but only to the extent, that such untrue statement
or alleged untrue statement or omission or alleged omission has been made in the Registration Statement, any Preliminary Prospectus,
any Issuer Free Writing Prospectus, the Final Prospectus or such amendment or supplement, in reliance upon and in conformity with
written information furnished to the Company by or through the Representatives specifically for use therein, it being understood
and agreed that the only such information furnished by any Underwriter consists of the information described as such in Section
13 herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(c)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In case any proceeding (including any governmental investigation) shall be instituted involving any person in respect
of which indemnity may be sought pursuant to this Section 8, such person (the &ldquo;indemnified party&rdquo;) shall promptly notify
the person against whom such indemnity may be sought (the &ldquo;indemnifying party&rdquo;) in writing. No indemnification provided
for in Section 8(a) or (b)&nbsp;shall be available to any party who shall fail to give notice as provided in this Section 8(c)
if the party to whom notice was not given was unaware of the proceeding to which such notice would have related and was materially
prejudiced by the failure to give such notice, but the failure to give such notice shall not relieve the indemnifying party or
parties from any liability which it or they may have to the indemnified party for contribution or otherwise than on account of
the provisions of Section 8(a) or (b). In case any such proceeding shall be brought against any indemnified party and it shall
notify the indemnifying party of the commencement thereof, the indemnifying party shall be entitled to participate therein and,
to the extent that it shall wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof,
with counsel reasonably satisfactory to such indemnified party (which may be counsel to such indemnifying party) and shall pay
as incurred the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any indemnified party
shall have the right to retain its own counsel at its own expense. Notwithstanding the foregoing, the indemnifying party shall
pay as incurred (or within 30 days of presentation) the fees and expenses of one counsel retained by the indemnified party in the
event (i)&nbsp;the indemnifying party and the indemnified party shall have mutually agreed to the retention of such counsel, (ii)&nbsp;the
named parties to any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified
party and representation of both parties by the same counsel would be inappropriate due to actual or potential conflicts of interest
between them or (iii)&nbsp;the indemnifying party shall have failed to assume the defense and employ counsel reasonably acceptable
to the indemnified party within a reasonable period of time after notice of commencement of the action. It is understood that the
indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for
the reasonable fees and expenses of more than one separate firm for all such indemnified parties. Such firm shall be designated
in writing by you in the case of parties indemnified pursuant to Section 8(b) and by the Company in the case of parties indemnified
pursuant to Section 8(a). The indemnifying party shall not be liable for any settlement of any proceeding effected without its
written consent but if settled with such consent or if there be a final judgment for the plaintiff, the indemnifying party agrees
to indemnify the indemnified party from and against any loss or liability by reason of such settlement or judgment. In addition,
the indemnifying party will not, without the prior written consent of the indemnified party, settle or compromise or consent to
the entry of any judgment in any pending or threatened claim, action or proceeding of which indemnification may be sought hereunder
(whether or not any indemnified party is an actual or potential party to such claim, action or proceeding) unless such settlement,
compromise or consent includes an unconditional release of each indemnified party from all liability arising out of such claim,
action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(d)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>To the extent the indemnification provided for in this Section 8 is unavailable to or insufficient to hold harmless
an indemnified party under Section 8(a) or (b) above in respect of any losses, claims, damages or liabilities (or actions or proceedings
in respect thereof) referred to therein, then each indemnifying party shall contribute to the amount paid or payable by such indemnified
party as a result of such losses, claims, damages or liabilities (or actions or proceedings in respect thereof) in such proportion
as is appropriate to reflect the relative benefits received by the Company on the one hand and the Underwriters on the other from
the offering of the Shares. If, however, the allocation provided by the immediately preceding sentence is not permitted by applicable
law then each indemnifying party shall contribute to such amount paid or payable by such indemnified party in such proportion as
is appropriate to reflect not only such relative benefits but also the relative fault of the Company on the one hand and the Underwriters
on the other in connection with the statements or omissions which resulted in such losses, claims, damages or liabilities (or actions
or proceedings in respect thereof), as well as any other relevant equitable considerations. The relative benefits received by the
Company on the one hand and the Underwriters on the other shall be deemed to be in the same proportion as the total net proceeds
from the offering (before deducting expenses) received by the Company bear to the total underwriting discounts and commissions
received by the Underwriters, in each case as set forth in the table on the cover page of the Final Prospectus. The relative fault
shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or the Underwriters
on the other and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company and the Underwriters agree that
it would not be just and equitable if contributions pursuant to this Section 8(d) were determined by pro rata allocation (even
if the Underwriters were treated as one entity for such purpose) or by any other method of allocation which does not take account
of the equitable considerations referred to above in this Section 8 (d). The amount paid or payable by an indemnified party as
a result of the losses, claims, damages or liabilities (or actions or proceedings in respect thereof) referred to above in this
Section 8(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection
with investigating or defending any such action or claim. Notwithstanding the provisions of this subsection (d), (i)&nbsp;no Underwriter
shall be required to contribute any amount in excess of the underwriting discounts and commissions applicable to the Shares purchased
by such Underwriter, and (ii)&nbsp;no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the
Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Underwriters&rsquo;
obligations in this Section 8(d) to contribute are several in proportion to their respective underwriting obligations and not joint.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(e)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>In any proceeding relating to the Registration Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus,
the Final Prospectus or any supplement or amendment thereto, each party against whom contribution may be sought under this Section
8 hereby consents to the jurisdiction of any court having jurisdiction over any other contributing party, agrees that process issuing
from such court may be served upon it by any other contributing party and consents to the service of such process and agrees that
any other contributing party may join it as an additional defendant in any such proceeding in which such other contributing party
is a party. The agent for service of process to the Company is Star Bulk (USA) LLC (the &ldquo;<U>Authorized Agent</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(f)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>Any losses, claims, damages, liabilities or expenses for which an indemnified party is entitled to indemnification
or contribution under this Section 8 shall be paid by the indemnifying party to the indemnified party as such losses, claims, damages,
liabilities or expenses are incurred. The indemnity and contribution agreements contained in this Section 8 and the representations
and warranties of the Company set forth in this Agreement shall remain operative and in full force and effect, regardless of (i)&nbsp;any
investigation made by or on behalf of any Underwriter or any person controlling any Underwriter, the Company, its directors or
officers or any persons controlling the Company, (ii)&nbsp;acceptance of any Shares and payment therefor hereunder, and (iii)&nbsp;any
termination of this Agreement. A successor to any Underwriter, or any person controlling any Underwriter, or to the Company, its
directors or officers, or any person controlling the Company, shall be entitled to the benefits of the indemnity, contribution
and reimbursement agreements contained in this Section 8.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">9.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Default By Underwriters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If, on the Closing Date, any Underwriter shall
fail to purchase and pay for the portion of the Shares which such Underwriter has agreed to purchase and pay for on such date (otherwise
than by reason of any default on the part of the Company) you, as Representatives of the Underwriters, shall use your reasonable
efforts to procure within 36 hours thereafter one or more of the other Underwriters, or any others, to purchase from the Company
such amounts as may be agreed upon and upon the terms set forth herein, the Shares which the defaulting Underwriter or Underwriters
failed to purchase. If during such 36 hours you, as such Representatives, shall not have procured such other Underwriters, or any
others, to purchase the Shares agreed to be purchased by the defaulting Underwriter or Underwriters, then (a)&nbsp;if the aggregate
number of shares with respect to which such default shall occur does not exceed 10% of the Shares to be purchased on the Closing
Date, the other Underwriters shall be obligated, severally, in proportion to the respective numbers of Shares which they are obligated
to purchase hereunder, to purchase the Shares which such defaulting Underwriter or Underwriters failed to purchase, or (b)&nbsp;if
the aggregate number of shares of Shares with respect to which such default shall occur exceeds 10% of the Shares to be purchased
on the Closing Date, the Company or you as the Representatives of the Underwriters will have the right, by written notice given
within the next 36-hour period to the parties to this Agreement, to terminate this Agreement without liability on the part of
the non-defaulting Underwriters or of the Company except to the extent provided in Sections 5 and 8 hereof. In the event of a default
by any Underwriter or Underwriters, as set forth in this Section 9, the Closing Date, may be postponed for such period, not exceeding
seven days, as you, as Representatives, may determine in order that the required changes in the Registration Statement, the General
Disclosure Package or in the Final Prospectus or in any other documents or arrangements may be effected. The term &ldquo;<U>Underwriter</U>&rdquo;
includes any person substituted for a defaulting Underwriter. Any action taken under this Section 9 shall not relieve any defaulting
Underwriter from liability in respect of any default of such Underwriter under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">10.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Notices</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">All communications hereunder shall be in writing
and, except as otherwise provided herein, will be mailed, delivered, telecopied or telegraphed and confirmed as follows: if to
the Underwriters, to (i) Citigroup Global Markets Inc., 388 Greenwich Street, New York, New York, 10013, Attention: General Counsel,
fax no. (646) 291-1469, (ii) Clarksons Platou Securities, Inc., 280 Park Avenue, 21<SUP>st</SUP> Floor, New York, New York 10017,
fax no. (212) 419-3895, Attention: Patrick Shea, (iii) Deutsche Bank Securities Inc., 60 Wall Street, 2<SUP>nd</SUP> Floor, New
York, New York 10005, Attention: Equity Capital Markets&ndash;Syndicate Desk, with a copy to Deutsche Bank Securities Inc., 60
Wall Street, 36th Floor, New York, New York 10005, Attention: General Counsel, fax: (212) 797-4561, and (iv) DNB Markets, Inc.,
200 Park Avenue, 31st Floor , New York, New York 10166, Attention: Legal Department, in each case, with a copy to Simpson Thacher
&amp; Bartlett LLP, 425 Lexington Avenue, New York, New York 10017, fax no. (212) 455-2502, Attention: Lesley Peng, Esq.; or if
to the Company, to Star Bulk Carriers Corp., c/o Star Bulk Management Inc., 40 Agiou Konstantinou Street, 15124 Maroussi, Athens,
Greece (telefax: 011 30 210 617 8378; Attention: Spyros Capralos, with a copy to Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP,
1285 Avenue of the Americas, New York, New York 10019, fax no. (212) 492-0052, Attention: Lawrence G. Wee, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">11.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Termination</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Agreement may be terminated by you by
notice to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(a)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>at any time prior to the Closing Date if any of the following has occurred: (i)&nbsp;since the respective dates as
of which information is given in the Registration Statement, the General Disclosure Package and the Final Prospectus, any material
adverse change or any development involving a prospective material adverse change in or affecting the earnings, business, management,
properties, assets, rights, operations, condition (financial or otherwise) or prospects of the Company and the Subsidiaries taken
as a whole, whether or not arising in the ordinary course of business, (ii)&nbsp;any outbreak or escalation of hostilities or declaration
of war or national emergency or other national or international calamity or crisis or change in economic or political conditions
if the effect of such outbreak, escalation, declaration, emergency, calamity, crisis or change on the financial markets of the
United States would, in your judgment, make it impracticable or inadvisable to market the Shares or to enforce contracts for the
sale of the Shares, or (iii)&nbsp;suspension of trading in securities generally on the New York Stock Exchange or the NASDAQ Global
Select Market or limitation on prices (other than limitations on hours or numbers of days of trading) for securities on any such
Exchange, (iv)&nbsp;the enactment, publication, decree or other promulgation of any statute, regulation, rule or order of any court
or other governmental authority which in your opinion materially and adversely affects or may materially and adversely affect the
business or operations of the Company, (v)&nbsp;the declaration of a banking moratorium by United States or New York State authorities,
(vi)&nbsp;any downgrading, or placement on any watch list for possible downgrading, in the rating of any of the Company&rsquo;s
debt securities by any &ldquo;nationally recognized statistical rating organization&rdquo; (as defined for purposes of Section
3(a)(62) of the Exchange Act), (vii)&nbsp;the suspension of trading of the Company&rsquo;s Common Shares by the NASDAQ Global Select
Market, the Commission, or any other governmental authority, or (viii)&nbsp;the taking of any action by any governmental body or
agency in respect of its monetary or fiscal affairs which in your reasonable opinion has a material adverse effect on the securities
markets in the United States; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">(b)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT>as provided in Sections 6 and 9 of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">12.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Successors</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Agreement has been and is made solely
for the benefit of the Underwriters and the Company and their respective successors, executors, administrators, heirs and assigns,
and the officers, directors and controlling persons referred to herein, and no other person will have any right or obligation hereunder.
No purchaser of any of the Shares from any Underwriter shall be deemed a successor or assign merely because of such purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">13.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Information Provided By Underwriters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company and the Underwriters acknowledge
and agree that the only information furnished or to be furnished by any Underwriter to the Company for inclusion in the Registration
Statement, any Preliminary Prospectus, any Issuer Free Writing Prospectus or the Final Prospectus consists of the information set
forth in the third, ninth and tenth paragraphs under the caption &ldquo;Underwriting&rdquo; in the Final Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">14.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Miscellaneous</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The reimbursement, indemnification and contribution
agreements contained in this Agreement and the representations, warranties and covenants in this Agreement shall remain in full
force and effect regardless of (a)&nbsp;any termination of this Agreement, (b)&nbsp;any investigation made by or on behalf of any
Underwriter or controlling person thereof, or by or on behalf of the Company or its directors or officers, and (c)&nbsp;delivery
of and payment for the Shares under this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company acknowledges that in connection
with the offering of the Shares: (i)&nbsp;the Underwriters have acted at arm&rsquo;s length, are not agents of, and owe no fiduciary
duties to, the Company or any other person, (ii)&nbsp;the Underwriters owe the Company only those duties and obligations set forth
in this Agreement and prior written agreements (to the extent not superseded by this Agreement), if any, and (iii)&nbsp;the Underwriters
may have interests that differ from those of the Company. The Company waives to the full extent permitted by applicable law any
claims it may have against the Underwriters arising from an alleged breach of fiduciary duty in connection with the offering of
the Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company acknowledges that: (i) each of
the Underwriters&rsquo; research analysts and research departments are required to be independent from its respective investment
banking division and are subject to regulations and internal policies relating to such independence, and (ii) each of the Underwriters&rsquo;
research analysts may hold views and make statements or investment recommendations and/or publish reports with respect to the Company
and/or the Offering that differ from the views of their respective investment banking divisions. The Company waives to the full
extent permitted by applicable law any claims it may have against the Underwriters relating to any conflict of interest that may
arise from any potential conflict of interest relating to the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">The Company has not relied upon the Representatives
or legal counsel for the Representatives for any legal, tax or accounting advice in connection with the offering and sale of the
Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Agreement may be executed in two or more
counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">15.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><U>Applicable Law; Submission to Jurisdiction</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">This Agreement shall be governed by, and construed
in accordance with, the laws of the State of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Any legal suit, action or proceeding arising
out of or based upon this Agreement or the transactions contemplated hereby (&ldquo;<U>Related Proceedings</U>&rdquo;) may be instituted
in the federal courts of the United States of America located in the City and County of New York, Borough of Manhattan, or the
courts of the State of New York in each case located in the City and County of New York, Borough of Manhattan (collectively, the
&ldquo;<U>Specified Courts</U>&rdquo;), and each party irrevocably submits to the exclusive jurisdiction (except for proceedings
instituted in regard to the enforcement of a judgment of any such court (a &ldquo;<U>Related Judgment</U>&rdquo;), as to which
such jurisdiction is non-exclusive) of such courts in any such suit, action or proceeding. Service of any process, summons, notice
or document by mail to such party&rsquo;s address set forth above shall be effective service of process for any suit, action or
other proceeding brought in any such court. The parties irrevocably and unconditionally waive any objection to the laying of venue
of any suit, action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and agree not to plead
or claim in any such court that any such suit, action or other proceeding brought in any such court has been brought in an inconvenient
forum. The agent for service of process to the Company is the Authorized Agent. Except for the Company, each party not located
in the United States irrevocably appoints CT Corporation System, with offices currently at 111 Eighth Avenue, New York, New York
10011, as its agent to receive service of process or other legal summons for purposes of any such suit, action or proceeding that
may be instituted in any state or federal court in the City and County of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">With respect to any Related Proceeding, each
party irrevocably waives, to the fullest extent permitted by applicable law, all immunity (whether on the basis of sovereignty
or otherwise) from jurisdiction, service of process, attachment (both before and after judgment) and execution to which it might
otherwise be entitled in the Specified Courts, and with respect to any Related Judgment, each party waives any such immunity in
the Specified Courts or any other court of competent jurisdiction, and will not raise or claim or cause to be pleaded any such
immunity at or in respect of any such Related Proceeding or Related Judgment, including, without limitation, any immunity pursuant
to the United States Foreign Sovereign Immunities Act of 1976, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">In respect of any judgment or order given
or made for any amount due hereunder that is expressed and paid in a currency (the &ldquo;<U>Judgment Currency</U>&rdquo;) other
than United States dollars, the Company will indemnify each Underwriter against any loss incurred by such Underwriter as a result
of any variation as between (i) the rate of exchange at which the United States dollar amount is converted into the Judgment Currency
for the purpose of such judgment or order and (ii) the rate of exchange at which an Underwriter is able to purchase United States
dollars with the amount of the Judgment Currency actually received by such Underwriter. The foregoing indemnity shall constitute
a separate and independent obligation of the Company and shall continue in full force and effect notwithstanding any such judgment
or order as aforesaid. The term &ldquo;rate of exchange&rdquo; shall include any premiums and costs of exchange payable in connection
with the purchase of or conversion into United States dollars.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">To the fullest extent permitted by applicable
law, the Underwriters, on the one hand, and the Company (on its own behalf and, to the extent permitted by law, on behalf of its
shareholders), on the other hand, waive any right to trial by jury in any action, claim, suit or proceeding with respect to your
engagement as underwriter or your role in connection herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">16.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><I><U>Foreign Taxes</U></I>. All payments by the Company to each of the Underwriters (including any underwriting
fees) hereunder shall be made free and clear of, and without deduction or withholding for or on account of, any and all present
and future income, stamp or other taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereinafter
imposed, levied, collected, withheld or assessed by any jurisdiction in which the Company is organized, resident or doing business
for tax purposes (including any political subdivision therein) or any jurisdiction through which the Company or its agent makes
a payment (including any political subdivision therein), excluding (i) any such tax imposed by reason of such Underwriter having
some connection with any such jurisdiction other than its participation as a Underwriter hereunder, and (ii) any such tax imposed
on or measured by net income (however denominated) of such Underwriter and any franchise tax imposed on such Underwriter (all such
non-excluded taxes, &ldquo;<U>Foreign Taxes</U>&rdquo;). If the Company is prevented by operation of law or otherwise from paying,
causing to be paid or remitting that portion of amounts payable hereunder represented by Foreign Taxes withheld or deducted, then
amounts payable under this Agreement shall be increased to such amount as is necessary to yield and remit to each Underwriter an
amount which, after deduction of all Foreign Taxes (including all Foreign Taxes payable on such increased payments) equals the
amount that would have been payable if no Foreign Taxes applied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="color: #010000">17.<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT></FONT><I><U>Headings</U></I>. The headings of the sections of this Agreement have been inserted for convenience of reference
only and shall not be deemed a part of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Signature Page Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">If the foregoing letter is in accordance with
your understanding of our agreement, please sign and return to us the enclosed duplicates hereof, whereupon it will become a binding
agreement among the Company and the several Underwriters in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">Very truly yours,</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">STAR BULK CARRIERS CORP.</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>By</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Hamish Norton</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Name: Hamish Norton</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Title: President</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.3in">[Signature Page to Underwriting Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing Underwriting Agreement<BR>
is hereby confirmed and accepted as<BR>
of the date first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As Representatives of the several<BR>
Underwriters listed on Schedule I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">CITIGROUP GLOBAL MARKETS INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">By</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Gabriel Lepire</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name: Gabriel Lepire</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title: Vice President</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">CLARKSONS PLATOU SECURITIES, INC.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">By</TD>
    <TD STYLE="width: 45%; border-bottom: Black 1pt solid">/s/ Patrick Shea</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name: Patrick Shea</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title: CEO</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">DEUTSCHE BANK SECURITIES INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Francis Windels</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name: Francis Windels</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Mark Schwartz</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name: Mark Schwartz</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt">&nbsp;DNB MARKETS, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ David Lawrence</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name: David Lawrence</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title: Managing Director DNB Markets, Inc.</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%">By</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 45%">/s/ Emilio Fabbrizzi</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Name: Emilio Fabbrizzi</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>Title: Director</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 22.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Schedule
of Underwriters</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid">Underwriter</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 1pt solid">Number of Shares<BR> to be Purchased</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 70%; text-align: left; padding-left: 5.75pt">Citigroup Global Markets Inc.</TD><TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">2,515,117</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Clarksons Platou Securities, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,515,117</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Deutsche Bank Securities Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,515,116</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">DNB Markets, Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,515,116</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">ABN AMRO Securities (USA) LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">467,093</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Credit Agricole Securities (USA) Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">467,093</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">DVB Capital Markets LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">467,093</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.75pt">Skandinaviska Enskilda Banken AB (publ)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">467,093</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 5.75pt">AXIA Capital Markets LLC</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,907</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.75pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 5.75pt">&nbsp;</TD><TD STYLE="font-size: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 1.5in">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,976,745</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">(A) Issuer Free Writing
Prospectus</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Management Presentation, dated September 2016.<FONT STYLE="font-variant: small-caps">
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-variant: small-caps">(B) General Use Free
Writing Prospectus</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Free writing prospectus filed by the Company under Rule 433(d)
of the Securities Act on September 15, 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SCHEDULE III</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-variant: small-caps">Signatories
to Lock-Up Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Spyros Capralos</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Otto Albert Koert Erhardt</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Roger Schmitz</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>Mahesh Balakrishnan</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>Tom Softeland</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD>Jennifer Box</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD>Nikolaos Karellis</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD>Alexandros Pappas</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">9.</TD><TD>Milena Maria Pappas</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10.</TD><TD>Petros Pappas</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11.</TD><TD>Hamish Norton</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12.</TD><TD>Christos Begleris</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">13.</TD><TD>Simos Spyrou</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">14.</TD><TD>Nikolaos Rescos</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">15.</TD><TD>Zenon Kleopas</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">16.</TD><TD>Oaktree Value Opportunities Fund, L.P.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">17.</TD><TD>Oaktree Opportunities Fund IX (Parallel 2), L.P.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">18.</TD><TD>Oaktree Dry Bulk Holdings</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">19.</TD><TD>Oaktree Opportunties Fund IX Delaware, L.P.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">20.</TD><TD>Tsiatlino Limited</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT A-I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SUBSIDIARIES OF STAR BULK CARRIERS CORP.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; padding-bottom: 1pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><I><U>Name</U></I></B></FONT></TD>
    <TD NOWRAP STYLE="width: 26%; padding-left: 0.1in; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><I><U>Organization</U></I></B></FONT></TD>
    <TD NOWRAP STYLE="width: 28%; padding-left: 0.1in; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><I><U>Ownership&nbsp;percentage</U></I></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Bulk Management Inc.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall&nbsp;Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Starbulk S.A.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Liberia</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Bulk (USA) LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Delaware</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Bulk Shipmanagement Company (Cyprus) Limited</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Cyprus</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Optima Shipping Limited</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Malta</TD>
    <TD NOWRAP STYLE="vertical-align: top; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Star Alpha LLC</TD>
    <TD NOWRAP STYLE="padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Beta LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall&nbsp;Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Gamma LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Delta LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Epsilon LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Zeta LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Theta LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Kappa LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Omicron LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Cosmo LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Aurora LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Borealis LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Polaris LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Bulk Manning LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Challenger I LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Challenger II LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Vega LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Sirius LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Castle I LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Castle II LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Ennea LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Cape I LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Cape II LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Asia I LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Asia II LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Axe I LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Axe II LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Seeker LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Breezer LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Oceanbulk Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Oceanbulk Carriers LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Premier Voyage LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall&nbsp;Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Oocape I Holdings LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall&nbsp;Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">KMSRX Holdings LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Cape&nbsp;Horizon&nbsp;Shipping&nbsp;LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Cape Ocean Maritime LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD></TR></TABLE>

<!-- Field: Page; Sequence: 39; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">A-I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><I><U>Name</U></I></B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 0.1in; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><I><U>Organization</U></I></B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 0.1in; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><I><U>Ownership&nbsp;percentage</U></I></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 46%">L.A. Cape Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; width: 26%">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center; width: 28%">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Grain Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Glory Supra Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Global&nbsp;Cape&nbsp;Shipping&nbsp;LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Sky Cape Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Pacific&nbsp;Cape&nbsp;Shipping&nbsp;LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD NOWRAP STYLE="vertical-align: top">Cape&nbsp;Confidence&nbsp;Shipping&nbsp;LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Cape Runner Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Olympia Shiptrade LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Victory Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Sea Cape Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Coral Cape Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Aurelia Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Pearl Shiptrade LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Rainbow Maritime LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Sea&nbsp;Diamond&nbsp;Shipping&nbsp;LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Majestic Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Nautical Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Mineral Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">White Sand Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Clearwater Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Domus Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Festive Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Alta I LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Alta II LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Gravity Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Orion Maritime LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Spring Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Success Maritime LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Ultra Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Searay Maritime LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Blooming Navigation LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Oday Marine LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Jasmine Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Dioriga Shipping Co.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Positive Shipping Company</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">International Holdings LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Unity Holding&nbsp;&nbsp;LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident V LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident VI LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident VII LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident I LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident VIII LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident IX LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident X LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XI LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top"></TD></TR></TABLE>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">A-I-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><I><U>Name</U></I></B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 0.1in; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><I><U>Organization</U></I></B></FONT></TD>
    <TD NOWRAP STYLE="padding-left: 0.1in; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><I><U>Ownership&nbsp;percentage</U></I></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; width: 46%">Star Trident II LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; width: 26%">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center; width: 28%">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XII LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XIII LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XIV LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XV LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XVI LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XVII LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XVIII LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XIX LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident III LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XX LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident IV LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XXI LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XXII LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XXIII LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XXIV LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XXV LTD.</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">British Virgin Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XXVI LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XXVII LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XXVIII LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XXIX LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XXX LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Trident XXXI LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Lowlands Beilun Shipco LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Sandra Shipco LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Christine Shipco LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT A-II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>SIGNIFICANT SUBSIDIARIES OF STAR BULK
CARRIERS CORP.</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 46%; padding-bottom: 1pt; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><I><U>Name</U></I></B></FONT></TD>
    <TD NOWRAP STYLE="width: 26%; padding-left: 0.1in; text-decoration: underline"><FONT STYLE="font-size: 10pt"><B><I><U>Organization</U></I></B></FONT></TD>
    <TD NOWRAP STYLE="width: 28%; padding-left: 0.1in; text-decoration: underline; text-align: center"><FONT STYLE="font-size: 10pt"><B><I><U>Ownership&nbsp;percentage</U></I></B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Oceanbulk Shipping LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Oceanbulk Carriers LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Unity Holding&nbsp;&nbsp;LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Synergy LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
<TR>
    <TD STYLE="vertical-align: top">Star Omas LLC</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in">Marshall Islands</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-left: 0.1in; text-align: center">100%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 42; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 2pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">A-II-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT B</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><B><I>Vessels in operation as of August 31, 2016</I></B></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 39%; background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><B>Wholly Owned Subsidiaries</B></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 32%; background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><B>Vessel Name</B></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; width: 28%; background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><B>Jurisdiction of Registration</B></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Cape Ocean Maritime LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Leviathan </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Cape Horizon Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Peloreus </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Pacific Cape Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Pantagruel </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Borealis LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Borealis</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Polaris LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Polaris</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Sky Cape Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Big Fish </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Global Cape Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Kymopolia </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Sea Cape Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Big Bang </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Aurora LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Aurora</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Nautical Shipping LLC </TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Amami </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Majestic Shipping LLC </TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Madredeus </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Sirius LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Sirius</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Vega LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Vega</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Grain Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Pendulum </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident XI</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Georgia</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Trident I LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Kamila</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Trident II LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Nasia </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Trident XVI LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Mariella</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Trident XII LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Markella</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Mineral Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Mercurial Virgo </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Trident III LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Iris </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Trident XX LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Emily</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Trident IV LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Aline</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Challenger I LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Challenger</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Challenger II LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Fighter</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Glory Supra Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Strange Attractor </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Omicron LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Omicron</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Gamma LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Gamma </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Zeta LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Zeta </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Delta LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Delta </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Theta LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Theta </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Epsilon LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Epsilon </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Cosmo LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Cosmo</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">Star Kappa LLC</TD>
    <TD STYLE="background-color: white; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Kappa </I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident IX</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Danai</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"></TD></TR></TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 39%">Christine Shipco LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify; width: 32%"><I>Star Martha</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; width: 28%">Marshall Islands</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Sandra Shipco&nbsp;&nbsp;LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Pauline</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident V</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Angie</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Lowlands Beilun Shipco&nbsp;&nbsp;LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Despoina</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident VII</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Eleonora</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident VIII</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Sophia</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident X</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Renee</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident XIII</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Laura</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident XIV</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Moira</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident XV</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Jennifer</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident XVII</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Helena</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident XVIII</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Nina</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident XIX</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Maria</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Trident XXV</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify"><I>Star Vanessa</I></TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">British Virgin Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Spring Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Roberta</I> (HN 1061) </TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Orion Maritime LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Idee Fixe</I> (HN 1063) </TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Success Maritime LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Laura </I>(HN 1062)</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Aurelia Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Honey Badger</I> (HN NE 164)</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Rainbow Maritime LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Wolverine </I>(HN NE 165)</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Pearl Shiptrade LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Gargantua</I> (HN NE 166)</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Ultra Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Kaley</I> (HN 1064) </TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Sea Diamond Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Goliath</I> (HN NE 167)</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Asia I LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Aquarius</I> (HN 5040) </TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Blooming Navigation LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Kennadi</I> (HN 1080)</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Coral Cape Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Maharaj</I> (HN NE 184) </TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Seeker LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Libra</I> (HN 1372) </TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Jasmine Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Mackenzie</I> (HN 1081)</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Asia II LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Pisces</I> (HN 5043) </TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Clearwater Shipping LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Marisa</I> (HN 1359) </TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Axe I LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Antares</I> (HN NE 196) </TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Axe II LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Lutas</I> (HN NE 197) </TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Star Ennea LLC</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt"><I>Star Poseidon</I> (HN NE 198)</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: white">
    <TD COLSPAN="3" STYLE="padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><B><I>Newbuildings as of August 31, 2016</I></B></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD NOWRAP STYLE="width: 40%; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><B>Wholly Owned Subsidiaries</B></TD>
    <TD NOWRAP STYLE="width: 39%; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><B>Newbuildings Name</B></TD>
    <TD NOWRAP STYLE="width: 21%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt; text-align: center"><B>Jurisdiction of Registration</B></TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="padding-right: 0.75pt; padding-left: 0.75pt">Domus Shipping LLC</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 0.75pt">HN 1360 (tbn Star Ariadne) (1) </TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="padding-right: 0.75pt; padding-left: 0.75pt">Star Breezer LLC </TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 0.75pt">HN 1371 (tbn Star Virgo) (1)</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="padding-right: 0.75pt; padding-left: 0.75pt">Star Castle I LLC</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 0.75pt">HN 1342 (tbn <I>Star Gemini</I>)</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="padding-right: 0.75pt; padding-left: 0.75pt">Festive Shipping LLC</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 0.75pt">HN 1361 <I>(tbn Star Magnanimus)</I> (1)</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="padding-right: 0.75pt; padding-left: 0.75pt">Star Castle II LLC</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 0.75pt">HN 1343 (tbn <I>Star Leo</I>) </TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">Marshall Islands</TD></TR>
<TR STYLE="background-color: white">
    <TD NOWRAP STYLE="padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Vessels subject to a capital bareboat lease</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT C</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>LOCK-UP AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 14, 2016&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Citigroup Global Markets Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">388 Greenwich Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10013</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Clarksons Platou Securities, Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">280 Park Avenue, 21st floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Deutsche Bank Securities Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">60 Wall Street&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10005</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DNB Markets, Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">200 Park Avenue, 31st Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, New York 10166</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned understands that Citigroup
Global Markets Inc., Clarksons Platou Securities, Inc., Deutsche Bank Securities Inc. and DNB Markets, Inc., as representatives
(the &ldquo;<U>Representatives</U>&rdquo;) of the several underwriters (the &ldquo;<U>Underwriters</U>&rdquo;), proposes to enter
into an Underwriting Agreement (the &ldquo;<U>Underwriting Agreement</U>&rdquo;) with Star Bulk Carriers Corp. (the &ldquo;<U>Company</U>&rdquo;),
providing for the public offering by the Underwriters, including the Representatives, of common shares, par value $0.01 (the &ldquo;<U>Common
Shares</U>&rdquo;), of the Company (the &ldquo;<U>Public Offering</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To induce the Underwriters that may participate
in the Public Offering to continue their efforts in connection with the Public Offering, the undersigned agrees that, without the
prior written consent of each of the Representatives, the undersigned will not, directly or indirectly, offer, sell, pledge, contract
to sell (including any short sale), grant any option to purchase or otherwise dispose of any Common Shares (including, without
limitation, Common Shares purchased in the Public Offering, Common Shares which may be deemed to be beneficially owned by the undersigned
on the date hereof in accordance with the rules and regulations of the Securities and Exchange Commission, Common Shares which
may be issued upon exercise of a stock option or warrant and any other security convertible into or exchangeable for Common Shares)
or enter into any Hedging Transaction (as defined below) relating to the Common Shares (each of the foregoing referred to as a
&ldquo;<U>Disposition</U>&rdquo;) during the period specified in the following paragraph (the &ldquo;<U>Lock-Up Period</U>&rdquo;).
The foregoing restriction is expressly intended to preclude the undersigned from engaging in any Hedging Transaction or other transaction
which is designed to or could reasonably be expected to lead to or result in a Disposition during the Lock-Up Period, even if the
securities would be disposed of by someone other than the undersigned. &ldquo;<U>Hedging Transaction</U>&rdquo; means any short
sale (whether or not against the box) or any purchase, sale or grant of any right (including, without limitation, any put or call
option) with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any
significant part of its value from the Common Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Lock-Up Period will commence on the
date hereof and continue until, and include, the date that is 60<SUP> </SUP>days after the date of the final prospectus relating
to the Public Offering.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding the foregoing, the undersigned
may transfer any or all of the Common Shares or other Company securities by (a) entering into transactions with the prior written
consent of each of the Representatives, (b) transferring any Common Shares or any security convertible into Common Shares pursuant
to a will, other testamentary document or applicable laws of descent, (c) transferring any Common Shares or any security convertible
into Common Shares as a bona fide gift, (d) distributing any Common Shares or any security convertible into Common Shares to limited
partners, general partners, members or stockholders of the undersigned or to the undersigned&rsquo;s affiliates or to any corporation,
partnership, limited liability company, trust, business entity or investment fund, customer account or other entity controlled
by or under common control or management with the undersigned; (e) establishing a trading plan pursuant to Rule 10b5-1 under the
Exchange Act for the transfer of Common Shares, <I>provided</I> that such plan does not provide for the transfer of Common Shares
during the Lock-Up Period,<B> </B>(f) transferring Common Shares to the Company for the primary purpose of satisfying any tax or
other governmental withholding obligation with respect to Common Shares issued upon the exercise of an option or warrant or the
conversion of a security, (g) transferring Common Shares to any trust for the direct or indirect benefit of the undersigned or
the immediate family of the undersigned, <I>provided</I> that that any such transfer shall not involve a disposition for value,
(h) in response to a bona fide third party take-over bid made to all holders of Common Shares or any other acquisition transaction
whereby all or substantially all of the Common Shares are acquired by a bona fide third party; (i) making bona fide pledges of
Common Shares or other Company securities by the undersigned pursuant to foreign exchange swap agreements and custody agreements
entered into by the undersigned in the ordinary course of business; (j) the sale of Common Shares pursuant to the Underwriting
Agreement, <I>provided</I> that in the case of any transfer or distribution (1) pursuant to clauses&nbsp;(a) through (e) and (g),
each recipient shall sign and deliver a lock-up letter substantially in the form of this agreement and (2) pursuant to clauses&nbsp;(a)
through (g), no party (donor, donee, transferor or transferee) shall be required to make or shall voluntarily make a filing under
the Securities Exchange Act of 1934, as amended (the &ldquo;<U>Exchange Act</U>&rdquo;), including, but not limited to Form 4 of
Section 16 of the Exchange Act, and no other public announcement shall be required or shall be made voluntarily in connection with
such transfer or distribution (other than a Form 5 made after the expiration of the Lock-Up Period); <I>provided further</I> that
in the case of (h), if such take-over bid or other acquisition transaction is unsuccessful, such Common Shares may not be transferred
until after the expiration of the Lock-Up Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned agrees that the Company
may, and that the undersigned will, (i) with respect to any Common Shares or other Company securities for which the undersigned
is the record holder, cause the transfer agent for the Company to note stop transfer instructions with respect to such securities
on the transfer books and records of the Company and (ii) with respect to any Common Shares or other Company securities for which
the undersigned is the beneficial holder but not the record holder, cause the record holder of such securities to cause the transfer
agent for the Company to note stop transfer instructions with respect to such securities on the transfer books and records of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In addition, the undersigned hereby waives
any and all notice requirements and rights with respect to registration of securities pursuant to any agreement, understanding
or otherwise setting forth the terms of any security of the Company held by the undersigned, including any registration rights
agreement to which the undersigned and the Company may be party during the Lock-Up Period; <I>provided</I> that, notwithstanding
the foregoing exception, the undersigned is precluded from publicly announcing an intention to make a Disposition during the Lock-Up
Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby agrees that, to the
extent that the terms of this Lock-Up Agreement conflict with or are in any way inconsistent with any registration rights agreement
to which the undersigned and the Company may be a party, this Lock-Up Agreement supersedes such registration rights agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The undersigned hereby represents and warrants
that the undersigned has full power and authority to enter into this Lock-Up Agreement. All authority herein conferred or agreed
to be conferred shall survive the death or incapacity of the undersigned and any obligations of the undersigned shall be binding
upon the heirs, personal representatives, successors and assigns of the undersigned.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Notwithstanding anything herein to the contrary,
if (i) the closing of the Public Offering has not occurred prior to October 31, 2016, (ii) the Company has informed the Representatives
that it has determined not to proceed with the Public Offering (prior to the execution of the Underwriting Agreement) or (iii)
the Underwriting Agreement (other than provisions that survive termination) shall have been terminated prior to the payment for
and delivery of the Common Shares to be sold thereunder, this agreement shall be terminated and the undersigned shall be released
from its obligations hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature page follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%"><I>Signature</I>:</TD>
    <TD STYLE="width: 30%; border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD NOWRAP><I>Print Name</I>:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 45%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Number of shares owned&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">subject to warrants, options&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">or convertible securities:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; width: 13%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 42%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT D</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CHIEF FINANCIAL OFFICERS&rsquo; CERTIFICATE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">Reference is made to the Underwriting Agreement
between Star Bulk Carriers Corp., a Marshall Islands corporation (the &ldquo;<U>Company</U>&rdquo;) and Citigroup Global Markets
Inc., Clarksons Platou Securities, Inc., Deutsche Bank Securities Inc. and DNB Markets, Inc. as representatives of the several
underwriters (the <B><I>&ldquo;</I></B><U>Underwriters</U><B><I>&rdquo;</I></B>), dated September 15, 2016 (the &ldquo;<U>Underwriting
Agreement</U>&rdquo;). Capitalized terms used herein without definition have the meanings ascribed to them in the Underwriting
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">The undersigned, Simos Spyrou and Christos
Begleris, the duly appointed Co-Chief Financial Officers of the Company, hereby certify on behalf of the Company, in connection
with the Underwriting Agreement, the Registration Statement on Form F-3 (File No. 333-197886), as amended, filed by the Company
with the U.S. Securities and Exchange Commission (the &ldquo;<U>Commission</U>&rdquo;), pursuant to the U.S. Securities Act of
1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;), and effective thereunder (the &ldquo;<U>Registration Statement</U>&rdquo;),
the Prospectus Supplement, dated September 14, 2016 (together with the prospectus dated February 5, 2015), which was filed by the
Company with the Commission pursuant to Rule&nbsp;424(b)(5)<B> </B>promulgated under the Securities Act (the &ldquo;<U>Prospectus</U>&rdquo;),
and the documents filed with the Commission by the Company and incorporated therein by reference, that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.4pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="text-transform: uppercase">1.</FONT></TD><TD>We are responsible for establishing and maintaining disclosure controls and procedures and internal control over financial
reporting for the Company, and we are responsible for oversight and supervision of the Company&rsquo;s financial and accounting
functions and staff.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.4pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="text-transform: uppercase">2.</FONT></TD><TD>The Company has not prepared consolidated financial statements as of any date or for any period subsequent to June 30, 2016.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.4pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="text-transform: uppercase">3.</FONT></TD><TD>The undersigned have read each of the items identified on certain pages of the Registration Statement attached as Annex A and
have compared those items to the Company&rsquo;s reports, books, schedules and analyses prepared from the Company&rsquo;s accounting
records and found each of them to be in agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 23.4pt"></TD><TD STYLE="width: 21.6pt"><FONT STYLE="text-transform: uppercase">4.</FONT></TD><TD>No event has occurred or condition exists that gives us reason to doubt the accuracy of the information referenced in the numbered
paragraphs above.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Underwriters are entitled to rely upon
this Certificate in conducting and documenting their investigations of the affairs of the Company in connection with the offering
of the securities covered by the Registration Statement and the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>



<P STYLE="margin: 0">&nbsp;</P>

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<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>s001420x3_ex5-1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 5.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><IMG SRC="s001420x3_ex5-1header.jpg" ALT="" STYLE="height: 117px; width: 667px"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.25pt 0pt 4in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">September 20, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Star Bulk Carriers Corp.<BR>
c/o Star Bulk Management Inc.<BR>
40 Agiou Konstantinou Str.<BR>
Maroussi, 15124<BR>
Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Star Bulk Carriers Corp.</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have acted as Marshall
Islands counsel to Star Bulk Carriers Corp., a corporation organized under the laws of the Republic of the Marshall Islands (the&nbsp;&ldquo;Company&rdquo;)
and each of the Marshall Islands subsidiaries of the Company listed on Exhibit A hereto (collectively, the &ldquo;Marshall Islands
Subsidiaries&rdquo; and each, a &ldquo;Marshall Islands Subsidiary&rdquo;), in connection with matters of Marshall Island law relating
to (i) the Company&rsquo;s public offering of 11,976,745 shares (the &ldquo;Shares&rdquo;) of its common shares, par value $0.01
per share; (ii) the underwriting agreement dated September 15, 2016 (the &ldquo;Underwriting Agreement&rdquo;) by and among you,
as representatives (the &ldquo;Representatives&rdquo;) of the underwriters listed on Schedule I to the Underwriting Agreement (the
&ldquo;Underwriters&rdquo;), and the Company; and (iii) the preparation of a registration statement on Form F-3 (File No. 333-197886),
which was post-effectively amended and combined with the registration statement on Form F-3 (333-198832), which became effective
with the Securities and Exchange Commission pursuant to the provisions of the Securities Act of 1933, as amended (the &ldquo;Securities
Act&rdquo;) on February 5, 2015 (the &ldquo;Registration Statement&rdquo;), a prospectus included therein (the &ldquo;Base Prospectus&rdquo;),
a preliminary prospectus supplement thereto dated September 14 , 2016 (the &ldquo;Preliminary Prospectus&rdquo;) and a prospectus
supplement dated September 15, 2016 (the &ldquo;Final Prospectus&rdquo; and together with the Base Prospectus and Preliminary Prospectus,
the &ldquo;Prospectus&rdquo;). This opinion is furnished to the Underwriters at the request of the Company pursuant to Section
6(b)(ii) of the Underwriting Agreement. Except as otherwise provided herein, capitalized terms used herein but not otherwise defined
herein shall have the meanings set forth in the Underwriting Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have examined originals
or copies, certified or otherwise identified to our satisfaction, of: (i) the Registration Statement&#894; (ii) the Prospectus
of the Company included in the Registration Statement&#894; (iii) the Underwriting Agreement&#894; and (iv) such corporate documents
and records of the Company and such other instruments, certificates and documents as we have deemed necessary or appropriate as
a basis for the opinions hereinafter expressed. In such examinations, we have assumed the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as copies or drafts of documents to be
executed, the genuineness of all signatures and the legal competence or capacity of persons or entities to complete the execution
of documents. As to various questions of fact which are material to the opinions hereinafter expressed, we have relied upon statements
or certificates of public officials, directors of the Company and others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.85pt 0pt 0; text-indent: 60.2pt">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.85pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 11.85pt 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have further assumed for the
purposes of this opinion, without investigation, that (i) all documents contemplated by the Prospectus to be executed in connection
with the offering have been duly authorized, executed and delivered by each of the parties thereto other than the Company, and
(ii) the terms of the offering comply in all respects with the terms, conditions and restrictions set forth in the Prospectus and
all of the instruments, agreements and other documents relating thereto or executed in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.7pt 0pt 0; text-indent: 60.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based upon and subject to the
foregoing, and having regard to such other legal considerations which we deem relevant, we are of the opinion that under the laws
of the Republic of the Marshall Islands, the Shares have been duly authorized and validly issued and are fully paid for and non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 0; text-indent: 60.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is limited to the laws of
the Republic of the Marshall Islands as in effect on the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 65.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We hereby consent to the filing
of this opinion as an exhibit to the Registration Statement, and to each reference to us and the discussions of advice provided
by us under the headings &ldquo;Legal Matters&rdquo; in the Prospectus, without admitting we are &ldquo;experts&rdquo; within the
meaning of the Securities Act of 1933, as amended, or the rules and regulations of the Commission thereunder with respect to any
part of the Registration Statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.4pt 0pt 0; text-indent: 60.2pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.25pt 0pt 4in">Very truly yours,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.25pt 0pt 4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.25pt 0pt 4in">/s/ Seward &amp; Kissel LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.25pt 0pt 4in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.25pt 0pt 4in"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
