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| BORROWER      :                      | Star      Bulk Carriers Corp. a NASDAQ listed company registered under the laws of      the Marshall Islands.                                 |
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| CORPORATE      GUARANTOR:            | Star      Cosmo LLC (of Majuro Marshall Islands) 100% owner of the Collateral      Vessel, being 100% subsidiary of the Borrower.             |
| COLLATERAL      VESSEL               | M/V      Star Cosmo, a 2005 built, 52,200 dwt geared dry bulk carrier vessel ("Star      Cosmo").                                             |
| ADDITIONAL      COLLATERAL VESSEL:   | M/V      Star Alpha a 1991 built 175,075 dwt dry bulk carrier vessel ("Star      Alpha").                                                     |
| ADDITIONAL      CORPORATE GUARANTOR: | Star      Alpha LLC (of Majuro Marshall Islands) 100% owner of the Additional      Collateral Vessel, being 100% subsidiary of the Borrower.  |
| FACILITY:                            | First      Priority Mortgage Term Loan Facility.                                                                                              |
| FACILITY      AMOUNT:                | Current      Principal outstanding US$ 32,000,000 (Thirty two million United States      dollars).                                                 |

| REPAYMENT:              | The      Facility shall be repaid, commencing on 02/04/2009, by twenty two (22)      consecutive quarterly instalments as follows:1st      &2nd      instalment US$2,000,000 each;3rd      instalment 750,000;4th      instalment US$1,250,000;5th      to 10th      instalment US$875,000 each;11th      to 22nd      instalment US$ 500,000 each;plus      a Balloon Payment of US$13,750,000 payable together with the last (22nd )      instalment.                                                                                                                                                                                |
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| INTEREST      PERIODS:  | 3,      6, or 9 month interest periods at the request of the Borrower, or such      other period as may be agreed between the Borrower and the      Lender.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| INTEREST      RATE:     | The      interest rate on the Facility will be based on the London Interbank      Offered Rate for US Dollar deposits ("LIBOR") plus the Applicable Margin.      LIBOR will be calculated by reference to the rate appearing on Reuters      Screen page BBA Libor.                                                                                                                                                                                                                                                                                                                                                                        |
|                    | In      the event that the LIBOR does not represent the Lender's Cost of funding,      then the LIBOR will be substituted by the rate equal to the arithmetic      mean of the rates offered for the relevant Interest Period in the London      Interbank Market for deposits in Dollars on the day of commencement of the      relevant Interest Period as same appear in REUTERS screen at the      corresponding electronic pages of KLIEMM (Carl Kliem GmgH),      USDDEPO=ICAP (Icap Plc) and USDDEPO=TTKL (Tullett Prebon Plc) as per      Piraeus Bank A.E standard "Market disruption & Non- availability"      clause.  |
|                    | Interest      will be calculated on the basis of the actual number of days elapsed in a      360 day year. Interest shall be payable in arrears on the last day of each      interest period, but in the event that a period in excess of 3 months is      selected then interest will be payable every 3 months.                                                                                                                                                                                                                                                                                                                          |
| APPLICABLE      MARGIN: | 2%      per annum applicable from 1/3/2009 to 28/2/2010 (the duration of the      waiver). From 1/3/2010 until the final maturity date of the Facility 1.5%      per annum.                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

| ADDITIONAL      SECURITY:      | Additional      security of this Facility, to be made available to the Lender, shall      include Inter alia:  |
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|                           | ·                                                                                                              | Second      Priority Mortgage on the Additional Collateral Vessel;  |
|                           | ·                                                                                                              | Irrevocable      and unconditional up-stream guarantee of the Additional Corporate      Guarantor;  |
|                           | ·                                                                                                              | Second      Priority Assignment of all Insurances of the Additional Collateral Vessel      (including notices of assignment thereof);  |
|                           | ·                                                                                                              | Second      Priority Assignment of all the earnings of the Additional Collateral      Vessel 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 Manager Additional Collateral Vessel;  |
|                           | ·                                                                                                              | First      Priority Pledge over US$ 5,000,000 in deposits held by the Borrower or the      Corporate Guarantor in an account with the Lender.  |
| 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 Lender.  |
|                           | ·                                                                                                              | 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 WaiverPeriod. |

| 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. |
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| /s/ Serafelm KriempardisSerafelm      KriempardisHead      of Shipping |   | /s/ Jason Dallas    Jason      DallasRelationship      Manager |
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