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818877

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<div><font style="font-face: Times New Roman" size="2" color="#000000">7.           Fair value of Above/Below Market Acquired Time Charters and Gain/Loss on Time Charter Agreement Termination:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The fair value of the time charters acquired at below/above fair market charter rates on the acquisition of the vessels is summarized below.  These amounts are amortized on a straight-line basis to the end of each charter period.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="141"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Vessel</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="51"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Fair value of acquired time charter</b></font></div></td> <td width="14"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="65"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Balance December 31, 2008</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="58"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Amortization 2009</b></font></div></td> <td width="14"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="58"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Balance December 31, 2009</b></font></div></td> <td width="14"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="58"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Amortization 2010</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="58"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Balance December 31, 2010</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="65"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Amortization 2011</b></font></div></td> <td width="14"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="65"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Balance December 31, 2011</b></font></div></td> </tr> <tr> <td width="141"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="51"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="14"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="65"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="58"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="14"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="58"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="14"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="58"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="58"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="65"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="14"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="65"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> </tr> </table> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Fair Value of below market acquired time charter</b></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="141" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Star Epsilon</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">14,375</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,017</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,017</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="141" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Star Theta</b></font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12,397</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">3,076</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">3,076</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="141" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Star Alpha</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">46,966</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12,504</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12,504</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="141" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Star Delta</b></font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">13,815</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,804</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,804</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="141" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Star Cosmo</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">3,856</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">3,173</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,361</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,812</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,360</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">452</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">452</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="141" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total</b></font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">91,409</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">21,574</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">19,762</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,812</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,360</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">452</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">452</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> </table> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Fair value of above market acquired time charter</b></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="141" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Star Kappa</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,980</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,206</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,206</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="141" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Star Ypsilon</b></font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">14,417</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12,942</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12,942</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="141" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Star Big</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">13,733</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,180</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12,553</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="141" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Star Mega</b></font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">9,332</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,186</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="49" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">8,146</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="141" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">39,462</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">14,148</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">14,148</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2,366</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="49" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">20,699</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">During 2011, the Company acquired two second-hand Capesize vessels, the Star Big and the Star Mega (Note 6), with existing time charter contracts. Upon their delivery the Company evaluated the attached charter contracts by comparing the charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels were delivered and recognized an asset of $13,733 and $9,332 related to the Star Big and the Star Mega, respectively.  This amount is amortized on a straight-line basis to revenues through the end of the charter period. During 2011 the amortization of fair value of above- market acquired time charters amounting to $2,366 is included under "Voyage revenues" in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The estimated aggregate amortization expense of the above market acquired time charters until the end of their useful lives is analysed as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="599"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div><div><font style="font-face: Times New Roman" size="2" color="#000000"><b><u>Years</u></b></font></div></td> <td width="7"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="91"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Amount</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="599" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 31, 2012</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="84" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">6,369</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="599" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 31, 2013</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">6,352</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="599" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 31, 2014</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">5,080</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="599" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 31, 2015</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2,898</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="599" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="84" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">20,699</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="599"></td> <td width="7"></td> <td width="7"></td> <td width="84"></td> <td width="7"></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The carrying amount of the above market acquired time charters amounting to $20,699 as of December 31, 2011 will be amortized over a weighted-average period of 3.4 years.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i>Gain/loss on time charter agreement termination</i></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i>For the year ended December 31, 2009</i></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The vessel Star Alpha, which was on time charter at a gross daily charter rate of $47.5 per day for the period from January 9, 2008 until March 18, 2009, was redelivered on January 16, 2009 to the Company by its charterers approximately two months prior to the earliest redelivery date per the time charter agreement. The Company, under the accounting provisions applicable to intangible assets, has recognized a gain on a time charter agreement termination of $10,077, which relates to the write-off of the unamortized fair value of below market acquired time charter on a vessel redelivery date.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The vessel Star Theta was also redelivered to the Company by its charterers on March 15, 2009, approximately twenty-nine days prior to the earliest redelivery date per the time charter agreement.  The Company has recognized a gain on time charter agreement termination amounting to $842 which relates to the write-off of the unamortized fair value of below market acquired time charter on a vessel redelivery date. In addition, the Company received $260 from its charterers relating to the early termination of this charter party, which was also recorded as a gain on time charter termination.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The vessel Star Kappa, which was on time charter at an average gross daily charter rate of $25.5 per day for the period from April 12, 2009 until July 12, 2014, was redelivered on October 23, 2009 to the Company by its charterers prior to the earliest redelivery date per the time charter agreement. The Company has recognized a loss on time charter agreement termination of $903, which relates to the write-off of the unamortized fair value of above-market acquired time charter on a vessel redelivery date.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The vessel Star Ypsilon, which was on time charter at an average gross daily charter rate of $91.932 per day for the period from September 18, 2008 until July 4, 2011, was redelivered on July 17, 2009 to the Company by its charterers prior to the earliest redelivery date per the time charter agreement. The Company has recognized the loss on time charter agreement termination of $10,137, which relates to the unamortized fair value of above-market acquired time charter on a vessel redelivery date. In addition, the Company recognized a gain amounting to $5,040, which represents the deferred revenue from the terminated time charter contract.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i>For the year ended December 31, 2011</i></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The vessel Star Cosmo, was on time charter at a gross daily charter rate of $35.615 per day for the period from February 10, 2009 until May 1, 2011, and was redelivered earlier to the Company on February 17, 2011. The Company, has recognized a gain on time charter agreement termination amounting to $273, which relates to the write-off of the unamortized fair value of below market acquired time charter on vessel redelivery date.  In addition, the Company recognized a gain amounting to $324 which represents the deferred revenue from the terminated time charter contract.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The vessel Star Omicron was on time charter at a gross daily charter rate of $43.0 per day for the period from April 22, 2008 until February 22, 2011 and was redelivered earlier to the Company on January 17, 2011. The Company recognized a gain amounting to $1,210 representing the cash consideration received from its charterers relating to the early termination of this charter party.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The vessel Star Sigma, was on time charter at a gross daily charter rate of $38.0 per day for the period from March 1, 2009 until October 29, 2013, and was redelivered earlier to the Company on December 31, 2011. The Company has recognized a gain amounting to $203 which represents the deferred revenue from the terminated time charter contract.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">All amounts presented above are included under "Gain on time charter agreement termination" or "Loss on time charter agreement termination", respectively, in the accompanying consolidated statements of operations for years ended December 31, 2009 and 2011.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">6.           Vessels and Other Fixed Assets, Net:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="536"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>December 31,</b></font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2010</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>December 31,</b></font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2011</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="536"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Cost</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="536" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Vessels</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">736,831</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">876,778</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="536" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Other fixed assets</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">575</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">587</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="536" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Impairment charge</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(62,020</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> </tr> <tr> <td width="536" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total cost</b></font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">737,406</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">815,345</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="536" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Accumulated depreciation</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(126,589</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(176,813</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> </tr> <tr> <td width="536" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Vessels and other fixed assets, net</b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">610,817</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">638,532</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="536"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i>Vessel disposed during the year ended December 31, 2009</i></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On July 21, 2009, the Company entered into a Memorandum of Agreement to sell the Star Alpha, a vessel from the initial fleet, to a third party for a contracted sales price of $19,850 less costs to sell of $721.  The vessel was delivered to its new owners on December 21, 2009.  Star Alpha was classified as asset held for sale during the third quarter of 2009 and recorded at the lower of its carrying amount or fair value less costs to sell.  The resulting impairment loss of $75,208 is included under "Vessel impairment loss" in the accompanying consolidated statements of operations for the year ended December 31, 2009.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i>Vessel disposed during the year ended December 31, 2010</i></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On January 18, 2010, the Company entered into a Memorandum of Agreement for the sale of the Star Beta to a third party for a contracted sales price of $22,000,at that date the Star Beta was classified as asset held for sale and was recorded at the lower of its carrying amount or fair value less cost to sell. The resulting impairment loss of $34,947 for the year ended December 31, 2010, is included under "Vessel impairment loss" in the accompanying consolidated statements of operations. The vessel was delivered to its new owners on July 7, 2010.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i>Vessel acquired during the year ended December 31, 2010</i></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On February 18, 2010, the Company entered into a Memorandum of Agreement for the acquisition of the vessel Star Aurora for a contracted price of $42,500.The vessel delivered to the Company on September 8, 2010. The Company also capitalized an amount of $1,400 for the early delivery of the vessel, as per the Memorandum of Agreement terms, plus an amount of $139 as other capitalized expenses, related to the acquisition of the vessel.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i>Vessels acquired during the year ended December 31, 2011</i></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On May 12, 2011, the Company entered into an agreement with Donatus Marine Inc, or Donatus Marine, a Marshall Islands company minority owned by family members of the Company's Chairman, Mr. Petros Pappas to acquire a 1996-built Capesize vessel, the Star Big, ex- Big Fish along with its long-term time charter, for an aggregate purchase price of $27,800.The Star Big is under a long-term time charter with a multinational mining company at a rate of $25 per day until November 2015. The vessel was delivered to the Company on July 25, 2011 and the same day the vessel underwent its scheduled drydocking. The Company capitalized the related drydocking expense, which amounted to $1,780 plus an amount of $41, as other capitalized expenses, related to the acquisition of the vessel.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On the same date, the Company also entered into an agreement with Barrington Corporation, a Marshall Islands company minority owned by family members of the Company's Chairman, Mr. Petros Pappas to acquire a 1994-built Capesize vessel, the Star Mega, ex- Megalodon along with its long-term time charter, for an aggregate purchase price of $23,700.The Star Mega is under a long-term time charter with a multinational mining company at a rate of $24.5 per day until August 2014. The vessel was delivered to the Company on August 16, 2011.  The Company capitalized an amount of $160 as other capitalized expenses, related to the acquisition of the vessel.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On September 9, 2011 and November 14, 2011 the Company took delivery from the shipyard of the vessels Star Borealis and Star Polaris, respectively (Note 5).</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">No vessel disposals took place in the year ended December, 31, 2011.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2011, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. The review indicated that such carrying amount was not recoverable for two of the Company's vessels; the Star Ypsilon and the Star Sigma. The Company recognized an impairment loss of $62,020 for the year ended December 31, 2011, which is included under "Vessel impairment loss" in the consolidated statements of operations (Note 19).</font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">1.                  Basis of Presentation and General Information:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On November 30, 2007, Star Maritime Acquisition Corp. ("Star Maritime"), a company incorporated in the state of Delaware, merged with and into its wholly-owned subsidiary at the time, Star Bulk Carriers Corp. ("Star Bulk") a company incorporated in Marshall Islands, with Star Bulk being the surviving entity (collectively, the "Company," "we" or "us").  This merger is referred to as "Redomiciliation Merger" or the "Merger".</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The accompanying consolidated financial statements as of and for the years ended December 31, 2009, 2010 and 2011 include the accounts of Star Bulk and its wholly owned subsidiaries.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Star Bulk was incorporated on December 13, 2006 under the laws of the Marshall Islands and is the sole owner of all of the outstanding shares of Star Bulk Management Inc., Star Bulk S.A, and the ship-owning subsidiaries as set forth below.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Star Maritime was organized on May 13, 2005 as a blank check company formed to acquire, through a merger, capital stock exchange, asset acquisition or similar business combination, one or more assets or target businesses in the shipping industry.  On December 21, 2005, Star Maritime consummated its initial public offering of 18,867,500 units, at a price of $10.00 per unit, each unit consisting of one share of Star Maritime common stock and one warrant to purchase one share of Star Maritime common stock at an exercise price of $8.00 per share.  In addition, during December 2005 the Company completed a private placement of an aggregate of 1,132,500 units, each unit consisting of one share of common stock and one warrant.  The entire gross proceeds of the initial public offering amounting to $188,675 were deposited in a trust account.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On January 12, 2007, Star Maritime and Star Bulk entered into definitive agreements (the "Master Agreement") to acquire a fleet of eight drybulk carriers (the "Transaction") from certain subsidiaries of TMT Co. Ltd. ("TMT"), a shipping company headquartered in Taiwan. These eight drybulk carriers are referred to as the "initial fleet", or "initial vessels".  The aggregate purchase price specified in the Master Agreement for the initial fleet was $224,500 in cash and 12,537,645 shares of common stock of Star Bulk, issued on November 30, 2007.  The Company also agreed to issue to TMT an additional stock consideration of 1,606,962 common shares of Star Bulk in 2008 and 2009.  On July 17, 2008 the Company issued 803,481 shares out of additional stock consideration of 1,606,962 of common stock of Star Bulk to TMT.  On April 28, 2009 the remaining 803,481 shares of Star Bulk's common stock were issued to TMT.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On November 27, 2007 the Company obtained shareholder approval for the acquisition of the initial fleet and for effecting the Redomiciliation Merger, which became effective on November 30, 2007. The shares of Star Maritime were exchanged on one-for-one basis with shares of Star Bulk and Star Bulk assumed the outstanding warrants of Star Maritime.  Subsequently, Star Maritime shares ceased trading on American Stock Exchange (Amex).</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Star Bulk shares and warrants started trading on the NASDAQ Global Select Market on December 3, 2007 under the ticker symbols SBLK and SBLKW, respectively.  Immediately following the effective date of the Redomiciliation Merger, TMT and its affiliates owned 30.2% of Star Bulk's outstanding common stock.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The Company began operations on December 3, 2007 with the delivery of its first vessel Star Epsilon.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Below is the list of the Company's wholly owned subsidiaries as of December 31, 2011:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Wholly Owned</b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Vessel</b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Date</b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Year</b></font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Subsidiaries</b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Name</b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>DWT</b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Delivered to Star Bulk</b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Built</b></font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Bulk Management Inc.</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"></font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Starbulk S.A.</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"></font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="246" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Vessels in operation at December 31, 2011</b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Aurora LLC</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Aurora</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">171,199</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">September 8, 2010</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">2000</font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Big LLC</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Big</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">168,404</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">July 25, 2011</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">1996</font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Borealis LLC</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Borealis</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">179,678</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">September 9, 2011</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">2011</font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Mega LLC</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Mega</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">170,631</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">August 16, 2011</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">1994</font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Polaris LLC</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Polaris</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">179,546</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">November 14, 2011</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">2011</font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Lamda LLC</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Sigma</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">184,403</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">April 15, 2008</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">1991</font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Ypsilon LLC</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Ypsilon</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">150,940</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">September 18, 2008</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">1991</font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Cosmo LLC</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Cosmo</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">52,247</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">July 1, 2008</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">2005</font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Delta LLC</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Delta (ex F Duckling)*</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">52,434</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">January 2, 2008</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">2000</font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Epsilon LLC</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Epsilon (ex G Duckling)*</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">52,402</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 3, 2007</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">2001</font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Gamma LLC</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Gamma (ex C Duckling)*</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">53,098</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">January 4, 2008</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">2002</font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Kappa LLC</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Kappa (ex E Duckling)</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">52,055</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 14, 2007</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">2001</font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Omicron LLC</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Omicron</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">53,489</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">April 17, 2008</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">2005</font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Theta LLC</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Theta (ex J Duckling)*</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">52,425</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 6, 2007</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">2003</font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Zeta LLC</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Zeta (ex I Duckling)*</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">52,994</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">January 2, 2008</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">2003</font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="246" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Vessels disposed**</b></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> </tr> <tr> <td width="190" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Alpha LLC</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="246" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Alpha (ex A Duckling)*</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">175,075</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">January 9,2008</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">1992</font></div></td> </tr> <tr> <td width="190" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Beta LLC</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="246" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Beta (ex B Duckling)*</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="84" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">174,691</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="112" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 28, 2007</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">1993</font></div></td> </tr> </table> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">  *Initial fleet or initial vessels.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">  ** For vessels disposed refer to Note 6.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Star Iota LLC, the vessel owning company of the vessel Star Iota, one of the initial vessels which was sold in 2008, was dissolved in 2011 and therefore is not included in the consolidated financial statements as of December 31, 2011.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b></b></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Charterers individually accounting for more than 10% of the Company's voyage revenues during the years ended December 31, 2009, 2010 and 2011 are as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="165"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="89"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="29"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="89"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="29"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="89"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="29"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="165"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Charterer</b></font></div></td> <td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="89"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2009</b></font></div></td> <td width="29"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="89"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2010</b></font></div></td> <td width="29"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="23"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="89"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2011</b></font></div></td> <td width="29"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="165" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> A</font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="165" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> B</font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">20</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">21</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="165" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> C</font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">17</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="165" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> D</font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">11</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">13</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> </tr> <tr> <td width="165" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> E</font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">10</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="165" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> F</font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">10</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">13</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> </tr> <tr> <td width="165" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> G</font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">14</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> </tr> <tr> <td width="165" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> H</font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> <td width="23" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">19</font></div></td> <td width="29" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> </tr> <tr> <td width="165" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> I</font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="23" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="65" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">15</font></div></td> <td width="29" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">%</font></div></td> </tr> <tr> <td width="165"></td> <td width="23"></td> <td width="23"></td> <td width="23"></td> <td width="65"></td> <td width="29"></td> <td width="23"></td> <td width="23"></td> <td width="65"></td> <td width="29"></td> <td width="23"></td> <td width="23"></td> <td width="65"></td> <td width="29"></td> </tr> </table> <div></div>

3893000

5489000

9206000

2366000 0 3108000 62020000 34692000 75208000 80358360

329000

350000

-9108000

-5391000

-4790000

771000

164000

54000

30168000

22349000

25247000

15374000 16839000 22429000

231466000

48000

8501000

3467000

171044000

55000

3233000

3326000

<div><font style="font-face: Times New Roman" size="2" color="#000000">11.        Other Operational Loss:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On September 29, 2010, the Company agreed with a third party to sell a 45% interest in the future proceeds related to the recovery of certain of the commercial claims against a consideration of $5,000 (Note 16(a) and Note 16(d)). During the year ended December 31, 2011 the Company paid $4,050 to the third party relating to the settlement of one of the legal cases included in the above mentioned agreement. This amount is presented in "Other operational loss" in the accompanying consolidated statements of operations. For the years ended December 31, 2009 and 2010, no other operational loss was recorded.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">10.        Other Operational Gain:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">For the year ended December 31, 2010, other operational gain totaled $26,648 and represented a gain of $21,648 in connection to the settlement of a commercial claim, related to the vessel Star Ypsilon and an amount of $5,000 from the sale of a 45% interest in future proceeds related to the settlement of several commercial claims. Other operational gain for the year ended December 31, 2011 totaled $9,260 and comprised of a consideration received of $9,000 related to the settlement of a commercial claim with Oldendorff Gmbh & Co. KG (see Note 16), and a gain of $260 relating to a hull and machinery claim.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">17.           Trade Accounts Receivable, Net</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="535"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2010</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2011</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="535" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Trade accounts receivable</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$ </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">4,652</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$ </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">7,901</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Allowance for doubtful debts</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(3,139</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> </tr> <tr> <td width="535" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total Accounts Receivable, Net</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">4,652</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">4,762</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The movement in the allowance for doubtful debts is analyzed as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="535"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2010</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2011</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="535" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Balance as at January 1</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$ </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$ </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Bad debt expense</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2,131</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">3,139</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Less: Amount written off during the year</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(2,131</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Balance as at December 31</b></font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">3,139</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> 260000 0 0

273000

-121000

71047277 61489162 60873421

11040000

20699000 0

43473000

80358360

-86102000

519511000

804000

1362000

28549000

-69559000

307000

-0.98

-0.08

-0.96

153000

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FY 2011 No Accelerated Filer --12-31 No Yes 0001386716 Star Bulk Carriers Corp. false 2011-12-31 20-F

73981000

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<div><font style="font-face: Times New Roman" size="2" color="#000000">20.        Subsequent Events:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font><font style="font-face: serif" size="2" color="#000000">·</font><font style="font-face: Times New Roman" size="2" color="#000000">       The vessel Star Sigma, was time chartered to Pacific Bulk Shipping Ltd. at a gross daily charter rate of $38.0 per day for the period from March 1, 2009 until October 29, 2013, and was redelivered earlier to the Company on December 31, 2011. On January 4, 2012, the Company signed an agreement with the Charterer in order to receive an amount of $5,734 in cash, as compensation for the early redelivery of the respective vessel. The total amount was received in January 2012. In addition to the cash payment, Pacific Bulk supplied the Company with 1,027 metric tons of fuel, valued at $720.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font><font style="font-face: serif" size="2" color="#000000">·</font><font style="font-face: Times New Roman" size="2" color="#000000">      On January 17, 2012, our Board of Directors resolved that the Directors, Officers and Employees of the Company and its subsidiaries are awarded an amount of 1,360,000 shares under the 2010 & 2011 Equity Incentive Plans which will vest on March 30, 2012. These shares have not been issued yet and, therefore, shall not be eligible for the declared dividend of this quarter. The Company plans to issue all of the respective shares by the end of March 2012.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font><font style="font-face: serif" size="2" color="#000000">·</font><font style="font-face: Times New Roman" size="2" color="#000000">       On February 15, 2011, the Company declared cash dividends on its common stock amounting to $0.015 per share, payable on March 6, 2012 to shareholders of record as of February 28, 2012.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font><font style="font-face: serif" size="2" color="#000000">·</font><font style="font-face: Times New Roman" size="2" color="#000000">       On February 22, 2012, the Company entered into an agreement with a third party in order to sell the vessel Star Ypsilon together with a quantity of 667 metric tons of fuel oil, for a contracted price of $9,126 less address commission of 3% and brokerage commission of 1%.  The vessel was delivered to its purchasers on March 9, 2012. The carrying amount of the vessel as of December 31, 2011 was $11,500 (Note 19). Due to the sale of vessel Star Ypsilon, the Company prepaid an amount of $7,358 on March 7, 2012, in accordance with the terms of the $64.5 million loan agreement with HSH Nordbank AG and the mortgage over the respective vessel was released.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font><font style="font-face: serif" size="2" color="#000000">·</font><font style="font-face: Times New Roman" size="2" color="#000000">       During 2012, the Company repurchased 319,413 shares at an average price of $0.98 per share, under the terms of the existing share re-purchase plan  and has $2.7 million of remaining capacity under the plan (Note 9).</font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">19.           Fair value disclosures:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The guidance related to Fair Value Measurements requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Level 1:   Quoted market prices in active markets for identical assets or liabilities;</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Level 2:   Observable market based inputs or unobservable inputs that are corroborated by market data;</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Level 3:   Unobservable inputs that are not corroborated by market data.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><u>Fair value on a recurring basis</u></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The Company trades in the freight derivatives (FFAs and freight options) and bunker derivatives markets with an objective to utilize those instruments as economic hedge instruments that are highly effective in reducing the risk on specific vessels trading in the spot market and to take advantage of short term fluctuations in the market prices. Freight derivatives and bunker derivatives trading do not qualify for cash flow hedges for accounting purposes, therefore resulting gains or losses are recognized in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Dry bulk shipping freight derivatives have the following characteristics: they cover periods from several days and months to one year; they can be based on time charter rates or freight rates on specific quoted routes; they are executed between two parties.  All Company's freight derivatives are cleared transactions. During 2009 and 2010 the Company entered into several FFA contracts. As all of the Company's FFAs are settled on a daily basis through the London Clearing House (LCH), the fair value of these instruments as of December 31, 2010 was $0. There is also a margin maintenance requirement based on marking the contract to market. Freight options are treated as assets/liabilities until they are settled. During 2011, the Company entered into several Freight derivatives, including freight options, the fair value of which, as of December 31, 2011 was a liability of $82.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Bunker derivatives are agreements between two parties to exchange cash flows at a fixed price on bunkers, where volume, time period and price are agreed in advance. The Company's derivatives are traded as a derivative on the over-the-counter (OTC) market. During 2009 and 2010, the Company entered into several bunker swap contracts. As of December 31, 2010 and 2011, the Company had no open positions on bunkers swaps.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2010 and 2011, the cash margin requirement for future trades (of both freight and bunker derivatives) was $0 and $153 and is classified as short-term restricted cash in the accompanying consolidated balance sheets.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> For the years ended December 31, 2009, 2010 and 2011, the gain or (loss) recognized on freight and bunker derivative contracts is included under "Loss on derivative instruments" in the accompanying consolidated statements of operations and is analyzed as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td colspan="12" width="697"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="10" width="239"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Year ended December 31,</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2009</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2010</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2011</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Freight Derivatives</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(2,436</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(2,078</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(390</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Bunker Derivatives</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">282</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(5</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(2,154</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(2,083</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(390</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2010 no fair value measurements for assets or liabilities under Level 1, 2 and 3 were recognized in the Company's consolidated financial statements.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="197"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="126"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="114"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="10" width="245"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Fair Value Measurements Using</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="197" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Description</b></font></div></td> <td width="126" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>  </b></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="114" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total December 31, 2011</b></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="72" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Quoted Prices in Active Markets for Identical Assets (Level 1)</b></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="72" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Significant Other Observable Inputs (Level 2)</b></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="72" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Significant Unobservable Inputs</b></font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>(Level 3)</b></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="197" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Current liabilities</font></div></td> <td width="126" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="114" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="72" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="72" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="72" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="197" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Freight Derivatives</font></div></td> <td width="126" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="114" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"> 82</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="64" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">82</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="64" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="64" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="197" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="126" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="50" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="64" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="64" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="64" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="64" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="197"></td> <td width="126"></td> <td width="7"></td> <td width="50"></td> <td width="64"></td> <td width="7"></td> <td width="7"></td> <td width="64"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="64"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="64"></td> <td width="7"></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2011 no fair value measurements for assets or liabilities under Level 2 and 3 were recognized in the Company's consolidated financial statements.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><u>Fair value on a nonrecurring basis</u></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2011, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of its vessels. The review indicated that such carrying amount was not recoverable for two of the Company's vessels; the Star Ypsilon and the Star Sigma. Details of the impairment charge for each vessel are noted in the table below.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="134"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td colspan="3" width="439"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Fair Value Measurements Using</b></font></div></td> <td width="131"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> </tr> <tr> <td width="134" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Vessel</b></font></div></td> <td width="151" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Quoted Prices in Active Markets for Identical Assets (Level 1)</b></font></div></td> <td width="151" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Significant Other Observable Inputs </b></font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>(Level 2)</b></font></div></td> <td width="137" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Significant Unobservable Inputs</b></font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>(Level 3)</b></font></div></td> <td width="131" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Vessel impairment loss</b></font></div></td> </tr> <tr> <td width="134" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Ypsilon</font></div></td> <td width="151" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="151" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">11,500</font></div></td> <td width="137" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="131" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">30,754</font></div></td> </tr> <tr> <td width="134" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Star Sigma</font></div></td> <td width="151" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="151" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">14,000</font></div></td> <td width="137" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="131" bgcolor="#cceeff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">31,266</font></div></td> </tr> <tr> <td width="134" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">TOTAL</font></div></td> <td width="151" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="151" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">25,500</font></div></td> <td width="137" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="131" bgcolor="#ffffff"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">62,020</font></div></td> </tr> <tr> <td width="134"></td> <td width="151"></td> <td width="151"></td> <td width="137"></td> <td width="131"></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The fair value is based on the Company's best estimate of the value of each vessel on a time charter free basis, and is supported by vessel valuations of an independent shipbroker as of December 31, 2011. The Company recognized the total impairment loss of $62,020, which was included under "Vessel impairment loss" in the consolidated statements of operations for the year ended December 31, 2011. The carrying value of cash and cash equivalents, trade accounts receivable, accounts payable and current accrued liabilities approximates their fair value due to the short term nature of these financial instruments. The fair values of long-term variable rate bank loans approximate the recorded values, due to their variable interest rate.</font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">18.           Voyage and Vessel Operating Expenses:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The amounts in the accompanying consolidated statements of operations are analyzed as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="451"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2009</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2010</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2011</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">    <b><u>Voyage  expenses</u></b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Port charges                                               </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> $</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,940</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,047</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">694</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Bunkers</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">3,637</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,544</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">915</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Commissions paid - third parties</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,460</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,180</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,347</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Commissions paid - related parties</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,472</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,540</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,237</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Chartered-in vessel expenses</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">6,732</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">11,180</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">17,909</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Miscellaneous</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">133</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">348</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">327</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total voyage expenses                             </b></font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> $</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">15,374</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">16,839</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">22,429</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b><u>Vessel operating expenses</u></b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Crew wages and related costs                   </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> $</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">13,342</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12,348</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">12,938</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Insurances</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2,198</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2,195</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2,399</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Maintenance, Repairs, Spares and Stores</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">9,671</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">4,729</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">6,130</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Lubricants</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2,456</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,925</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2,189</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Tonnage taxes</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">123</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">116</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">123</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Upgrading expenses</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,526</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">301</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">789</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Miscellaneous</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">852</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">735</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">679</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total vessel operating expenses            </b></font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> $</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">30,168</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">22,349</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">25,247</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">16.        Commitments and Contingencies:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><u>Legal proceedings</u></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">a.    The Company commenced in 2008 an arbitration proceeding as claimant against Oldendorff Gmbh & Co. KG of Germany ("Oldendorff"), seeking damages resulting from Oldendorff's repudiation of a charter party relating to the vessel Star Beta. Under the terms of the settlement agreement dated April 1, 2011 Oldendorff paid to the Company an amount of $9,000 which is included under "Other operational gain" in the accompanying consolidated statements of operations (Note 10).</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">b.      Arbitration proceedings commenced in 2009 pursuant to disputes that have arisen with the charterers of the vessel Star Alpha.  The disputes relate to vessel performance characteristics and hire. Star Bulk was seeking damages for repudiations of the charter party due to early redelivery of the vessel as well as unpaid hire of $2,096, while the charterers were seeking contingent damages resulting from the vessel's off-hire. The charterers subsequently entered into liquidation. Pursuant to a settlement agreement between the Company, the liquidator of the charterers and the sub charterers, entered into February 2011, the arbitration proceedings were discontinued and each party released each other from its respective claim. An amount of $2,096 is included under "Bad debt expense" in the accompanying consolidated statement of operations for the year ended December 31, 2010, associated with the write-off of this charterer's balance.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">c.      Arbitration proceedings against TMT seeking damages resulting from TMT's repudiation of the charter party of the vessel Star Ypsilon due to the nonpayment of charterhire of $2,606 related to this vessel were discontinued in October 2010.  During the months June and July 2010 the Company received the amount of $2,082 for unpaid charter hire, bunkers and interest. A final settlement was reached during October 2010 in which the Company received the amount of $22,222, which is included under "Other operational gain" for the year ended December 31, 2010, associated with the settlement of the unrealized revenues due to the early termination of the time charter of the vessel that occurred in July 2009 (Note 10).</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">d.      The Company commenced arbitration proceedings against Ishhar Overseas that was the previous charterer of the vessels Star Epsilon and Star Kappa. The Company seeked damages for repudiations of the charter parties due to early redelivery of the vessel as well as unpaid hire of $1,949.  The Company pursued an interim award for such nonpayment of charterhire and an award for the loss of charterhire for the remaining period of the charterparties. Claim submissions were filed. As of December 31, 2011, the Company determined that this amount was not recoverable and recognized a provision for doubtful receivables, amounting to $1,949, which is included under "Bad debt expense" in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">e.      During July 2010, a dispute arose between the Company and Deiulemar that was the charterer of the vessel Star Beta, for due hire and damages for the late redelivery of the vessel amounting to $1,732 which is included under "Trade accounts receivable, net" in accompanying consolidated balance sheets, while the charterers have a counterclaim for the vessel's performance. Pursuant to a settlement agreement signed on February 20, 2012, the Company received the amount of $1,040, the arbitration proceedings were discontinued and each party released each other from its respective claim. This event qualifies as an adjusting subsequent event under ASC 855 "Subsequent Events" and therefore the Company recognized a respective provision, amounting to $692, which is included under "Bad debt expense" in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">f.      In February 2011, Korea Line Corporation ("KLC"), charterers at the time of the vessel Star Gamma and of the vessel Star Cosmo commenced rehabilitation proceedings in Seoul, Korea. Under the rehabilitation plan approved by the KLC's creditors on October 14, 2011, the Company was entitled to receive an amount of $6,839, 37% of which will be repaid in cash over a period of ten years and the remaining 63% shall be converted into KLC's shares. The Company will receive one common share of KLC with par value of KRW 5,000 (approx. $0.0045) for each KRW 100,000 (approx. $0.09) of claim. Based on the terms of the rehabilitation plan, the shares of KLC will be locked up for six months before trade. The Company does not expect, that will have either control or significant influence over KLC as a result of the shares entitled to receive under the terms of the rehabilitation plan. In addition, the Company entered into a direct agreement with the KLC under which the Company received an amount of $172 in October 2011 and will receive an amount of $172 in October 2012 as part of the due hire for the Star Gamma. Finally, the Company entered into two tripartite agreements with KLC and the sub-charterers of the vessels Star Gamma and Star Cosmo following the exercise of liens on the subhires due to KLC. Under these agreements the Company received an amount of $86 from the Star Gamma subcharter in December 2011 and an amount of $121 in March 2012 from the Star Cosmo subcharterer. As of December 31, 2011, the Company determined that an amount of $498 is not recoverable due to the long term time period of KLC's rehabilitation plan and the uncertainty surrounding the continuation of KLC's operations and recognized a corresponding provision which is included under "Bad debt expense" in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On September 29, 2010, the Company agreed with a third party to sell its  45% interest in the future proceeds related to the recovery  of several commercial claims (Note 16(a) and Note 16(d)) against a consideration of $5,000 which is included under "Other operational gain" in the accompanying consolidated statements of operations. This amount was collected in October 2010 (Note 10).</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">In July 2011, the Company posted a cash collateral of 340,000 (approx. $440), in Spain for the Star Cosmo which had allegedly discharged oily water while sailing in Spanish waters in May 2011.  Administrative investigations commenced locally.  The Company is not aware, pending the outcome of the investigation, whether there is a probable liability nor can it estimate its exposure. Up to $1 billion of the liabilities associated with the individual vessels' actions, mainly for sea pollution, are covered by the Protection and Indemnity (P&I) Club Insurance. The cash collateral of 340,000 has been released to the Company in March 2012, after being replaced by a P&I Letter of undertaking. The Company has not accrued any amount for the specific case.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><u>Future minimum contractual charter revenue</u></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Future minimum contractual charter revenue, based on vessels committed to non-cancelable, time charter contracts net of address commission as of December 31, 2011 will be:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="620"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Years ending December 31,                                                                                                </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Amount*</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="620" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">2012</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">55,706</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">2013</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">38,599</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">2014</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">22,404</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">2015</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">16,950</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">2016</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">8,762</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">2017 and thereafter</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">40,664</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> $</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">183,085</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">*           These amounts do not include any assumed off-hire except for the scheduled interim and special surveys of the vessels.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">15.         Income Taxes:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>a) Taxation on Marshall Islands Registered Companies</b></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Under the laws of the countries of the companies' incorporation and/or vessels' registration, the companies are not subject to tax on international shipping income. However, they are subject to registration and tonnage taxes, which have been included under "Vessel operating expenses" in the accompanying statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>b) Taxation on US Source Income - Shipping Income</b></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The Company believes that it and its subsidiaries are exempt from U.S. federal income tax at 4% on U.S. source shipping income, as each vessel-operating subsidiary is organized in a foreign country that grants an equivalent exemption to corporations organized in the United States and the Company's stock is primarily and regularly traded on an established securities market in the United States, as defined by the Internal Revenue Code (IRS) of the United States.  Under IRS regulations, a Company's stock will be considered to be regularly traded on an established securities market if (i) one or more classes of its stock representing 50% or more of its outstanding shares, by voting power and value, is listed on the market and is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year; and (ii) the aggregate number of shares of stock traded during the taxable year is at least 10% of the average number of shares of the stock outstanding during the taxable year.</font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">14.         Accrued Liabilities</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="535"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2010</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2011</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="535" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Audit fees</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$ </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">220</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$ </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">213</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Legal fees</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">163</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">7</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Other professional fees</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">88</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">52</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Operating and voyage expenses</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">638</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2,039</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">General and administrative expenses</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">6</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Loan interest and financing fees</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">750</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,559</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total Accrued Liabilities</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,865</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">3,870</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">13.        Equity Incentive Plan:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On February 8, 2007, the Company's Board of Directors adopted a resolution approving the terms and provisions of the Company's Equity Incentive Plan (2007 Plan). The Plan is designed to provide certain key persons, whose initiative and efforts are deemed to be important to the successful conduct of the business of the Company with incentives to enter into and remain in the service of the Company, acquire a propriety interest in the success of the Company, maximize their performance and enhance the long-term performance of the Company.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Under the 2007 Plan, officers, key employees, directors and consultants of Star Bulk and its subsidiaries will be eligible to receive options to acquire shares of common stock, stock appreciation rights, restricted stock and other stock-based or stock-denominated awards. Star Bulk has reserved a total of 2,000,000 shares of common stock for issuance under the plan, subject to adjustment for changes in capitalization as provided in the 2007 Plan.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On February 23, 2010, the Company's Board of Directors approved the Company's Equity Incentive Plan (the 2010 Plan). The Company has reserved a total of 2,000,000 shares of common stock for issuance under the 2010 Plan, subject to adjustment for changes in capitalization as provided in the 2010 Plan. All provisions of the 2010 Plan are similar with the 2007 Plan provisions.  </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Pursuant to Company's 2010 and 2007 Equity Incentive Plans, the Company issued the following securities:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">i) On December 3, 2007, the Company granted to Mr. Tsirigakis, our former Chief Executive Officer, and Mr. Syllantavos, our former Chief Financial Officer, 90,000 and 75,000 non-vested shares of Star Bulk common stock, respectively.  The fair value of each share was $15.34, which is equal to the market value of the Company's common stock on the grant date. The shares vest in three equal installments on July 1, 2008, 2009 and 2010. All 165,000 shares granted under this Plan were issued during 2008.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">ii) On March 31, 2008, the Company concluded an agreement with Company's Director Mr. P. Espig.  Under this agreement, which is part of Company's Equity incentive plan, Mr. Espig received 150,000 non-vested shares of Star Bulk common stock. The fair value of each share was $11.39 which is equal to the market value of the Company's common stock on the grant date. The shares vested in two equal installments on April 1, 2008 and 2009. All 150,000 shares granted under this Plan were issued during 2008.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">iii) On December 5, 2008, an aggregate of 130,000 non-vested common shares to all of our employees and an aggregate of 940,000 non-vested common shares to the members of board of directors.  The fair value of each share was $1.80 which is equal to the market value of the Company's common stock on the grant date.  These shares were issued on January 20, 2009 and vested on January 31, 2009.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">iv) On February 4, 2010, an aggregate of 115,600 non-vested common shares to all Company's employees subject to applicable vesting of 69,360 common shares on June 30, 2010 and 46,240 common shares on June 30, 2011. The fair value of each share was $2.66 which is equal to the market value of the Company's common stock on the grant date.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">v) On February 24, 2010, an aggregate of 980,000 non-vested common shares to the members of Company's Board of Directors subject to applicable vesting of 490,000 common shares on each of June 30 and September 30, 2010. The fair value of each share was $2.75 which is equal to the market value of the Company's common stock on the grant date.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">vi) On October 20, 2010, an aggregate of 140,000 non-vested common shares to all of the Company's employees and an aggregate of 1,070,000 non-vested common shares to the members of board of directors.  The fair value of each share was $2.80 which is equal to the market value of the Company's common stock on the grant date.  These shares vested on December 31, 2010.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">vii) On May 18, 2011, the Company issued an aggregate of 248,000 non-vested common shares to the former Chief Financial Officer pursuant to an agreement dated May 12, 2011 covering the terms of his severance. Under the same agreement the Company's former Chief Financial Officer is entitled to receive an additional 80,000 shares. The Company plans to issue the respective shares by the end of March 2012. The respective stock based compensation was fully amortized at the date of his resignation on August 31, 2011. The fair value of each share was $2.30 which is equal to the market value of the Company's common stock on the grant date.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The Company plans to issue a minimum of 420,000 common shares to Mr. Spyros Capralos, the Company's Chief Executive Officer, in accordance with the terms of a consultancy agreement, effective February 7, 2011, with an entity owned and controlled by the Company's Chief Executive Officer. These shares vest in three equal installments, the first installment of 140,000 vests in February 2012, the second installment of 140,000 vests in February  2013 and the last installment of 140,000 shares vests in February 2014.  The Company plans to issue the first installment of 140,000 shares by the end of March 2012. The fair value of each share was $2.45 which is equal to the market value of the Company's common stock on the grant date.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On August 31, 2011, the Board of Directors adopted the 2011 Equity Incentive Plan, under which officers, key employees, directors and consultants of the Company and its subsidiaries are eligible to receive options to acquire shares of common stock, stock appreciation rights, restricted stock and other stock-based or stock-denominated awards. The Company reserved a total of 2,000,000 shares of common stock for issuance under the 2011 Equity Incentive Plan, subject to adjustment for changes in capitalization as provided in such plan.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On September 20, 2011, the Company filed a registration statement on Form S-8 (File No. 333-176922) that covers the resale of up to 4,665,100 of the common shares that have been and may be issued under its 2007, 2010 and 2011 equity incentive plans.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">All non-vested shares are conditional upon the grantee's continued service as an employee of the Company. The grantee does not have the right to vote such non-vested shares until they vest or exercise any right as a shareholder of these shares, however, the issued and non-vested shares pay dividends as declared. For the years ended December 31, 2009, 2010, and 2011 the Company paid dividends on non-vested shares which amounted to $6, $89 and $29, respectively.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The Company estimates the forfeitures of non-vested shares to be immaterial. The shares which are issued in accordance with the terms of the Company's Equity Incentive Plans remain restricted until they vest.  For the years ended December 31, 2009, 2010 and 2011, stock based compensation was $1,832, $6,511 and $1,362 respectively, and is included under "General and administrative expenses" in the accompanying consolidated statement of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">A summary of the status of the Company's non-vested shares as of December 31, 2011, and the movement during the year ended December 31, 2011, is presented below.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="535"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Number of shares</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="70"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Weighted</b></font></div><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Average</b></font></div><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Grant</b></font></div><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Date Fair</b></font></div><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Value</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="535" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Unvested as at January 1, 2011</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">46,240</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2.66</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Granted</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">748,000</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2.38</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Vested</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(374,240</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2.34</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Unvested as at December 31, 2011</b></font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">420,000</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2.45</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="535"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2011, there was $465 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Equity Incentive Plans. The cost is expected to be recognized over a weighted-average period of 1.54 years. The total fair value of shares vested during the years ended December 31, 2009, 2010 and 2011 was $2,732, $6,113 and $561, respectively.</font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">12.        Losses per Share:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The Company calculates basic and diluted losses per share as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="451"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Year ended </b> </font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>December 31,</b></font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2009</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Year ended </b> </font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>December 31,</b></font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2010</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Year ended </b> </font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>December 31,</b></font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2011</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Loss:</b></font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="70" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Net loss</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(58,415</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(5,131</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(69,559</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Basic loss per share:</b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Weighted average common shares outstanding, basic</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">60,873,421</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">61,489,162</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">71,047,277</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Basic loss per share</b></font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(0.96</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$ </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(0.08</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(0.98</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Effect of dilutive securities:</b></font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Dilutive effect of Warrants and non-vested shares</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Weighted average common shares outstanding, diluted</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">60,873,421</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">61,489,162</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">71,047,277</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Diluted loss per share</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(0.96</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(0.08</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">(0.98</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">)</font></div></td> </tr> <tr> <td width="451"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Warrants: Each warrant entitled the registered holder to purchase one share of common stock at a price of $8.00 per share. On March 15, 2010, 5,916,150 outstanding warrants expired and ceased trading on the Nasdaq Global Market, consequently as of December 31, 2010 there were no warrants outstanding. The weighted average diluted common shares outstanding for the years ended December 31, 2009, 2010 and 2011 are not included in the diluted earnings per share calculation because their effect would be anti-dilutive.</font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">9.           Preferred, Common Stock and Additional Paid in Capital:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">  As of December 31, 2009, the Company had common stock and warrants outstanding, whereas as of December 31, 2010 and 2011 the Company had only common stock outstanding.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Preferred Stock: </b>Star Bulk is authorized to issue up to 25,000,000 shares of preferred stock, $0.01 par value with such designations, as voting, and other rights and preferences, as  determined by the Board of Directors. As of December 31, 2010 and 2011 the Company had not issued any preferred stock.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Common Stock: </b>Star Bulk was authorized to issue 100,000,000 registered common shares, par value $0.01. On November 23, 2009 at the Company's annual meeting of shareholders, the Company's shareholders voted to approve an amendment to the Amended and Restated Articles of Incorporation increasing the number of common shares that the Company was authorized to issue from 100,000,000 registered common shares, par value $0.01 per share, to 300,000,000 registered common shares, par value $0.01 per share.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Each outstanding share of the Company's common stock entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends, if any, declared by the Company's board of directors out of funds legally available for dividends. Holders of common stock do not have conversion, redemption or preemptive rights to subscribe to any of the Company's securities. All outstanding shares of common stock are fully paid and non-assessable. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of any shares of preferred stock which the Company may issue in the future.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On July 17, 2008, the Company issued 803,481 shares out of additional stock consideration of 1,606,962 of common stock of Star Bulk to TMT. The remaining 803,481 shares of Star Bulk's common stock were issued to TMT on April 28, 2009 (Note 1).  The additional stock consideration of 1,606,962 common shares (Note 1) was determined to be $18,946 and was measured based on the Company's share price on March 7, 2008 when performance by TMT was complete upon delivery of the last initial vessel, Star Iota on March 7, 2008.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On July 22, 2011, the Company offered 16,700,000 common shares in an underwritten public offering at a public offering price of $1.80 per share less underwriters' discount. All of the shares in the offering were sold by the Company. The Company used the net proceeds of this offering to fund a portion of the aggregate purchase price of the Star Big and the Star Mega and for working capital purposes.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Warrants: </b>Each warrant entitles the registered holder to purchase one share of common stock at a price of $8.00 per share, subject to adjustment as discussed below. The warrants were to expire on December 16, 2009.  In November 2009, the Company decided to extend the expiration date of its 5,916,150 outstanding warrants up to March 15, 2010.  On March 15, 2010, the 5,916,150 outstanding warrants expired and ceased trading on the Nasdaq Global Market. During the year ended December 31, 2009 and 2010 no warrants were exercised.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Share re-purchase Plan: </b>On February 23, 2010, the Company's Board of Directors adopted a stock repurchase plan for up to $30,000 to be used for repurchasing the Company's common shares until December 31, 2011. All repurchased shares will be cancelled and removed from the Company's share capital.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On August 10, 2011, the Company's Board of Directors decided to reinstate the share repurchase plan with the limitation of acquiring up to a maximum amount of $3,000 worth of Company shares, at a maximum price of $1.30 per share. On November 9, 2011 the Company's Board of Directors extended the duration of the share repurchase plan until December 31, 2012.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">During the years ended December 31, 2009, 2010 and 2011, there were no warrants or shares repurchased.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">8.           Long-term Debt:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">a)      On December 27, 2007, the Company entered into a loan agreement with Commerzbank AG in the amount of up to $120,000 in order to partially finance the acquisition cost of the second hand vessels, Star Gamma, Star Delta, Star Epsilon, Star Zeta, and Star Theta, which also provide the security for this loan agreement.  Under the terms of this loan facility, the repayment of $120,000 is over a nine year term and divided into two tranches. The first of up to $50,000 is repayable in twenty-eight consecutive quarterly installments commencing twenty-seven months after the initial borrowings but no later than March 31, 2010: (i) the first four installments amount to $2,250 each, (ii) the next thirteen installments amount to $1,000 each (iii) the remaining eleven installments amount to $1,300 each and a final balloon payment of $13,700 is payable together with the last installment. The second tranche of up to $70,000 is repayable in twenty-eight consecutive quarterly installments commencing twenty-seven months after draw down but no later than March 31, 2010: (i) the first four installments amount to $4,000 each (ii) the remaining twenty-four installments amount to $1,750 each and a final balloon payment of $12,000 is payable together with the last installment. The loan bears interest at LIBOR plus a margin at a minimum of 0.8% per annum "p.a." to a maximum of 1.25% p.a. depending on whether the aggregate drawdown ranges from 60% up to 75% of the aggregate market value of the 'initial fleet'.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein and (iii) an aggregate market value of the vessels pledged as security under this loan agreement not less than (a) 125% of the then outstanding borrowings for the first three years and (b) 135% of the then outstanding borrowings thereafter.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On June 10, 2009, the Company entered into a supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from December 31, 2008 to January 31, 2010, the security cover requirement was reduced to 111%. As further security for this facility, the Company shall provide a first preferred mortgage on the vessel Star Alpha and shall pledge an amount of $6,000 to the lenders. Furthermore, the interest spread was increased to 2.00% p.a. for the duration of the waiver period. Subsequent to the waiver period, if the asset cover percentage is less than 60%, between 60% to 70%, between 70% to 75% and more than 75%, the interest spread should be 0.8%, 0.9%, 1% and 1.25% respectively. In addition, during the waiver period, payments of dividend, share repurchases and investments are subject to the prior written consent of the lenders.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On December 24, 2009, the Company entered into a second supplemental agreement with Commerzbank. Under the terms of this agreement during the waiver period from February 1, 2010 to June 30, 2010 and from July 1, 2010 to January 31, 2011 the security cover shall be at least 111% and 118%, respectively whether at all times thereafter 135%. Furthermore, the bank consented to: i) the sale of Star Alpha, ii) the payment of dividends not exceeding $0.05 per share in each quarter iii) the reduction of minimum liquidity from $1,000 to $650 per fleet vessel, iv) the increase of the pledged deposit by $1,250 from $6,000 to $7,250.  The interest spread was also maintained to 2.00% p.a. for the duration of the waiver period. Based on the same agreement after the waver period on January 31, 2011 the minimum liquidity was increased from $650 to $1,000 per fleet vessel and the pledged deposit of $7,250 was released.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2010 and 2011, the Company had outstanding borrowings of $95,000 and $84,000 respectively, under this loan agreement.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">b)      On April 14, 2008, the Company entered into a loan agreement with Piraeus Bank A.E., acting as an agent, which was subsequently amended on April 17, 2008 and September 18, 2008.  Under the amended terms, the agreement provides for a term loan of $150,000 to partially finance the acquisition of the Star Omicron, the Star Sigma and Star Ypsilon.  This loan agreement is secured by the vessels Star Omicron, the Star Beta, and the Star Sigma. Under the terms of this term loan facility, the repayment of $150,000 is over six years and begins three months after the Company's first draw down amount and is divided into twenty-four consecutive quarterly installments: (i) the first installment amounts to $7,000, (ii) the second through fifth installments amount to $10,500 each, (iii) the sixth to eighth installments amount to $8,800 each, (iv) the ninth through fourteenth installments amount to $4,400 each, (v) the fifteenth through twenty-fourth installments amount to $2,700 each, and a final balloon payment in the amount of $21,200 is payable together with the last installment.  The loan bears interest at LIBOR plus a margin of 1.3% p.a. This loan agreement with Piraeus Bank A.E. contain financial covenants, including requirements to maintain (i) a minimum liquidity of $500 per vessel, (ii) the total indebtedness of the borrower over the market value of all vessels owned shall not be greater than 0.6:1, (iii) the interest coverage ratio shall not be less than 2:1, (iv) an actual pledged amount of $1,500 and (v) an aggregate market value of the vessels pledged as security under this loan agreement should not be less than (a) 125% of the then outstanding borrowings for the first three years and (b) 135% of the then outstanding borrowings thereafter.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On May 9, 2009, the Company entered into a supplemental agreement with Piraeus Bank. Under the terms of this agreement during the waiver period from December 31, 2008 to February 28, 2010, the required security cover covenant of 125% shall be waived. After the end of the waiver period, for the period from March 1, 2010 to February 28, 2011 the required security cover shall be reduced to 110% from 125% of the outstanding loan amount. The lenders shall waive the 60% corporate leverage ratio, which is the ratio of the Company's total indebtedness net of any unencumbered cash balances over the market value of all vessels owned by the Company, through February 28, 2010. As further security for this facility, the Company shall provide (i) first priority mortgages on and first priority assignments of all earnings and insurances of the vessels Star Kappa and Star Ypsilon; (ii) corporate guarantees from each of the collateral vessel owning limited liability companies; (iii) a subordination of the technical and commercial manager's rights to payment; (iv) and a pledge amount of $9,000 to the lenders. Furthermore, the interest spread was increased to 2% p.a. applicable for the period from January 1, 2009 to December 31, 2010, and thereafter shall be adjusted to 1.5% per annum until the margin review date of the facility. In addition, during the waiver period, payments of dividend are subject to the prior written consent of the lenders. In July 2010 Piraeus Bank consented to the sale of vessel Star Beta. Consequently the first priority mortgage was released. In addition, the Company prepaid an amount of $6,975 in July 2010 and the facility was repayable beginning on September 1, 2010, in seventeen consecutive quarterly installments: (i) the first one installment in the amount of $8,064 (ii) the second to seventh installments amount to $4,032 each and (ii) the final ten installments in the amount of $2,474 each plus a balloon payment of $19,427 is payable together with the last installment.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On October 6, 2011, the Company fully repaid the outstanding balance of $52,233 under this loan agreement.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2010, and 2011, the Company had outstanding borrowings of $64,329 and $0 respectively, under this loan agreement.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">c)      On July 1, 2008, the Company entered into a loan agreement with Piraeus Bank A.E., acting as an agent, in the amount of $35,000 to partially finance the acquisition of the Star Cosmo, which also provides the security for this loan agreement. The full amount of the loan was drawn down, on the same date. Under the terms of this term loan facility, the repayment of $35,000 is over six years and begins three months after the Company drew down the full amount but no later than July 30, 2008 and is divided into twenty-four consecutive quarterly installments: (i) the first through fourth installments amounts to $1,500 each, (ii) the fifth through eighth installments amount to $1,250 each, (iii) the ninth to twelfth installments amount to $875 each, (iv) the thirteenth through twenty-fourth installments amount to $500 each and a final balloon payment of $14,500 is payable together with the last installment. The loan bears interest at LIBOR plus a margin of 1.325% p.a.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The loan agreement contains financial covenants, including requirements to maintain (i) a minimum liquidity of $500 per vessel, (ii) the total indebtedness of the borrower over the market value of all vessels owned shall not be greater than 0.6:1, (iii) the interest coverage ratio shall not be less than 2:1 and (iv) an aggregate market value of the vessels pledged as security under this loan agreement not less than (a) 125% of the then outstanding borrowings for the first three years and (b) 135% of the then outstanding borrowings thereafter.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On May 25, 2009, the Company entered into an amending and restating agreement with Piraeus Bank. Under the terms of this agreement during the waiver period from December 31, 2008 to February 28, 2010, the required security cover covenant of 125% shall be waived. After the end of the waiver period, for the period from February 28, 2010 to February 28, 2011 the required security cover shall be reduced to 110% from 125% of the outstanding loan amount. The lender shall waive the 60% corporate leverage ratio, which is the ratio of the Company's total indebtedness net of any unencumbered cash balances over the market value of all vessels owned by the Company, through February 28, 2010. Also, during the waiver period, no dividend payments are made without the prior written consent of the lenders.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As further security for this facility the Company provided (i) second priority mortgage on and second priority assignment of all earnings and insurances of the Star Alpha; (ii) a corporate guarantee from Star Alpha's vessel owning limited liability company; (iii) a subordination of the technical and commercial managers rights to payment and iv) a minimum liquidity of $500 per vessel and v) a pledged deposit of $5,000. This facility was repayable beginning on April 2, 2009, in twenty-two consecutive quarterly installments: (i) the first two installments in the amount of $2,000 each; (ii) the third installment in the amount of $1,750; (iii) the fourth installment in the amount of $1,250; (iv) the fifth through tenth installment in the amount of $875 each; and (v) the final twelve installments in the amount of $500 each plus a balloon payment of $13,750 is payable together with the last installment.  In addition, the interest spread was adjusted to 2% p.a. applicable for the period from March 1, 2009 to February 28, 2010, and thereafter shall be adjusted to 1.5% p.a. until the final maturity date of the facility. In December 2009 Piraeus Bank consented to the sale of vessel Star Alpha. Consequently the second priority mortgage was released.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On September 29, 2010, the loan was further amended.  Under the terms of this agreement the security cover shall be at all times 125%. Furthermore, the bank released to the Company an amount of $5,000 that was previously pledged, after the Company prepaid an amount of $2,000 on October 1, 2010. In addition the facility was repayable beginning on October 1, 2010, in sixteen consecutive quarterly installments: (i) the first four installments in the amount of $800 each; and (ii) the final twelve installments in the amount of $457 each plus a balloon payment of $12,566 is payable together with the last installment.   In addition, the interest spread was adjusted to 3% p.a. applicable for the period from August 1, 2010 to December 31, 2011, and thereafter shall be adjusted to 2.5% p.a. until the final maturity date of the facility.  </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On October 6, 2011, the Company fully repaid the outstanding balance of $17,593 under this loan agreement.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2010 and 2011, the Company had outstanding borrowings of $20,450 and $0 respectively, under this loan agreement.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">d)      On September 3, 2010 the Company entered into a loan agreement with Commerzbank AG in the amount of up to $26,000 in order to partially finance the acquisition cost of the second hand vessel, Star Aurora, which is also provided as security for this loan agreement.  Under the terms of this loan facility, the repayment of $26,000 is over a six year period. The loan is repayable in twenty-four consecutive quarterly installments of $950 each, commencing three months after the drawdown, and a final balloon payment of $3,200 payable together with the last installment. The loan bears interest at LIBOR plus a margin of 2.6% p.a.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The loan contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $1,000 per vessel, whichever is greater (ii) the market value adjusted equity ratio shall not be less than 25%, as defined therein and (iii) an actual pledged amount of $650 for this vessel that will increase to $1,000 when cash pledged due to waiver dated December 24, 2009 shall be released (iv) an aggregate market value of the vessel pledged as security under this loan agreement not less than 135% at all times.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2010 and 2011, the Company had outstanding borrowings of $25,050 and $21,250 respectively, under this loan agreement.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">e)      On January 20, 2011, the Company entered into a loan agreement with Credit Agricole Corporate and Investment Bank for a term loan up to $70,000 to partially finance the construction cost of Company's two Newbuildings Star Borealis and Star Polaris<i>, </i>which were delivered in 2011. The shipbuilding contracts and refund guarantees were assigned to the lender as security for this loan agreement and the vessels, upon their delivery, were mortgaged as security for this loan agreement. The total amount that was drawn down upon the delivery of each vessel totaled to $67,275. Under the terms of this term loan facility, the repayment is over a seven year period and commenced three months after the delivery of each vessel. The loan is repayable in twenty eight consecutive quarterly installments, per vessel, amounting to $485.4 and $499.7, respectively and a final balloon payment which is payable together with the last installment of $19,558.2 and $20,134 for Star Borealis and Star Polaris, respectively. The loan bears interest at LIBOR plus a margin of 2.7% p.a.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The loan arrangement and other fees related to the inception of the loan amounted to $630 and are included under "Deferred finance charges" in the accompanying consolidated balance sheets.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">This loan agreement with Credit Agricole Corporate and Investment Bank contains financial covenants, including requirements to maintain (i) a minimum liquidity of $10,000 or $500 per fleet vessel, whichever is greater (ii) the total indebtedness of the borrower over the market value of all vessels owned shall not be greater than 0.7:1, effective from October 15, 2011, (iii) an actual pledged amount of $500 per mortgaged vessel and (iv) the minimum asset cover ratio shall not be less than (a) 120% during the first two years from delivery of each vessel and (b) 125% of the then outstanding borrowings thereafter, unless a mortgaged vessel is subject to an approved charter with an unexpired duration at least 18 months, in which case the relevant percentage shall be 120% for the duration such approved charter.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2010 and December 31, 2011, the Company had outstanding borrowings of $0 and $66,790 respectively, under this loan agreement.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">f)      On July 21, 2011, the Company entered into a senior secured credit facility with ABN AMRO Bank for $31,000, which was drawn down in full to partially finance the acquisition of the Star Big and the Star Mega, which were mortgaged to provide the security for this senior secured credit facility. Under this senior secured credit facility, the wholly-owned subsidiaries that own these two vessels are the borrowers and the Company is the corporate guarantor.  This senior secured credit facility is repayable in 18 consecutive quarterly installments commencing three months after the initial borrowings. The first 14 installments amount to $1,400 each, the remaining four installments amount to $625 each and a final balloon payment of $8,900 is payable together with the last installment. This senior secured credit facility bears interest at LIBOR plus a margin of 2.9%.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The loan arrangement and other fees related to the inception of the loan amounted to $310 and are included under "Deferred finance charges" in the accompanying consolidated balance sheets.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">This senior secured credit facility contains financial covenants and other customary covenants, including requirements to maintain (i) the leverage ratio shall not be greater than 70%, (ii) a ratio of EBITDA (as will be defined in the definitive documentation) to interest expense, no less than 3.0:1.0, (iii) minimum liquidity of $10,000 or $750 for each of the Company's vessels, whichever is greater, (iv) a minimum market adjusted net worth of not less than $100,000 and (v) a maintenance reserve account up to $1,500 which can only be used for the payment of the dry-docking of vessel Star Mega. This senior secured credit facility also requires the borrowers to maintain an aggregate charter-free fair market value of the Star Big and the Star Mega of at least 135% of the amount outstanding under the facility until three months prior to the expiration of the time charter of the Star Mega and 150% thereafter. In addition, the facility requires the Company's Chairman, including members of his immediate family, to maintain minimum levels of beneficial ownership of the Company's outstanding common shares.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2010 and, 2011, the Company had outstanding borrowings of $0 and $29,600 respectively, under this loan agreement.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">g)      On October 3, 2011 the Company entered into a new $64,500 secured term loan agreement with HSH Nordbank AG. The borrowings under this new loan agreement together with $5,326 in cash were used to repay in full the Company's existing indebtedness under its loan agreements with Piraeus Bank S.A; a term loan of $150,000 dated April 14, 2008 and of a term loan of $35,000 dated July 1, 2008 as stated above. The senior secured term loan facility consisted of two tranches. The first tranche amounted to $48,500 and is repayable in 20 consecutive installments of $1,250 each and a final balloon payment of $23,500. The second tranche amounted to $16,000, is repayable in 12 consecutive installments of $1,333 each. The first tranche bears interest at LIBOR or cost of funds, whichever is greater, plus a margin of 2.75% and the second tranche bears interest at LIBOR or cost of funds, whichever is greater, plus a margin of 3.00%.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The loan arrangement and other fees related to the inception of the loan amounted to $548 and are included under "Deferred finance charges" in the accompanying consolidated balance sheets.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">This new loan agreement contains financial covenants including requirements to maintain (i) the ratio of indebtedness of the borrower over the aggregate fair market value of the assets shall not be greater than 75% until December 31, 2013 and 70% thereafter, (ii) a minimum market adjusted net worth of not less than $100,000, (iii) a minimum interest coverage ratio of not less than 2.0:1.0; (iv) an actual pledged amount of $2,000 or $400 for each pledged vessel under this credit facility, whichever is greater,(v) a minimum liquidity of $10,000,(vi) an actual pledged amount of $6,504 representing the shortfall between the drawdown amount and the fair value of the collateral vessels on the drawdown date and, (vii) an aggregate market value of the vessels pledged as security under this loan agreement should not be less than (a) 125% of the then outstanding borrowings until the repayment of Second Tranche and (b) 167% of the then outstanding borrowings thereafter. </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2010 and, 2011, the Company had outstanding borrowings of $0 and $64,500 respectively, under this loan agreement.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The Company determined as of December 31, 2011 that under the new $31,000 loan agreement with ABN AMRO Bank, the aggregate market value of the vessels mortgaged under these loan agreements was less than the required percentage of 135%. On January 26, 2012, the Company signed a waiver agreement with ABN AMRO Bank, under the terms of which, during the waiver period from January 26, 2012 to January 31, 2013, the required security cover covenant of 135% was amended to 100% and the Leverage Ratio was amended to 75% from 70%. Furthermore, the interest margin was increased from 2.9% to 3.4% p.a. during the waiver period.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The Company also determined as of December 31, 2011 that under the $120,000 loan agreement with Commerzbank AG, the market value of the vessels mortgaged under this loan agreement was less than 135% of the amount of those borrowings as required by the agreement. On January 30, 2012, the Company paid the next regularly scheduled quarterly payment of $2,750 and as a result maintained the required ratio of the market value of the vessels pledged as collateral to the outstanding borrowings of not less than 135%.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Except as disclosed above, the Company was not in breach of any financial covenants under its loan agreements as of December 31, 2011.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The weighted average interest rate related to the Company's existing debt (including the margin) as of December 31, 2009, 2010 and 2011 was 2.65%, 2.73% and 3.25% respectively.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The principal payments required to be made after December 31, 2011 for all outstanding debt are as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="620"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div><div><font style="font-face: Times New Roman" size="2" color="#000000"><b><u>Years</u></b></font></div></td> <td width="7"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Amount</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="620" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 31, 2012</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">34,674</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 31, 2013</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">34,674</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 31, 2014</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">35,574</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 31, 2015</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">28,215</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 31, 2016</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">85,915</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">December 31, 2017 and thereafter</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">47,088</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">266,140</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="620"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Interest expense for the years ended December 31, 2009, 2010 and 2011 amounting to $9,217, $5,317 and $4,698 respectively, amortization of deferred finance fees amounting to $350, $329 and $329, respectively, and other finance fees amounting to $347, $270 and $200, respectively, are included under "Interest and finance costs" in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The unamortized balance of the deferred financing fees relating to Piraeus loan facilities which were fully repaid on October 6, 2011, amounting to $254 and $53, respectively  were written off and included under "Loss on debt extinguishment<b>" </b>in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">All vessels are first-priority mortgaged as collateral to the Company's loan facilities.</font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">5.           Advances for Vessels under Construction:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On March 24 and April 6, 2010, the Company signed two contracts with the shipbuilder Hanjin to build two Capesize vessels at a price of $106,880 in aggregate. During the year ended December 31, 2010 the Company paid advances to the shipbuilder amounting to $21,432 and $21,320 for Star Borealis and Star Polaris, respectively, and capitalized interest and other expenses of $644 and $77, respectively. During the year ended December 31, 2011 the Company paid advances to shipbuilder amounting to $32,257 and $32,114 for Star Borealis and Star Polaris, respectively, and capitalized interest and other expenses of $1,901 and $941, respectively. Advances for vessels under construction as of December 31, 2011 are $0 as Star Borealis was delivered to the Company on September 9, 2011 and Star Polaris was delivered to the Company on November 14, 2011.</font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">4.           Inventories:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="536"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="70"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>December 31, 2010</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="70"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"><b>December 31, 2011</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="536" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Lubricants</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,094</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">2,200</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="536" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Bunkers</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,667</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="536" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total</b></font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,094</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">3,867</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="536"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div></div>

6488000 23000 1821000

<div><font style="font-face: Times New Roman" size="2" color="#000000">3.           Transactions with Related Parties:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Transactions and balances with related parties are analyzed as follows:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="515"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Balance Sheets</b></font></div></td> <td width="12"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="78"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>December 31, 2010</b></font></div></td> <td width="6"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="6"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="79"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>December31,</b></font></div><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2011</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="515" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Liabilities</b></font></div></td> <td width="12" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="78" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="6" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="6" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td colspan="2" width="79" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="515" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Interchart Shipping Inc. (a)</font></div></td> <td width="12" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="22" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="56" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">454</font></div></td> <td width="6" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="6" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="16" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">260</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="515" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Management and Directors Fees (b)</font></div></td> <td width="12" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="22" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="56" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">149</font></div></td> <td width="6" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="6" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="16" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">141</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="515" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Combine Marine Inc. (c)</font></div></td> <td width="12" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="22" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="56" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="6" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="6" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="16" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">27</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="515" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Oceanbulk Maritime S.A. (d)</font></div></td> <td width="12" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="22" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="56" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="6" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="6" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="16" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">8</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="515" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Total Liabilities</b></font></div></td> <td width="12" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="22" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="56" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">603</font></div></td> <td width="6" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="6" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="16" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">436</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="515"></td> <td width="12"></td> <td width="22"></td> <td width="56"></td> <td width="6"></td> <td width="6"></td> <td width="16"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>Statements of Operations</b></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font></div> <table border="0" cellspacing="0" cellpadding="0"> <tr> <td width="451"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="10" width="239"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>Year ended December 31,</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="451"><div><font style="font-face: Times New Roman" size="2" color="#000000">  </font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2009</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2010</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> <td colspan="2" width="70"><div align="center"><font style="font-face: Times New Roman" size="2" color="#000000"><b>2011</b></font></div></td> <td width="7"><div><font style="font-face: Times New Roman" size="2" color="#000000"><b> </b></font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Revenues-TMT (e)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">309</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">$</font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Revenues -Vinyl (d)</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">16,508</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Commission on sale of vessel-Oceanbulk (d)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">184</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">660</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Voyage expenses-Interchart (a)</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,472</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,540</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">1,237</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Executive directors consultancy fees (b)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">917</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">874</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">3,505</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Non-executive directors compensation</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">126</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">206</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">151</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Office rent - Combine (c)</font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#cceeff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">48</font></div></td> <td width="7" bgcolor="#cceeff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000">Office setup expenses - Oceanbulk (d)</font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">-</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> <td width="63" bgcolor="#ffffff"><div align="right"><font style="font-face: Times New Roman" size="2" color="#000000">148</font></div></td> <td width="7" bgcolor="#ffffff"><div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div></td> </tr> <tr> <td width="451"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> <td width="7"></td> <td width="7"></td> <td width="63"></td> <td width="7"></td> </tr> </table> <div> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>(a) Interchart Shipping Inc. or Interchart: </b>Interchart, a company affiliated to Oceanbulk Maritime S.A., acts as a chartering broker of all the Company's vessels. As of December 31, 2010 and 2011, the Company had an outstanding liability of $454 and $260, respectively, to Interchart. During the years ended December 31, 2009, 2010 and 2011 the brokerage commission on charter revenue paid to Interchart amounted $1,472, $1,540 and $1,237, respectively and is included in "Voyage expenses" in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>(b) Management and Directors Fees: </b>On October 3, 2007, Star Bulk entered into separate consulting agreements with companies owned and controlled by the Company's former Chief Executive Officer and the former Chief Financial Officer, for the services provided by the former Chief Executive Officer and the former Chief Financial Officer, respectively. Each of these agreements had a term of three years unless terminated earlier in accordance with the terms of such agreements. During 2010 these agreements were automatically renewed for the successive year. Under the consulting agreements, each company controlled by the former Chief Executive Officer and the former Chief Financial Officer received an annual consulting fee of 370,000 (approx. $479) and 250,000 (approx. $323) respectively. During the year ended December 31, 2009 and 2010, the consultancy fees under the specific consulting agreements amounted to $917 and $874, respectively. For the year ended December 31, 2011 the consulting fees amounting to $337 represent the respective expense up to the date of the termination of the consulting agreements as disclosed below.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On February 7, 2011, Mr. Spyros Capralos was appointed as the Company's President and Chief Executive Officer, to succeed Mr. Akis Tsirigakis who resigned from those positions on that date and plans to resign from the Company's Board of Directors on March 31, 2012. Pursuant to the terms of his employment and consultancy agreements, the former Chief Executive Officer was awarded a severance payment that amounted to $2,347.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Effective February 7, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Executive Officer. This agreement has a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company will pay the new Chief Executive Officer a base fee at an annual rate of not less 160,000 (approx. $207), additionally, the Chief Executive Officer is entitled to receive an annual discretionary bonus, as determined by the Company's board of directors in its sole discretion and a minimum guaranteed incentive award of 420,000 shares of stock. These shares vest in three equal installments, the first installment of 140,000 shares vests in February 2012, the second installment of 140,000 shares vests in February 2013 and the last installment of 140,000 shares vests in February 2014.  None of these shares have been issued, the Company plans to issue the first installment of 140,000 shares by the end of March 2012.  During the years ended December 31, 2009, 2010 and 2011 the consultancy fees under the specific consulting agreement with our Chief Executive Officer amounted to $0, $0 and $225, respectively.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Additionally, the current Chief Executive Officer is entitled to receive benefits under the consultancy agreements with the Company. Among other things, he is entitled to receive an annual discretionary bonus, as determined by the Company's board of directors in its sole discretion.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On May 2, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Financial Officer. This agreement has a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company will pay the new Chief Financial Officer a base fee at an annual rate of not less 56,000 (approx. $72). During the years ended December 31, 2009, 2010 and 2011 the consultancy fees under the specific consulting agreement with the new Chief Financial Officer amounted to $0, $0 and $52, respectively.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Additionally, the current Chief Financial Officer is entitled to receive benefits under the consultancy agreements with the Company. Among other things, he is entitled to receive an annual discretionary bonus, as determined by the Company's board of directors in its sole discretion.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On May 12, 2011, the Company entered into a release agreement with a company owned by the former Chief Financial Officer. Pursuant to the terms of this agreement Mr. Syllantavos resigned as the Company's Chief Financial Officer and from the Company's board of directors on August 31, 2011 and received a severance payment amounted to $463. Additionally, pursuant to the agreement the Company issued an aggregate of 248,000 non-vested common shares to the former Chief Financial Officer and plans to issue an additional 80,000 shares by the end of March 2012. The respective stock based compensation was fully amortized at the date of his resignation on August 31, 2011. The fair value of each share was $2.30 which is equal to the market value of the Company's common stock on the grant date (Note 13).</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On July 1, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's new Chief Operating Officer. This agreement has an indefinite term and each party may terminate the agreement giving one month's notice. Under this agreement the Company will pay the new Chief Operating Officer a base fee at an annual rate of not less 117,519 (approx. $152). During the years ended December 31, 2009, 2010 and 2011 the consultancy fees under the specific consulting agreement with the new Chief Operating Officer amounted to $0, $0 and $81, respectively.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The related expenses for the Company's executive officers for the years ended December 31, 2009, 2010 and 2011 were $917, $874 and $3,505, respectively and are included under "General and administrative expenses" in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2010 and 2011, Star Bulk had an outstanding payable balance of $149 and $141, respectively with its Management and Directors, representing unpaid fees for their participation in the Board of Directors of the Company and the other special committes of the Board of Directors.  The related expenses for the years ended December 31, 2009, 2010 and 2011 were $126, $206 and $151, respectively and are included under "General and administrative expenses" in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>(c) Combine Marine Inc. or ("Combine"):   </b>On July 4, 2011, Starbulk S.A., entered into a 12-year lease agreement for office space with Combine, a company founded by the Chairman of the Company. The lease agreement provides for a monthly rent payment of 5,000 (approx. $6.4). This agreement may be terminated by Starbulk S.A after one year upon the payment of an amount equal to one months' rent. The related expense for the rent for the year ended December 31, 2011 was $48. As of December 31, 2011, the Company had an outstanding liability of $27 to Combine.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>(d) Oceanbulk Maritime, S.A., or Oceanbulk:</b> The Company's Chairman, Mr. Petros Pappas, is also founder of Oceanbulk Maritime S.A, a ship management company.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">On September 18, 2008, the Company acquired the Star Ypsilon, with an existing above market time charter at an average daily hire rate of $91.9. Vinyl Navigation, a company affiliated with Oceanbulk Maritime, S.A., had a back-to back charter agreement with TMT, a company controlled by a former director of the Company, Mr. Nobu Su, on the same terms as the Company's charter agreement with Vinyl Navigation. For the years ended December 31, 2009, 2010 and 2011, the Company earned net revenue of $16,508, $0 and $0, respectively under the time charter party agreement with Vinyl which is  included under "Voyage revenues" in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The Company also paid to Oceanbulk a brokerage commission amounting to $184 regarding the sale of vessel Star Alpha during the year ended December 31, 2009 and $660 regarding the sale of vessel Star Beta during the year ended December 31, 2010 (Note 6).</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">As of December 31, 2011, the Company had an outstanding liability to Oceanbulk Maritime S.A. of $8 incidental to office set up expenses for new offices that Oceanbulk Maritime S.A. paid on behalf of the Company. The related expenses amounting to $148 for the year ended December 31, 2011 are included under "General and administrative expenses" in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><b>(e) TMT Co. Ltd: </b>Star Gamma LLC, a wholly-owned subsidiary of the Company, entered into a time charter agreement dated, February 23, 2007, with TMT, a company controlled by a former director of the Company, Mr. Nobu Su, for the Star Gamma. The charter rate for the Star Gamma was $28.5 per day for a term of one year. Star Iota LLC, a wholly-owned subsidiary of Star Bulk, entered into a time charter agreement, dated February 26, 2007, with TMT for the Star Iota. The charter rate for the Star Iota was $18 per day for a term of one year. For the years ended December 31, 2009, 2010 and 2011 the Company earned net revenue of $309, $0 and $0 respectively, under the time charter party agreements with TMT which is included under "Voyage revenues" in the accompanying consolidated statements of operations.</font></div>

<div><font style="font-face: Times New Roman" size="2" color="#000000">2.           Significant Accounting policies:</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>a)   Principles of consolidation:</b></i> The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which include the accounts of Star Bulk and its wholly owned subsidiaries referred to in Note 1 above. All inter-company accounts and transactions have been eliminated in consolidation.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>b)   Use of estimates: </b></i><b> </b>The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the accompanying consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>c)  Other comprehensive income/(loss): </b></i>The Company follows guidance related to Statement of Comprehensive Income, which requires separate presentation of certain transactions, which are recorded directly as components of stockholders' equity. The Company has no such transactions which affect comprehensive income/(loss) and, accordingly, comprehensive income equals net income / (loss) for all periods presented.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>d)  Concentration of credit risk: </b></i>Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash equivalents, restricted cash, trade accounts receivable and derivative contracts (bunker derivatives and freight derivatives).  The Company's policy is to place cash and cash equivalents, restricted cash with financial institutions evaluated as being creditworthy and are exposed to minimal interest rate and credit risk.  The Company may be exposed to credit risk in the event of non-performance by counter parties to derivative instruments; however, the Company a) in over-the-counter transactions limits its exposure by diversifying among counter parties with high credit ratings, and b) all of the Company's freight derivatives are cleared through London Clearing House (LCH). The Company, consistent with drybulk shipping industry practice, has not independently analyzed the creditworthiness of the charterers and generally does not require collateral for its trade accounts receivable.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>e)   Income taxes</b></i>:  Star Bulk is not liable for any income tax on its income derived from shipping operations because the countries in which the subsidiaries ship-owning companies and the management company are incorporated do not levy tax on income, but rather a tonnage tax on vessels.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>f)  Foreign currency transactions:</b></i> The functional currency of the Company is the U.S. Dollar since the Company's vessels operate in international shipping markets, and therefore primarily transact business in U.S. Dollars. The Company's books of accounts are maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the consolidated balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are converted into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are included in Interest and other income in the accompanying consolidated statements of operations.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>g)   Cash and cash equivalents:</b></i> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>h)  Restricted cash:</b></i> Restricted cash represents minimum cash deposits or cash collateral deposits required to be maintained with certain banks under the Company's borrowing arrangements. Restricted cash also consists of the restricted portion of both freight and bunker derivatives base and margin collaterals with London Clearing House (LCH) and Marfin Bank, respectively. In the event that the obligation relating to such deposits is expected to be terminated within the next twelve months, these deposits are classified as current assets; otherwise they are classified as non-current assets.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>i)  Trade accounts receivable, net:  </b></i> The amount shown as trade accounts receivable, at each balance sheet date, includes estimated recoveries from each voyage or time charter. At each balance sheet date, the Company provides for doubtful accounts on the basis of specific identified doubtful receivables.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>j)  Inventories:</b></i> Inventories consist of consumable lubricants and bunkers, which are stated at the lower of cost or market value. Cost is determined by the first in, first out method.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>k)  Vessels, net:</b> </i>Vessels are stated at cost, which consists of the purchase price and any material expenses incurred upon acquisition, such as (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage).  Otherwise these amounts are charged to expense as incurred.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">The cost of each of the Company's vessels is depreciated beginning when the vessel is ready for its intended use, on a straight-line basis over the vessel's remaining economic useful life, after considering the estimated residual value (vessel's residual value is equal to the product of its lightweight tonnage and estimated scrap rate per ton).  Management estimates the useful life of the Company's vessels to be 25 years from the date of initial delivery from the shipyard.  When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>l)  Advances for vessels under construction:</b></i> Advances made to shipyards during construction periods are classified as "Advances for vessels under construction" until the date of delivery and acceptance of the vessel, at which date they are reclassified to "Vessels and other fixed assets, net". Advances for vessels under construction also include supervision costs, amounts paid under engineering contracts, capitalized interest and other expenses directly related to the construction of the vessel. Financing costs incurred during the construction period of the vessels are also capitalized and included in the vessels' cost.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>m)  Fair value of above/below market acquired time charter:</b></i><b> </b> The Company records all identified tangible and intangible assets or liabilities associated with the acquisition of a vessel at fair value.  Fair value of above or below market acquired time charters is determined by comparing existing charter rates in the acquired time charter agreements with the market rates for equivalent time charter agreements prevailing at the time the foregoing vessels are delivered. The present values representing the fair value of the above or below market acquired time charters are recorded as an intangible asset or liability, respectively.  Such intangible asset or liability is recognized ratably as an adjustment to revenues over the remaining term of the assumed time charter.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>n)  Impairment of long-lived assets:</b></i> The Company follows guidance related to Impairment or Disposal of Long-lived Assets which addresses financial accounting and reporting for the impairment or disposal of long-lived assets. The standard requires that long-lived assets and certain identifiable intangibles held and used by an entity be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value.  In this respect, management regularly reviews the carrying amount of the vessels on vessel by vessel basis when events and circumstances indicate that the carrying amount of the vessels might not be recoverable.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">At December 31, 2010 and 2011, the Company performed an impairment review of the Company's vessels due to the global economic downturn and the prevailing conditions in the shipping industry. The Company compared undiscounted cash flows to the carrying values for the Company's vessels to determine if the assets were impaired. Significant management judgment is required in forecasting future operating results, used in this method. These estimates are consistent with the plans and forecasts used by management to conduct its business (see Note 19).</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>o)  Vessels held for sale: </b></i>It is the Company's policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. The Company classifies vessels as being held for sale when: management has committed to a plan to sell the vessels; the vessels are available for immediate sale in its present condition; an active program to locate a buyer and other actions required to complete the plan to sell the vessels have been initiated; the sale of the vessels is probable, and transfer of the asset is expected to qualify for recognition as a completed sale within one year; the vessels are being actively marketed for sale at a price that is reasonable in relation to its current fair value and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Vessels classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. The resulting difference, if any, is recorded under "Vessel impairment loss" in accompanying consolidated statement of operations. The vessels are not depreciated once they meet the criteria to be classified as held for sale.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>p)  Financing costs:</b></i> Fees paid to lenders or required to be paid to third parties on the lender's behalf for obtaining loans are recorded as deferred charges.  Deferred charges are expensed as interest and finance costs using the effective interest rate method over the duration of the respective loan facility. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period in which the repayment or refinancing is made, subject to the guidance regarding <i>Debt Extinguishment</i>. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced is deferred and amortized over the term of the respective credit facility in the period in which the refinancing occurs, subject to the provisions of the accounting guidance relating to <i>Changes in Line-of-Credit or Revolving-Debt Arrangements.</i></font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>q)  Pension and retirement benefit obligationscrew:</b></i><b> </b>The ship-owning subsidiaries included in the consolidated financial statements employ the crew on board under short-term contracts (usually up to eight months) and, accordingly, are not liable for any pension or post-retirement benefits.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>r)  Pension and retirement benefit obligationsadministrative personnel: </b></i>Administrative employees are covered by state-sponsored pension funds. Both employees and the Company are required to contribute a portion of the employees' gross salary to the fund.  The related expense is recorded under "General and administrative expenses" in the accompanying consolidated statements of operations. Upon retirement, the state-sponsored pension funds are responsible for paying the employees retirement benefits without recourse to the Company.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>s)  Stock incentive plan awards:  </b></i>Share-based compensation represents vested and non-vested shares granted to employees and to directors, for their services, and is included in "General and administrative expenses" in the consolidated statements of operations. These shares are measured at their fair value equal to the market value of the Company's common stock on the grant date. The shares that do not contain any future service vesting conditions are considered vested shares and the total fair value of such shares is expensed on the grant date. Guidance related to Stock Compensation describes two generally accepted methods of recognizing expense for non-vested share awards with a graded vesting schedule for financial reporting purposes: 1) the ''accelerated method'', which treats an award with multiple vesting dates as multiple awards and results in a front-loading of the costs of the award and 2) the ''straight-line method'' which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period.  The shares that contain a time-based service vesting condition are considered non-vested shares on the grant date and a total fair value of such shares is recognized using the accelerated method.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>t)  Dry-docking and special survey expenses:  </b></i>Dry-docking and special survey expenses are expensed when incurred.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>u)  Accounting for revenue and related expenses:</b></i><b> </b>The Company generates its revenues from charterers for the charterhire of its vessels. Vessels are chartered mainly using time charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charterhire rate. Under time charters, voyage costs, such as fuel and port charges are borne and paid by the charterer.  Company's time charters agreements are classified as operating leases. Revenues under operating lease arrangements are recognized when a charter agreement exists, charter rate is fixed and determinable, the vessel is made available to the lessee, and collection of the related revenue is reasonably assured. Revenues are recognized ratably on a straight line basis over the period of the respective charter agreement in accordance with guidance related to Leases.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Voyage charter agreements are charterhires, where a contract is made in the spot market for the use of a vessel for a specific voyage at a specified charter rate. Revenue from voyage charter agreements is recognized on a pro-rata basis over the duration of the voyage. Under voyage charter agreements, all voyage costs are borne and paid by the Company.  Demurrage income, which is included in voyage revenues, represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when arrangement exists, services have been performed, the amount is fixed or determinable and collection is reasonably assured.  Deferred revenue includes cash received prior to the consolidated balance sheet date and is related to revenue earned after such date. The portion of the deferred revenue that will be earned within the next twelve months is classified as current liability and the remaining as long term liability.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, tonnage taxes, regulatory fees, technical management fees and other miscellaneous expenses. Furthermore, payments in advance for services are recorded as prepaid expenses.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Voyage expenses consist of bunker consumption, port expenses and agency fees related to the voyage. In addition, voyage expenses include expenses related to the charter -in of vessels owned by third parties, whenever this is required.  Such expenses are recognized on a pro-rata basis over the duration of the voyage.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"> </font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000">Brokerage commissions are paid by the Company. Brokerage commissions are recognized over the related charter period and included in voyage expenses. Voyage expenses and vessel operating expenses are expensed as incurred.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>v)  Fair value of financial instruments:</b></i> The Company adopted guidance related to Fair Value Measurements & Disclosures for financial assets and liabilities and any other assets and liabilities carried at fair value and are measured on recurring basis. This pronouncement defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. The Company has provided additional fair value disclosures in Note 19.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>w)</b>  <b>Earnings/(loss) per common share</b></i><b>:</b>  Earnings or loss per share are computed in accordance with guidance related to Earnings per Share.  Basic earnings or loss per share are calculated by dividing net income or loss available to common shareholders by the basic weighted average number of common shares outstanding during the period.  Diluted income per share reflects the potential dilution assuming common shares were issued for the exercise of outstanding in-the-money warrants and non-vested shares and assuming the hypothetical proceeds, including proceeds from warrant exercise and average unrecognized stock-based compensation cost, thereof were used to purchase common shares at the average market price during the period such warrants and non-vested shares were outstanding (Note 12).</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>x)  Segment reporting:</b></i> The Company reports financial information and evaluates its operations by total charter revenues and not by the type of vessel, length of vessel employment, customer or type of charter. As a result, management, including the Chief Operating Officer who is the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet, and thus, the Company has determined that it operates under one reportable segment. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</font></div> <div><font style="font-face: Times New Roman" size="2" color="#000000"></font> </div> <div><font style="font-face: Times New Roman" size="2" color="#000000"><i><b>y)  Recent accounting pronouncements: </b></i>In May 2011, the FASB issued ASU No. 2011-04, <i>"Fair Value Measurement (Topic 820): Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements." </i>This ASU represents the converged guidance of the FASB and the International Accounting Standards Board ("the Boards") on fair value measurement. The collective efforts of the Boards and their staffs, reflected in ASU 2011-04, have resulted in common requirements for measuring fair value and for disclosing information about fair value measurements, including a consistent meaning of the term "fair value". The Boards have concluded the common requirements will result in greater comparability of fair value measurements presented and disclosed in financial statements prepared in accordance with U.S. GAAP and International Financial Reporting Standards. The amendments to this ASU are to be applied prospectively. ASU No. 2011-04 is effective during interim and annual periods beginning after December 15, 2011. Based on the Company's evaluation of this ASU, the adoption of this amendment will not have a material impact on the Company's financial statements.</font></div>

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