Star Bulk Carriers Corp. approved the previously announced agreements with entities affiliated with Oaktree Capital Management, L.P. and entities controlled by Star Bulk's Non Executive Chairman, Mr. Petros Pappas, and certain of his immediate family members, including Milena Maria Pappas, one of Star Bulk's directors, pursuant to which Oceanbulk Shipping LLC and Oceanbulk Carriers LLC and entities controlled by the Pappas Investors are expected to become indirect wholly owned subsidiaries of Star Bulk in consideration for the issuance to the Oaktree Investors and the Pappas Investors of 54.104 million shares of common stock of Star Bulk. The company appointed four new members to its Board of Directors: Rajath Shourie as a Class A Director, Emily Stephens as a Class B Director, Renee Kemp as a Class C Director and Stelios Zavvos as a Class A Director.

As part of the Transactions, Mr. Petros Pappas has been appointed as the Chief Executive Officer of the company and Mr. Spyrou Capralos is the Non Executive Chairman of the Board. In 2006, Stelios Zavvos found Zeus Capital Partners L.P. and its group of companies (Zeus Group) and serves and has served since its inception as the Chief Executive Officer of Zeus. From 1982 to 1998, he held executive positions with Interbank and Citibank as an executive vice president and a private banking officer, respectively, Johnson and Johnson, as an assistant director, and Procter & Gamble as a marketing manager.