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**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION **

**WASHINGTON,      D.C. 20549 **

**FORM      10-Q **

**Quarterly      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934**
**For      the quarterly period ended March 31, 2006.**

**Transition      Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of      1934**
**or      the transition period from __________to____________.**

**Commission      File Number: **
**001-32685**

**Star      Maritime**
**      Acquisition Corporation**

| **Delaware**                                                                                |   | **20-2873585**                                                    |
|---------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------|
| (State                or Other Jurisdiction ofIncorporation                or Organization) |   | (I.R.S.                EmployerIdentification                No.) |

**c/o      Schwartz & Weiss, P.C.**

**457      Madison Avenue**

**New      York, New York 10022**

**212-752-3100**

|  Large                Accelerated Filer  oð   |  Accelerated                Filer  oð   |  Non-Accelerated                Filer  x |
|------------------------------------------------------------------------|------------------------------------------------------------------|----------------------------------------------------|

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**Star      Maritime Acquisition Corporation Index to Form 10-Q **

| **Part                I.**  | **Financial                Information**                                                                                          |   |
|-----------------------------|-----------------------------------------------------------------------------------------------------------------------------------|--------|
|                        |                                                                                                                              |   |
|                        | Item                1. Financial Statements (unaudited)                                                                           | 3      |
|                        |                                                                                                                              |   |
|                        | Condensed                Balance Sheet                                                                                            | 4      |
|                        |                                                                                                                              |   |
|                        | Condensed                Statements of Income                                                                                     | 5      |
|                        |                                                                                                                              |   |
|                        | Condensed                Statement of Stockholders’ Equity                                                                  | 6      |
|                        |                                                                                                                              |   |
|                        | Condensed                Statement of Cash Flows                                                                                  | 7      |
|                        |                                                                                                                              |   |
|                        | Notes                to Financial Statements                                                                                      | 8      |
|                        |                                                                                                                              |   |
|                        | Item                2. Management’s Discussion and Analysis of Financial Condition and Results                of Operations | 12     |
|                        |                                                                                                                              |   |
|                        | Item                3. Quantitative and Qualitative Disclosures About Market Risk                                                 | 14     |
|                        |                                                                                                                              |   |
|                        | Item                4. Controls and Procedures                                                                                    | 14     |
|                        |                                                                                                                              |   |
| **Part                II.** | **Other                Information**                                                                                              |   |
|                        |                                                                                                                              |   |
|                        | Item                1. Legal Proceedings                                                                                          | 15     |
|                        |                                                                                                                              |   |
|                        | Item                1A. Risk Factors                                                                                              | 15     |
|                        |                                                                                                                              |   |
|                        | Item                2. Unregistered Sales of Equity Securities and Use of                Proceeds                                 | 15     |
|                        |                                                                                                                              |   |
|                        | Item                3. Defaults Upon Senior Securities                                                                            | 16     |
|                        |                                                                                                                              |   |
|                        | Item                4. Submission of Matters to a Vote of Security Holders                                                        | 16     |
|                        |                                                                                                                              |   |
|                        | Item                5. Other Information                                                                                          | 16     |
|                        |                                                                                                                              |   |
|                        | Item                6. Exhibits                                                                                                   | 16     |
|                        |                                                                                                                              |   |
| SIGNATURES                  | 17                                                                                                                                |

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**PART      I - FINANCIAL INFORMATION**

**ITEM      1 - FINANCIAL STATEMENTS (UNAUDITED)**

**Star      Maritime Acquisition Corporation**

**Condensed**
**Balance      Sheet** 

|                                                                                                                                                                             |   | **March                    31, 2006** |            | **December                    31, 2005** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------------|-----------------|------------------------------------------|--------|
|                                                                                                                                                                             |   | **(unaudited)**                       |            |                                     |   |
| **ASSETS**                                                                                                                                                                  |   |                                  |            |                                     |   |
|  **Current                    Assets**                                                                                                                                      |   |                                  |            |                                     |   |
|  Cash                                                                                                                                                                       |   | $                                     | 487,143         |                                     | $      | 593,281 |   |
|  Investments                    in trust account                                                                                                                            |   |                                  | 190,028,180     |                                     |   | 188,858,542 |   |
|  Prepaid                    expenses and other current assets                                                                                                               |   |                                  | 132,496         |                                     |   | 118,766 |   |
|  **Total                    Current Assets**                                                                                                                                |   |                                  | 190,647,819     |                                     |   | 189,570,589 |   |
|  Other                    Assets - Deferred tax asset                                                                                                                       |   |                                  | 161,608         |                                     |   | 9,000 |   |
| **TOTAL                    ASSETS**                                                                                                                                              |   | **$**                                 | **190,809,427** |                                     | **$**  | **189,579,589** |   |
| **LIABILITIES                    & STOCKHOLDERS’ EQUITY**                                                                                                              |   |                                  |            |                                     |   |   |   |
| **                         Liabilities**                                                                                                           |   |                                  |            |                                     |   |   |   |
|  Accounts                    payable & accrued expenses                                                                                                                 |   | $                                     | 53,362          |                                     | $      | 344,638 |   |
|  Deferred                    interest on investments                                                                                                                        |   |                                  | 489,683         |                                     |   |   |   |
|  Deferred                    underwriting fees                                                                                                                              |   |                                  | 4,000,000       |                                     |   | 4,000,000 |   |
|          Income                  taxes payable                                                                                      |   |                                  | 174,238         |                                     |   | - |   |
| **                     Total Liabilities**                                                                                                                             |   |                                  | 4,717,283       |                                     |   | 4,344,638 |   |
| **  **                                                                                                                                                            |   |                                  |            |                                     |   |   |   |
| Common                    Stock, $.0001 par value, 6,598,000 shares subject to possible                    redemption,                    at redemption value of $9.80 per share |   |                                  | 64,660,400      |                                     |   | 64,660,400 |   |
| **Commitments**                                                                                                                                                             |   |                                  | 64,660,400      |                                     |   | 64,660,400 |   |
| **Stockholders'                    Equity**                                                                                                                                 |   |                                  |            |                                     |   |   |   |
|  Preferred                    Stock, $.0001 par value; authorized, 1,000,000 shares; none issued                    or                    outstanding                       |   |                                  | -               |                                     |   |   |   |
|  Common                    Stock, $.0001 par value, authorized, 100,000,000 shares; 29,026,924                    shares                    issued and outstanding.         |   |                                  | 2,903           |                                     |   | 2,903 |   |
|  (including                    6,598,000 shares subject to possible redemption)                                                                                             |   |                                  |            |                                     |   |   |   |
|  Additional                    paid in capital                                                                                                                              |   |                                  | 120,461,317     |                                     |   | 120,461,317 |   |
|  Earnings                    accumulated in the development stage                                                                                                           |   |                                  | 967,524         |                                     |   | 110,331 |   |
|  **Total                    Stockholders' Equity**                                                                                                                          |   |                                  | 121,431,744     |                                     |   | 120,574,551 |   |
| **TOTAL                    LIABILITIES AND STOCKHOLDERS' EQUITY**                                                                                                                |   | **$**                                 | **190,809,427** |                                     | **$**  | **189,579,589** |   |

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**Star      Maritime Acquisition Corporation**

**Condensed      Statements of Income**

|                                                                         |   | **Three                  Months****Ended                  March****31,                  2006** |         | **May                  13, 2005 (date****of                  inception) to****March                  31, 2006** |   |
|------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------|--------------|-----------------------------------------------------------------------------------------------------------------|--------|
|                                                                         |   | **(unaudited)**                                                                                |         | **(unaudited)**                                                                                                 |   |
| **Formation                  and operating costs**                           |   | $                                                                                              | (115,831     | )                                                                                                               | $      | (166,042 | ) |
| **Interest                  income**                                         |   |                                                                                           | 994,654      |                                                                                                            |   | 1,178,196 |   |
| **Income                  before provision for income tax**                  |   |                                                                                           | 878,823      |                                                                                                            |   | 1,012,154 |   |
| **Provision                  for income taxes**                              |   |                                                                                           | 21,630  |                                                                                                            |   | 44,630 |   |
| **Net                  income**                                              |   | $                                                                                              | 857,193      |                                                                                                            | $      | 967,524 |   |
| **Earnings                  per share (basic and diluted)**                  |   | $                                                                                              | 0.03         |                                                                                                            | $      | 0.06 |   |
| **Weighted                  average shares outstanding - basic and diluted** |   |                                                                                           | 29,026,924   |                                                                                                            |   | 15,259,207 |   |

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**Star      Maritime Acquisition Corporation**

**Condensed****      Statements of Stockholders’ Equity**

|                                                                         |   |                              |       |        |   |            |   | **Earnings**                |        |       |   |
|------------------------------------------------------------------------------|--------|-----------------------------------|------------|-------------|--------|-----------------|--------|-----------------------------|-------------|------------|--------|
|                                                                         |   |                              |       |        |   |            |   | **accumulated**             |        |       |   |
|                                                                         |   |                              |       |        |   | **Additional**  |   | **in                  the** |        | **Total**  |   |
|                                                                         |   | **Common                  Stock** |       | **paid-in** |   | **development** |   | **stockholders'**           |        |
|                                                                         |   | **Shares**                        |       | **Amount**  |   | **capital**     |   | **stage**                   |        | **equity** |   |
| May                  13, 2005 (inception) to March                  31, 2006 |   |                              |       |        |   |            |   |                        |        |       |   |
|                                                                         |   |                              |       |        |   |            |   |                        |        |       |   |
| Stock                  Issuance on May 17, 2005 at $.003 per share           |   |                              | 9,026,924  |        | $      | 903             |   | $                           | 24,097      |       | $      | - |   | $ | 25,000 |   |
|                                                                         |   |                              |       |        |   |            |   |                        |        |       |   |   |   |   |   |   |
| Private                  placement issued December 15, 2005 at $10 per share |   |                              | 1,132,500  |        |   | 113             |   |                        | 11,324,887  |       |   |   |   |   | 11,325,000 |   |
|                                                                         |   |                              |       |        |   |            |   |                        |        |       |   |   |   |   |   |   |
| Common                  shares issued December 21, 2005 at $10 per share     |   |                              | 18,867,500 |        |   | 1,887           |   |                        | 188,673,113 |       |   |   |   |   | 188,675,000 |   |
|                                                                         |   |                              |       |        |   |            |   |                        |        |       |   |   |   |   |   |   |
| Expenses                  of offerings                                       |   |                              |       |        |   |            |   |                        | (14,900,380 | )          |   |   |   |   | (14,900,380 | ) |
|                                                                         |   |                              |       |        |   |            |   |                        |        |       |   |   |   |   |   |   |
| Proceeds                  subject to possible conversion of 6,598,000 shares |   |                              |       |        |   |            |   |                        | (64,660,400 | )          |   |   |   |   | (64,660,400 | ) |
|                                                                         |   |                              |       |        |   |            |   |                        |        |       |   |   |   |   |   |   |
| Net                  Income for the period                                   |   |                              | -          |        |   | -               |   |                        | -           |       |   | 110,331 |   |   | 110,331 |   |
|                                                                         |   |                              |       |        |   |            |   |                        |        |       |   |   |   |   |   |   |
| Balance,                  December 31, 2005                                  |   |                              | 29,026,924 |        | $      | 2,903           |   | $                           | 120,461,317 |       | $      | 110,331 |   | $ | 120,574,551 |   |
| (unaudited)                                                                  |   |                              |       |        |   |            |   |                        |        |       |   |   |   |   |   |   |
| Net                  Income for the period                                   |   |                              | -          |        |   | -               |   |                        | -           |       |   | 857,193 |   |   | 857,193 |   |
|                                                                         |   |                              |       |        |   |            |   |                        |        |       |   |   |   |   |   |   |
| Balance,                  March 31, 2006                                     |   |                              | 29,026,924 |        | $      | 2,903           |   | $                           | 120,461,317 |       | $      | 967,524 |   | $ | 121,431,744 |   |

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**Star      Maritime Acquisition Corporation**

**Condensed****Statements of Cash Flows** 

|                                                                                                                |   | **Three                  months****ended                  March 31,****2006****(unaudited)** |        | **May                  13, 2005 (date****of                  inception) to****March                  31, 2006****(unaudited)** |   |
|---------------------------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------------------------------|-------------|--------------------------------------------------------------------------------------------------------------------------------|--------|
| **Cash                  flows from operating activities:**                                                          |   |                                                                                         |        |                                                                                                                           |   |
| **Net                  Income**                                                                                     |   | $                                                                                            | 857,193     |                                                                                                                           | $      | 967,524 |   |
| **Adjustments                  to reconcile net income to net cash used in operating                  activities:** |   |                                                                                         |        |                                                                                                                           |   |   |   |
| Changes                  in operating assets and liabilities:                                                  |   |                                                                                         |        |                                                                                                                           |   |   |   |
| Increase                  in value of trust account                                                            |   |                                                                                         | (1,169,638  | )                                                                                                                              |   | (1,353,180 | ) |
| Increase                  in deferred interest                                                                 |   |                                                                                         | 489,683     |                                                                                                                           |   | 489,683 |   |
| Increse                  in deferred tax asset                                                                 |   |                                                                                         | (152,608    | )                                                                                                                              |   | (161,608 | ) |
| Decrease                  in accounts payable and accrued expenses                                             |   |                                                                                         | (291,276    | )                                                                                                                              |   | (117,223 | ) |
|    Increase                in taxes payable                                                               |   |                                                                                         | 174,238     |                                                                                                                           |   | 174,238 |   |
| Increase                  in prepaid expenses and other current assets                                         |   |                                                                                         | (13,730     | )                                                                                                                              |   | (132,496 | ) |
| **Net                  cash used in operating activities**                                                          |   |                                                                                         | (106,138    | )                                                                                                                              |   | (133,062 | ) |
| **Cash                  flows from investing activites:**                                                           |   |                                                                                         |        |                                                                                                                           |   |   |   |
| Payment                  to trust account                                                                      |   |                                                                                         | -           |                                                                                                                           |   | (188,675,000 | ) |
| **Net                  cash used in investing activities**                                                          |   |                                                                                         | -           |                                                                                                                           |   | (188,675,000 | ) |
| **Cash                  flows from financing activites:**                                                           |   |                                                                                         |        |                                                                                                                           |   |   |   |
| Gross                  proceeds from public offering                                                           |   |                                                                                         |        |                                                                                                                           |   | 188,675,000 |   |
| Gross                  proceeds from private offering                                                          |   |                                                                                         |        |                                                                                                                           |   | 11,325,000 |   |
| Proceeds                  of note payable to stockholder                                                       |   |                                                                                         | -           |                                                                                                                           |   | 590,000 |   |
| Repayment                  of note payable to stockholder                                                      |   |                                                                                         | -           |                                                                                                                           |   | (590,000 | ) |
| Proceeds                  from sale of shares of common stock                                                  |   |                                                                                         | -           |                                                                                                                           |   | 25,000 |   |
| Payment                  of offering costs                                                                     |   |                                                                                         | -           |                                                                                                                           |   | (10,729,795 | ) |
| **Net                  cash provided by financing activities**                                                      |   |                                                                                         | -           |                                                                                                                           |   | 189,295,205 |   |
| **Net                  cash (decrease) increase for period**                                                        |   |                                                                                         | (106,138    | )                                                                                                                              |   | 487,143 |   |
| **Cash,                  beginning of period**                                                                      |   |                                                                                         | 593,281     |                                                                                                                           |   | - |   |
| **Cash                  at end of period**                                                                          |   | **$**                                                                                        | **487,143** |                                                                                                                           | **$**  | **487,143** |   |
| **Supplemental                  cash disclosure**                                                                   |   |                                                                                         |        |                                                                                                                           |   |   |   |
| Interest                  paid                                                                                 |   | $                                                                                            | -           |                                                                                                                           | $      | 9,163 |   |
| **Supplemental                  schedule of non-cash financial activities**                                         |   |                                                                                         |        |                                                                                                                           |   |   |   |
| Accrual                  of deferred underwriting fees                                                         |   | $                                                                                            | -           |                                                                                                                           | $      | 4,000,000 |   |
| Accrual                  of offering costs                                                                     |   | $                                                                                            | -           |                                                                                                                           |   | 170,585 |   |

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**Star          Maritime Acquisition Corporation**

**Notes          to Unaudited Condensed Financial Statements**

**NOTE      A — ORGANIZATION AND PROPOSED BUSINESS OPERATIONS**

*Nature      of Operations*

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**Star        Maritime Acquisition Corporation**

**Notes          to Unaudited Condensed Financial Statements**

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**Star          Maritime Acquisition Corporation**

**Notes            to Unaudited Condensed Financial Statements**

**NOTE      B—COMMITMENTS**

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**Star          Maritime Acquisition Corporation**

**Notes            to Unaudited Condensed Financial Statements**

**NOTE      C—COMMON STOCK RESERVED FOR ISSUANCE**

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**Star        Maritime Acquisition Corporation**

**Notes          to Unaudited Condensed Financial Statements**

**Note D**
**—**
**Preferred      Stock**

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**ITEM      2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS      OF      OPERATIONS**

**Forward      Looking Statements **

**Overview      **

**Critical      Accounting Policies**

**Results      of Operations for the Period January 1, 2006 to March 31, 2006**

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**Liquidity      and Capital Resources.**

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**Off-Balance      Sheet Arrangements **

**Contractual      Obligations.**

**ITEM      3.**
**QUANTITATIVE      AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

**ITEM      4. CONTROLS AND PROCEDURES**

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**PART      II - OTHER INFORMATION**

**ITEM      1. LEGAL PROCEEDINGS**

**ITEM      1A. RISK FACTORS**

**ITEM      2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF      PROCEEDS**

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**ITEM      3. DEFAULTS UPON SENIOR SECURITIES**

**ITEM      4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS**

**ITEM      5. OTHER INFORMATION**

**ITEM      6. EXHIBITS**

|                           |   |                                                                                                                                                                                                                                                                                                                     |
|--------------------------------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| **Exhibit                No.** |   | **Description**                                                                                                                                                                                                                                                                                                          |
| 31.1                           |   | Certification                of the Chief Executive Officer (Principal Executive Officer) pursuant                to                Rule 13a-14(a) of                the Securities Exchange Act, as amended                                                                                                   |
| 31.2                           |   | Certification                of the Chief Financial Officer and (Principal Accounting Officer)                pursuant                to Rule 13a-14(a) of                the Securities Exchange Act, as amended                                                                                              |
| 32.1                           |   | Certification                of the Chief Executive Officer (Principal Executive Officer) and                Chief                Financial Officer (Principal Accounting Officer) pursuant to 18                U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley                Act of 2002 . |

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**SIGNATURES**

|                        |                                                                                                                                                 |                            |
|-----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------|
|                        | STAR                MARITIME ACQUISITION CORPORATION                                                                                                 |
|                   |                                                                                                                                            |                       |
| May                17, 2006 | By:                                                                                                                                        | /s/ Prokopios (Akis) Tsirigakis |
|                        | Prokopios                (Akis) TsirigakisChairman,                Chief Executive Officer and President(Principal Executive                Officer) |
|                        |                                                                                                                                                 |

|         |                                                                                      |                   |
|--------------|-------------------------------------------------------------------------------------------|------------------------|
|         |                                                                                      |
|    |                                                                                 |              |
|         | By:                                                                             | /s/ George Syllantavos |
|         | George SyllantavosChief                  Financial Officer (Principal Accounting Officer) |
|         |                                                                                      |

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