|  |  | HSH      NORDBANK |
|--|--|-------------------|

| BORROWER:                  | Star      Bulk Carriers Corp. a NASDAQ listed company registered under the laws of      the Marshall Islands.                                                                                                                                                                                                                                   |
|----------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| CORPORATE      GUARANTORS: | Star      Beta LLC, Star Omicron LLC and Lamda LLC, all 3 being single-purpose      ship-owning companies and 100% subsidiaries of the Borrower and Star Delta      LLC, Star Gamma LLC, Star Epsilon LLC, Star Theta LLC and Star Zeta LLC      all 5 being single- purpose ship-owning companies and 100% subsidiaries of      the Borrower.  |
| VESSELS:                   | M/V      Star Beta, a 1993 built, 174,700 dwt bulk carrier vessel ("Star      Beta")M/V      Star Omicron, a 2005 built, 53,500 dwt geared bulk carrier vessel ("Star      Beta")M/V      Sinfonla (tbr. Star Sigma), a 1991 built, 184,400 dwt bulk carrier vessel      ("Star Sigma")                                                         |
| COLLATERAL      VESSELS:   | M/V      Star Gama 53,100 dwt, built 2002M/V      Star Delta 52,400 dwt, built 2000M/V      Star Epsilon 52,400 dwt, built 2001M/V      Star Zeta 52,994 dwt, built 2003M/V Star Theta 52,400      dwt built 2003                                                                                                                          |
| ADDITIONAL      VESSELS:   | M/V      Star Kappa a 2001 built 52,050 dwt dry bulk carrier vessel ("Star      Kappa")M/V      Star Ypsilon a 1991 built, 150,940 dwt dry bulk carrier vessel ("Star      Ypsilon").                                                                                                                                                           |

----

| ADDITIONAL      CORPORATE GUARANTORS: | A      single-purpose ship owning company 100% owner of Star Kappa, being 100%      subsidiary of the Borrower and                                                                                                                                                                                                                                                                                                                   |
|---------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| LENDERS:                              | Piraeus      Bank A.E and HSH Nordbank AG                                                                                                                                                                                                                                                                                                                                                                                            |
| FACILITY      AGENT:                  | Piraeus      Bank A.E.                                                                                                                                                                                                                                                                                                                                                                                                               |
| SWAP      BANKS:                      | Piraeus      Bank A.E and HSH Nordbank AG                                                                                                                                                                                                                                                                                                                                                                                            |
| FACILITY:                             | Syndicated      First Priority Mortgage Term Loan Facility.                                                                                                                                                                                                                                                                                                                                                                          |
| FACILITY      AMOUNT:                 | Current      Principal outstanding US$ 143,000,000 (One hundred forty three million      United States dollars).                                                                                                                                                                                                                                                                                                                     |
| RESTRUCTURING      FEE:               | US$      50,000 to be split equally between the Lenders.                                                                                                                                                                                                                                                                                                                                                                             |
| APPLICABLE      MARGIN:               | 2%      per annum applicable from 1/1/2009 until 31/12/2010 or until presentation      of Compliance Certificate for the year ending 31/12/2010, whichever the      latest. For the remaining tenor until the Margin Review Date of the      Facility, 1.5% per annum. The Margin will be applied over LIBOR or the      Lenders' alternative rate for the duration the LIBOR does not represent      the Lender's cost of funding.  |
| ADDITIONAL      SECURITY:             | Additional      security of this Facility, to be made available to the Lender, shall      Include inter alia:                                                                                                                                                                                                                                                                                                                   |
|                                  | ·                                                                                                                                                                                                                                                                                                                                                                                                                                    | First      Priority Mortgage on the Additional Vessels;  |
|                                  | ·                                                                                                                                                                                                                                                                                                                                                                                                                                    | Irrevocable      and unconditional up-stream guarantee of the Additional Corporate      Guarantors;  |
|                                  | ·                                                                                                                                                                                                                                                                                                                                                                                                                                    | First      Priority Assignment of all Insurances of the Additional Vessels (Including      notices of assignment thereof);  |
|                                  | ·                                                                                                                                                                                                                                                                                                                                                                                                                                    | First      Priority Assignment of all the earnings of the Additional Vessels      including but not limited to specific assignment of any time charter      employment having a duration of more that 12 months and General Assignment      of earnings and requisition compensation;  |
|                                  | ·                                                                                                                                                                                                                                                                                                                                                                                                                                    | Manager's      undertaking by the technical and commercial Manager of the Additional      Vessels (including an assignment of insurances of the Vessels by the      Manager and a subordination of the Manager's rights under those of the      Lenders); |

----

|                           | ·                                                                                                                                                                                                                                                                   | First      Priority Pledge over US$ 9,000,000 in deposits held by the Borrower and/or      the Corporate Guarantors and/or the Additional Corporate Guarantors. This      is additional to the current first priority pledge over US$ 1,500,000      deposits.                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| WAIVER      PERIOD:            | From      31 December 2008 up to and including 28 February 2010.                                                                                                                                                                                                    |
| MAIN      COVENANT AMENDMENTS: | ·                                                                                                                                                                                                                                                                   | Subject      to no event of default, Minimum Required Security Cover of 125% to be waived during the      Waiver Period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|                           | ·                                                                                                                                                                                                                                                                   | From      28/2/2010 to 28/2/2011 Minimum Required Security Cover to be set at      110%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                           | ·                                                                                                                                                                                                                                                                   | During      the Waiver Period, no dividend payments without the prior written consent      of the Lenders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|                           | ·                                                                                                                                                                                                                                                                   | Subject      to no event of default maximum corporate leverage of 60% (ratio of      the total indebtedness of the Borrower netted of any unencumbered cash      balances over the market value of all vessels owned by the Borrower) to be      waived during the Waiver Period.                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                           | ·                                                                                                                                                                                                                                                                   | Waiver      of the hedging obligation of the Borrower until 31/12/2009 (except in the      event that the 5-year IRS is equal or higher than 5% p.a. as per      clause12.8 (e) of the Loan agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|                           | ·                                                                                                                                                                                                                                                                   | Regarding      the required time charter earnings the following amendment to      apply:  "In the event of a breach of a required specific charter      there will a be an event of default (as per current clause), however if      the Company can reasonably prove to the full satisfaction of the lenders      that its existing time charter employment (i.e from the other vessels for      which a specific assignment of charter earnings to the lenders is already      or it is to be put in place or/and from a re-negotiated charter rate plus      and or/its free/non-restricted cash) is sufficient to meet its originally      scheduled repayment then there would not be an event of      default."  |
| EXPENSES:                      | The      Borrower will reimburse the Lender for legal fees, (including      disbursements and value added and other taxes), printing costs and all      other out-of-pocket expenses incurred by the Lender in connection with the      amendment of the Facility.  |

| For      and on behalf of Piraeus Bank A.E. |   | For      and on behalf of HSH Nordbank AG |
|---------------------------------------------|--------|-------------------------------------------|

| /s/      Serafelm KriempardisSerafelm      KriempardisHead      of Shipping |   | /s/      Jason Dallas    Jason      DallasRelationship      Manager |   | /s/      Hantusch      HantuschSenior      Vice President |   | /s/      Susanne KainkaSusanne      KainkaVice      President |
|-----------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|--------|---------------------------------------------------------------|
|                                                                        |   |                                                                                    |   |                                                                                    |   |                                                          |

----