Document:

23
                                            ------------------------------------
                                            Norwegian Shipbrokers' Association's
                                            Memorandum of Agreement for sale and
                                            purchase of ships. Adopted by The
                                            Baltic and International Maritime
                                            Council (BIMCO) in 1956.

                                                          Code-name
                                                        SALEFORM 1993
                                            Revised 1966, 1983 and 1986/87.

                                            ------------------------------------

MEMORANDUM OF AGREEMENT

Dated: January 12, 2007
Mommy Management Corp., Panama

hereinafter called the Sellers, have agreed to sell, and Star Bulk Carriers
Corp., Majuro - Marshall Islands or nominee

hereinafter called the Buyers, have agreed to buy-

Name: MOMMY DUCKLING

Classification Society/Class:  BUREAU VERITAS

Built: 1983              By: HYUNDAI HEAVY IND. CO. LTD., KOREA

Flag: PANAMA             Place of Registration: PANAMA

Call Sign: HPKI          Grt/Nrt: 45,773/24,230

IMO Number: 8024375

hereinafter called the Vessel, on the following terms and conditions:

Definitions

"Banking days" are days on which banks are open both in the country of the
currency stipulated for the Purchase Price in Clause 1 and in the place of
closing stipulated in Clause 8.

"In writing" or "written" means a letter handed over from the Sellers to the
Buyers or vice versa, a registered letter, telex, telefax or other modern form
of written communication.

"Classification Society" or "Class" means the Society referred to in line 4.

1.   Purchase Price USD 12,786,574.81

2.   DELETED

3.   Payment

The Purchase Price shall be paid as provided in the Supplemental Agreement
referenced in Clause 25.

4.   Inspections

a)*  DELETED

b)*  The Buyers shall have the right to inspect the Vessel and the Vessel's
     classification records at a suitable place at the Buyers' option. However
     these inspections are not a subject and once the subjects stipulated in
     clause 18 are lifted the sale becomes outright and definite, subject to the
     provisions of the Supplemental Agreement referenced in Clause 25.

     The Sellers shall provide for inspection of the Vessel at/in (to be advised
     by Sellers)

     The Buyers shall inspect the Vessel without opening up and without cost to
     the Sellers. During the inspection, the Vessel's deck, instruction books,
     maintenance records, and engine log books as available on board shall be
     made available for examination by the Buyers.

*    4 a) and 4b) are alternatives; delete whichever is not applicable. In the
     absence of deletions, alternative 4a) to apply.

5.   Notices, time and place of delivery

a)   The Sellers shall keep the Buyers well informed of the Vessel's itinerary
     and shall provide the Buyers with 20, 15, 7,5,2 days approximate and 1
     definite notice of the estimated time of arrival at the intended place of
     delivery. When the Vessel is at the place of delivery and in every respect
     physically ready for delivery in accordance with this Agreement, the
     Sellers shall give the Buyers a written Notice of Readiness for delivery.

b)   The Vessel shall be delivered and taken over safely afloat at a safe and
     accessible berth or anchorage at/in (range/s to be advised)

     in the Sellers' option.

     Expected lime of delivery: as soon as practically possible following the
     Effective Date of the Merger (as defined in the Supplemental Agreement
     referenced in Clause 25) but not later than the last discharging port of
     the last laden voyage

     Date of cancelling as per Supplemental Agreement referenced in Clause 25

c)   DELETED

d)   DELETED

6.   See Clause 19

a)   DELETED

b)   DELETED

c)   DELETED

7.   Spares/bunkers, etc.

The Sellers shall deliver the Vessel to the Buyers with everything belonging to
her on board and on shore. All spare parts and spare equipment including spare
tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any,
belonging to the Vessel at the time of inspection used or unused, whether on
board or not shall become the Buyers' property, but spares on order are to be
excluded. Forwarding charges, if any, shall be for the Buyers' account. The
Sellers are not required to replace spare parts including spare tail-end
shaft(s) and spare propeller(s)/propeller blade(s) which are taken out of spare
and used as replacement prior to delivery, but the replaced items shall be the
property of the Buyers. The radio installation and navigational equipment shall
be included in the sale without extra payment if they are the property of the
Sellers. Unused stores and provisions shall be included in the sale and be taken
over by the Buyers without extra payment.

The Sellers have the right to take ashore crockery, plates, cutlery, linen and
other articles bearing the Sellers' flag or name, provided they replace same
with similar unmarked items. Library, forms, etc., exclusively for use in the
Sellers' vessel, shall be excluded without compensation. Captain's, Officers'
and Crew's personal belongings including the slop chest are to be excluded from
the sale, as well as the following additional items (including items on hire):
To Be Advised

The Buyers shall take over the remaining bunkers (if same are property of the
Sellers) and unused lubricating oils in storage tanks and sealed drums. See
Clause 20

8.   Documentation

The place of closing: New York, USA

In exchange for payment of the Purchase Price the Sellers shall furnish the
Buyers with delivery documents, namely:

a)   Legal Bill of Sale in a form recordable in the Marshall Islands, warranting
     that the Vessel is free from all encumbrances, mortgages and maritime liens
     or any other debts or claims whatsoever, duly notarially attested and
     legalized by the consul of such country or other competent authority.

b)   Current Certificate of Ownership issued by the competent authorities of the
     flag state of the Vessel.

c)   Confirmation of Class issued within 3 working days prior to delivery.

d)   Current Certificate issued by the competent authorities stating that the
     Vessel is free from registered encumbrances.

e)   Certificate of Deletion of the Vessel from the Vessel's registry or other
     official evidence of deletion appropriate to the Vessel's registry at the
     time of delivery, or, In the event that the registry does not as a matter
     of practice issue such documentation immediately, a written undertaking by
     the Sellers to effect deletion from the Vessel's registry forthwith and
     furnish a Certificate or other official evidence of deletion to the Buyers
     promptly and latest within 4 (four) weeks after the Purchase Price has been
     paid and the Vessel has been delivered.

f)   Any such additional documents as may reasonably be required by the
     competent authorities for the purpose of registering the Vessel, provided
     the Buyers notify the Sellers of any such documents as soon as possible
     after the date of this Agreement. See Clause 22

At the time of delivery the Buyers and Sellers shall sign and deliver to each
other a Protocol of Delivery and Acceptance confirming the date and time of
delivery of the Vessel from the Sellers to the Buyers.

At the time of delivery the Sellers shall hand to the Buyers the classification
certificates) as well as all plans, instruction books, maintenance records etc.,
which are on board the Vessel. Other certificates which are on board the Vessel
shall also be handed over to the Buyers unless the Sellers are required to
retain same, in which case the Buyers to have the right to take copies. Other
technical documentation which may be in the Sellers' possession shall be
promptly forwarded to the Buyers at their expense. The Sellers may keep the
Vessel's log books but the Buyers to have the right to take copies of same.

9.   Encumbrances

The Sellers warrant that the Vessel, at the time of delivery, is free from all
charters (other than term employment/charters contemplated by the Supplemental
Agreement referenced in Clause 25), encumbrances, mortgages and maritime liens
or any other debts whatsoever The Sellers hereby undertake to indemnify the
Buyers against all consequences of claims made against the Vessel which have
been incurred prior to the time of delivery. The Vessel on delivery to be
delivered free of cargo/cargo residues and free of any dunnage.

10.  Taxes, etc.

Any taxes, fees and expenses in connection with the purchase and registration
under the Buyers' flag shall be for the Buyers' account, whereas similar charges
in connection with the closing of the Sellers' register shall be for the
Sellers' account.

11.  Condition on delivery

The Vessel with everything belonging to her shall be at the Sellers' risk and
expense until she is delivered to the Buyers, but subject to the terms and
conditions of this Agreement she shall be delivered and taken over as she was at
the time of inspection, fair wear and tear excepted. However, the Vessel shall
be delivered with her class maintained without condition/recommendation*, free
of average damage affecting the Vessel's class, and with her classification
certificates and national/international certificates and surveys, as well as all
other certificates the Vessel had at the time of agreement, valid and unextended
without condition/recommendation by Class or the relevant authorities for a
minimum of 1 month from at the time of delivery.

"Inspection" in this Clause 11 and in Clause 7, Line 157, shall mean the Buyers'
inspection according to Clause 4 a) or 4 b), it applicable, or the Buyers'
inspection prior to the signing of this Agreement. If the Vessel is taken over
without inspection, the date of this Agreement shall be the relevant date.

*    Notes, it any, in the surveyor's report which are accepted by the
     Classification Society without condition/recommendation are not to be taken
     into account.

12.  Name/markings

Upon delivery the Buyers undertake to change the name of the Vessel and alter
tunnel markings.

13.  Buyers' default

Should the Purchase Price not be paid in accordance with Clause 3, the Sellers
have the right to cancel the Agreement, in which case the Sellers shall be
entitled to claim compensation for their losses and for all expenses incurred
together with interest.

14.  Sellers' default as per Supplemental Agreement referenced in Clause 25

DELETED

15.  Buyers' representatives - See Clause 21

16.  Arbitration

a)*  DELETED

b)*  This Agreement shall be governed by and construed in accordance with Title
     9 of the United States Code and the Law of the State of New York and should
     any dispute arise out of this Agreement, the matter in dispute shall be
     referred to three persons at New York, one to be appointed by each of the
     parties hereto, and the third by the two so chosen; their decision or that
     of any two of them shall be final, and for purpose of enforcing any award,
     this Agreement may be made a rule of the Court.

     The proceedings shall be conducted in accordance with the rules of the
     Society of Maritime Arbitrators, Inc. New York.

c)*  DELETED

*    16 a),16 b) and 16 c) are alternatives; delete whichever is not applicable.
     In the absence of deletions, alternative 16 a) to apply.

Clauses 17-25 both inclusive are deemed part of this agreement

This Charter Party is a computer generated copy of the "SALEFORM 1993" form
printed by authority of Norwegian Shipbrokers' Association using software which
is the copyright of Strategic Software Ltd. Any insertion or deletion to the
form must be clearly visible. In the event of any modification made to the
preprinted text of this document which is not clearly visible, the text of the
original approved document shall apply. Norwegian Shipbrokers' Association and
Strategic Software Ltd. assume no responsibility for any loss or damage caused
as a result of discrepancies between the original approved document and this
document.

<PAGE>

                               ADDITIONAL CLAUSES
                 TO THE MEMORANDUM OF AGREEMENT - SALE FORM 1993
          DATED JANUARY 12, 2007 FOR M.V. 'MOMMY DUCKLING' (THE VESSEL)
          BETWEEN MOMY DUCKLING MANAGEMENT CORP., PANAMA (THE SELLERS)
                AND STAR BULK CARRIERS CORP. MARSHALL ISLANDS OR
                              NOMINEE (THE BUYERS)

CLAUSE 17

This sale is part of the sale and delivery of the following additional Motor
Vessels:

M.V. "A Duckling"
M.V. "B Duckling"
M.V. "C Duckling"
M.V. "F Duckling"
M.V. "G Duckling"
M.V. "I Duckling"
M.V. "J Duckling"

registered in the respective ownership of the following Owners:

A Duckling Corporation, Panama B Duckling Corporation, Panama C Duckling
Corporation, Panama F Duckling Corporation, Panama G Duckling Corporation,
Panama I Duckling Corporation, Panama J Duckling Corporation, Panama

and all ultimately beneficially owned by TMT Co., Ltd., Taiwan ("TMT"). In the
event that one or more of the above vessels are not delivered pursuant to their
respective MOA's for any reason whatsoever, TMT hereby agrees and assumes the
obligation to substitute the non-delivered vessel(s) with replacement tonnage
pursuant and subject to the terms of the Supplemental Agreement referenced in
Clause 25.

CLAUSE 18

This sale is subject to:

     i)   STAR MARITIME ACQUISITION CORP. Delaware ("Star Maritime") a listed
          company in the AMEX being the parent company of the Buyers filing a
          definitive proxy/registration statement (the "Registration Statement")
          with the Securities and Exchange Commission (the "SEC") and such
          Registration Statement being declared effective by the SEC.

     ii)  Star Maritime obtaining the requisite approval of its stockholders for
          the Merger (as defined in Supplemental Agreement referenced in Clause
          25) and the sale of the vessels provided for in the Supplemental
          Agreement referenced in Clause 25 at a duly convened stockholders'
          meeting.

CLAUSE 19

No dry-docking / however the Buyers have the right at Buyers' expense to carry
out an under-water (defined as 'parts below the sea water line at time of divers
inspection') inspection prior to or at the delivery port and the Sellers shall
make the vessel available for such under-water inspection. Inspection of
underwater parts shall be carried out by divers approved by the class with the
presence of class surveyor and the Sellers/Buyers representatives. Such diver
inspection shall be carried out in a manner acceptable to class surveyor. If the
conditions at the port of delivery are unsuitable for such inspection, the
Sellers shall make the Vessel available at a suitable alternative place near the
delivery port.

In the event of any damage/s being found which lead to a recommendation by the
classification society and immediate repairs are required, the Sellers shall
then dry-dock the Vessel in accordance with clause 6 of the Norwegian Sale Form
1993, and Sellers shall repair same to class satisfaction. Cancelling date to be
extended accordingly.

If damage/s are found which lead to a recommendation by the classification
society, repair/s of which maybe be carried out by the Buyers at a later stage,
as per classification society recommendation, then in lieu of Buyers taking
delivery of the Vessel with said recommendation/s the Sellers shall pay to the
Buyers the estimated repairing direct cost - this amount will be deducted from
the purchase price on delivery.

This estimated repairing direct cost shall be the average cost of 2 quotations
from reputable yards/repair shops at or near the delivery port, 1 obtained by
Buyers and 1 obtained by Sellers determined in accordance with the cost of such
repairs prevailing at the time of delivery of the Vessel, for repair works only
without dry-docking costs and without costs of possible time lost, and in any
case for the direct cost/s only.

It is understood that class shall be the sole arbiter in any matter under this
Clause 19 affecting the Vessel's class.

The costs of class surveyor's fee and diver inspection will be for the Buyers'
account.

CLAUSE 20

The Buyers are to pay extra for unused/unbroached lubricating oils in drums and
designated storage tanks 'remaining on board' as per actual cost evidenced by
net invoice prices including discounts. Also extra payment for bunkers
'remaining on board' at the Sellers' last paid prices (either bought in the open
market or paid to last charterers).

CLAUSE 21

As from the Effective Date of Merger (as defined in the Supplemental Agreement
referenced in Clause 25) Buyers shall have the right to place onboard up to a
maximum of three (3) representatives until delivery as observers for
familiarisation purposes only without interference to the Vessel's operation at
Buyer's risk and expense. Representatives are to sign Sellers' indemnity form.
Sellers shall assist where necessary in the application for visas for Buyer's
ongoing representatives. Upon Vessel's arrival at the delivery port Buyers shall
have the right to place on board three (3) more representatives on a daily basis
up until delivery. Buyers representatives to have the right to communicate with
their office / managers via the Vessel's communication means always at Buyers'
cost. The Buyers' representatives shall have full access to Vessel's all
non-private spaces, as well as to instruction books, plans, certificates,
records, documents, plans, drawings and shall have the right to take photocopies
of same but should not interfere with the Vessel's cargo discharge operations,
if any.

CLAUSE 22

Sellers and Buyers to supply documentation which may be reasonably required and
to be mutually agreed for the legal transfer of the Vessel and for her Marshall
Islands registration under new flag and ownership (such list to form an addendum
to the MOA).

At the time of delivery, in addition to other documents to be agreed per this
clause, Buyers shall furnish Sellers with the following delivery documents:

(i)   Novation Agreement duly executed by Buyers;

(ii)  Secretary's Certificate of Buyers authorizing this MOA, the Supplemental
      Agreement and the Novation Agreement in respect of the charter of the
      Vessel, together with incumbency certificates; and

(iii) Secretary's Certificate of each of Star Maritime and Star Bulk authorizing
      the Master Agreement, the Supplemental Agreement and this MOA, together
      with incumbency certificates.

At the time of delivery, in addition to other documents to be agreed per this
clause, Sellers shall furnish Buyers with the following delivery documents:

(i)   Novation Agreement duly executed by Sellers and the charterer;

(ii)  Secretary's Certificate of Sellers authorizing this MOA, the Supplemental
      Agreement and the Novation Agreement in respect of the charter of the
      Vessel, together with incumbency certificates; and

(iii) Secretary's Certificate of each of TMT authorizing the Master Agreement,
      the Supplemental Agreement and this MOA, together with incumbency
      certificates.

CLAUSE 23

Sellers warrant that on the date hereof and on the date of closing, the Vessel
shall be entitled to trade worldwide within Institute Warranty Limits without
restriction on limitation.

CLAUSE 24

All instruction books, drawings, plans and manuals, on board or ashore in
owners/managers office that are in Sellers possession are to be delivered to the
Buyers except ISM manuals and ship security plan. The Sellers to forward office
set as soon as possible after delivery to the Buyer's office. All forwarding
costs to be for Buyers account.

CLAUSE 25

This agreement is one of the "MOAs" referred to and defined in (i) that certain
Supplemental Agreement dated the date hereof and executed and delivered
concurrently herewith by and among Buyers, Star Maritime as the 100pct parent of
the Buyers, and TMT, the 100pct parent of the Sellers and is incorporated herein
by reference, and (ii) the Master Agreement dated the date hereof and executed
and delivered concurrently herewith by TMT, Buyers and Star Maritime, and is
incorporated by reference. If there is any inconsistency between the terms of
this agreement and the terms of said Supplemental Agreement and/or said Master
Agreement, the terms of said Supplemental Agreement and said Master Agreement
shall control.

THE SELLERS                                 THE BUYERS

/s/ Nobu Su                                 /s/ Prokopios Tsirigakis
-------------------------------             -------------------------------Exhibit 10.9

                             SUPPLEMENTAL AGREEMENT

     This Supplemental Agreement is entered into as of this 12th day of January,
2007 by and among (i) Star Maritime Acquisition Corp. ("Star Maritime"), a
Delaware corporation, (ii) Star Bulk Carriers Corp. ("Star Bulk"), a Marshall
Islands corporation wholly-owned by Star Maritime, for itself individually and
for/on behalf of each of the Buyers (as hereinafter defined), and (iii) TMT Co.,
Ltd. ("TMT"), a Taiwan corporation, for itself individually and for/on behalf of
each of the Sellers (as hereinafter defined).

     Capitalized terms not otherwise defined herein shall have the meanings
assigned to such terms in Schedule 1 hereto.

     The purpose of this Supplement Agreement is, inter alia, to provide for the
timing of the delivery of, and payment of the consideration for, the Vessels as
provided for under the MOAs which are being concurrently executed and delivered
herewith.

     In consideration of the premises, the parties hereto agree as follows:

     1.   If the Merger and the acquisition by Star Bulk of the Vessels are not
          approved by the requisite vote of the stockholders of Star Maritime on
          the Proxy Vote Date, the MOAs and this Supplemental Agreement shall be
          deemed terminated, cancelled and of no further force and effect, in
          each case with any further action required of the parties.

     2.   If the Merger and the acquisition by Star Bulk of the Vessels are
          approved by the requisite vote of the Star Maritime stockholders on
          the Proxy Vote Date, Star Maritime and Star Bulk shall proceed
          forthwith to take all actions necessary to implement the Merger on or
          before the Effective Date of Merger.

     3.   Star Bulk shall purchase the Vessels for the Aggregate Purchase Price,
          which consists of two components: (1) the Stock Consideration and (2)
          the Cash Consideration. The Aggregate Purchase Price shall be paid as
          follows:

          (i)  first, in the form of the Stock Consideration (which shall be
               issued to TMT, not in its individual capacity but solely as agent
               for each of the applicable Sellers, concurrently with the
               Merger); and

          (ii) second, only after Vessels with an aggregate value (as set forth
               in Schedule 2 hereto) that equals the aggregate value of the
               Stock Consideration (the "Stock Consideration Threshold") have
               been delivered, in the form of the Cash Consideration.

          If a Vessel is delivered whose value, together with all previous
          Vessels delivered, exceeds the Stock Consideration Threshold, the
          remaining portion of the allocated Aggregate Purchase Price for such
          Vessel and any other remaining Vessels shall be paid in the form of
          Cash Consideration upon delivery of each such Vessel (allocated as per
          Schedule 2 hereto).

     4.   As the 100% parent of each of the Sellers and the Buyers,
          respectively, TMT and Star Maritime hereby guarantees the due and
          punctual performance of each of the Sellers and the Buyers,
          respectively, under the relevant MOA.

     5.   The Vessels, on delivery under the MOAs, shall be operated either on a
          spot basis or subject to term employment called for, with minimum
          terms and aggregate minimum daily hire rate, as provided for in
          Schedule 4. Term employment shall be with first class charterers and
          otherwise shall contain standard industry terms for employment of such
          Vessels and also a charter clause and a form of novation agreement,
          both substantially in the forms attached hereto as Exhibit A and B,
          respectively. TMT undertakes to procure such term employment by the
          Sellers with a third party or, in the case of the Mommy Duckling and,
          at its sole option, one of C Duckling, F Duckling, G Duckling or I
          Duckling, with itself as charterer, as soon as possible but no later
          than thirty (30) days from the date of this Supplemental Agreement or
          to pay Star Bulk the difference between the aggregate daily hire rate
          so fixed and the aggregate minimum daily hire rate provided for in
          Schedule 4 (which aggregate daily hire rate difference shall be
          calculated from the time of delivery of all such Vessels under the
          MOAs) during the relevant minimum employment term set forth in
          Schedule 4 (which minimum employment term shall be measured from the
          date of delivery of the applicable Vessel to its charterers under the
          applicable charter). Should TMT be unable to secure a novation
          agreement substantially in the form attached hereto as Exhibit B with
          respect to A Duckling prior to or at delivery of the Vessel, the Buyer
          shall, concurrent with delivery, time charter the Vessel to TMT or an
          affiliate designee of TMT on the same terms and conditions as the
          Vessel's current time charter term employment.

     6.   If any of the Sellers is unable to deliver its Vessel pursuant to and
          in compliance with the terms of its MOA, Star Bulk and TMT shall
          confer and cooperate to identify mutually acceptable replacement
          vessel and enter into a binding purchase agreement for such
          replacement vessel within forty-five (45) days from the required
          delivery date of the Vessel being replaced. Should the purchase price
          (based on prevailing market rates) of any replacement vessel be higher
          than the the portion of the Aggregate Purchase Price allocated to the
          Vessel being replaced, Star Bulk hereby agrees to pay TMT or its
          nominee in cash such price difference, which payment shall be made
          concurrently with delivery of the replacement Vessel. Should the
          purchase price (based on prevailing market rates) of any replacement
          vessel be lower than the Aggregate Purchase Price allocated to the
          Vessel being replaced, TMT hereby agrees to pay in cash to Star Bulk
          such price difference, which payment shall be made concurrently with
          delivery of the replacement Vessel. If a binding purchase agreement
          for a replacement vessel is not entered into within the required
          forty-five (45) days period, Star Bulk/Buyer shall have the right to
          terminate the MOA for the Vessel being replaced whereupon neither
          party to such MOA shall have any rights or liabilities thereunder.

     7.   This Supplemental Agreement shall be governed and construed in
          accordance with Title 9 of the United States Code and the law of the
          State of New York and should any dispute arise under this Supplemental
          Agreement the matter in dispute shall be referred to three persons at
          New York, one to be appointed by Star Maritime and Star Bulk and one
          to be appointed by TMT, and the third by the two so chosen; their
          decision or that of any two of them shall be final and for the purpose
          of enforcing of any award, this Supplemental Agreement may be made a
          rule of the court. The proceedings shall be conducted in accordance
          with the rules of the Society of Maritime Arbitrators, Inc. in New
          York.

     8.   In the event of any conflict between the provisions of any MOA and
          this Supplemental Agreement, the provisions of this Supplement
          Agreement shall prevail.

                            [Signature Page Follows]
<PAGE>

     IN WITNESS WHEREOF, the undersigned has caused this Supplemental Agreement
to be executed and delivered as of this date first indicated above by these duly
authorized officers or representatives.

                                    STAR MARITIME ACQUISITION CORP.

                                    By: /s/ Nobu Su
                                        ---------------------------------
                                        Name:
                                        Title:

                                    STAR BULK CARRIERS CORP.,
                                        for itself individually and for/on
                                        behalf of each of the Buyers

                                    By: /s/ Prokopios Tsirigakis
                                        ---------------------------------
                                        Name:
                                        Title:

                                    TMT CO., LTD.,
                                        for itself individually and for/on
                                        behalf of each of the Sellers

                                    By: /s/ Prokopios Tsirigakis
                                        ---------------------------------
                                        Name:
                                        Title:
<PAGE>

                                                                      SCHEDULE 1

                                   DEFINITIONS

     As used in the Supplemental Agreement to which this Schedule 1 is attached,
the following terms have the meanings set forth below:

"Aggregate Purchase Price"        shall mean $345,237,520.

"Buyers"                          shall mean, collectively, Star Bulk and those
                                  entities wholly-owned by Star Bulk for and on
                                  behalf of which Star Bulk is purchasing the
                                  Vessels.

"Cash Consideration"              shall mean $ 224,499.998.65.

"Effective Date of Merger"        shall mean the date, which shall not more than
                                  15 days of the Proxy Vote Date approving the
                                  Merger, on which the merger of Star Maritime
                                  into Star Bulk becomes effective under the
                                  Marshall Islands law.

"Merger"                          shall mean the business combination of Star
                                  Maritime with Star Bulk effected by way of a
                                  merger in which Star Bulk is the surviving
                                  corporation.

"Proxy Vote Date"                 shall mean the date on which the proposed
                                  merger of Star Maritime into Star Bulk is
                                  submitted for vote of the shareholders of Star
                                  Maritime.

"MOAs"                            shall mean, collectively, the memoranda of
                                  agreement listed and described in Schedule 3.

"Sellers"                         shall mean, collectively, those entities
                                  wholly-owned by TMT and identified as sellers
                                  of the Vessels in the MOAs listed on Schedule
                                  3.

"Stock Consideration"             shall mean 12,537,645 shares of common stock,
                                  par value $0.01 per share, of the Star Bulk,
                                  equivalent to $120,737,521.35.

"Stock Consideration Threshold"   shall have the meaning set forth in Section
                                  3(ii).

"Vessels"                         shall mean, collectively, the vessels listed
                                  on Schedule 2 and to be delivered under the
                                  MOAs listed on Schedule 3.
<PAGE>

                                                                      SCHEDULE 2

                       AGGREGATE PURCHASE PRICE ALLOCATION
                       -----------------------------------

                Vessel Name                     Price Allocation
                -----------                     ----------------
                A DUCKLING                        $59,329,707.14
                B DUCKLING                         61,375,559.11
                C DUCKLING                         43,474,354.37
                F DUCKLING                         40,917,039.41
                G DUCKLING                         40,917,039.41
                I DUCKLING                         42,451,428.39
                J DUCKLING                         43,985,817.36
                MOMMY DUCKLING                     12,786,574.81

                    Aggregate Purchase Price:    $345,237,520.00
<PAGE>

                                                                      SCHEDULE 3

                             MEMORANDA OF AGREEMENT

Memorandum of Agreement relating to the A Duckling dated January 12, 2007
between Star Bulk Carriers Corp., as buyer, and A Duckling Corporation, as
seller.

Memorandum of Agreement relating to the B Duckling dated January 12, 2007
between Star Bulk Carriers Corp., as buyer, and B Duckling Corporation, as
seller.

Memorandum of Agreement relating to the C Duckling dated January 12, 2007
between Star Bulk Carriers Corp., as buyer, and C Duckling Corporation, as
seller.

Memorandum of Agreement relating to the F Duckling dated January 12, 2007
between Star Bulk Carriers Corp., as buyer, and F Duckling Corporation, as
seller.

Memorandum of Agreement relating to the G Duckling dated January 12, 2007
between Star Bulk Carriers Corp., as buyer, and G Duckling Corporation, as
seller.

Memorandum of Agreement relating to the I Duckling dated January 12, 2007
between Star Bulk Carriers Corp., as buyer, and I Duckling Corporation, as
seller.

Memorandum of Agreement relating to the J Duckling dated January 12, 2007
between Star Bulk Carriers Corp., as buyer, and J Duckling Corporation, as
seller.

Memorandum of Agreement relating to the Mommy Duckling dated January 12, 2007
between Star Bulk Carriers Corp., as buyer, and Mommy Management Corp., as
seller.
<PAGE>

                                                                      SCHEDULE 4

                     Contract Type/
Vessel               Minimum Term Employment            Targeted Daily Hire Rate
------               -----------------------            ------------------------

A DUCKLING           Time Charter/3 Years               $47,000

C DUCKLING           Time Charter/1 Year                $28,500

F DUCKLING           Time Charter/2 Years               $24,500

G DUCKLING           Time Charter/2 Years               $24,500

I DUCKLING           Time Charter/1 Year                $28,500

MOMMY DUCKLING       Time Charter/1 Year                $18,000

                   Aggregate Minimum Daily Hire Rate:   $171,000

B DUCKLING           Spot                               N/A

J DUCKLING           Spot                               N/A
<PAGE>

                                                                       EXHIBIT A

                             FORM OF CHARTER CLAUSE

The [Charterer] hereby acknowledges that the [Owner] or its parent, TMT CO.,
LTD., a Taiwan corporation (or "TMT"), may transfer the Vessel to STAR BULK
CARRIERS CORP., a Marshall Islands corporation ("Star Bulk") or a wholly-owned
subsidiary of Star Bulk, and further agrees to consent to such sale and enter
into a novation agreement, substantially in the form attached hereto as Exhibit
[__], pursuant to which the [Owner] will transfer all of its rights,
liabilities, duties and obligations with respect to the [Charterer] under [the
Charter Agreement] with effect from and including the date of the delivery of
the Vessel to Star Bulk or a wholly-owned subsidiary of Star Bulk.
<PAGE>

                                                                       EXHIBIT B

                           FORM OF NOVATION AGREEMENT

                                    [FORM OF]
                               NOVATION AGREEMENT

     THIS NOVATION AGREEMENT (this "Agreement") is made and entered into as of
[_________], 2007, by and among [___________________], a [______________]
corporation (the "Transferor"), [___________________], a company incorporated
under the laws of [____________] and the charterer of the Vessel (the
"Charterer") and [______________], a Marshall Islands corporation (the
"Transferee").

                                   WITNESSETH:

     WHEREAS, the Transferor owns the [______________], a drybulk carrier with a
cargo-carrying capacity of [__________] deadweight tons (the "Vessel");

     WHEREAS, the Vessel is to be sold by the Transferor to the Transferee
pursuant to a memorandum of agreement dated January [__], 2007 (the "MOA");

     WHEREAS, the Transferor and the Charterer are parties to a charter
agreement, dated [_________], 2007, for the charter of the Vessel (the "Charter
Agreement");

     WHEREAS, the Transferor desires to transfer by novation to the Transferee,
and the Transferee wishes to accept the transfer by novation of all the rights,
liabilities, duties and obligations of the Transferor with respect to the
Charterer under the Charter Agreement with effect from and including the date of
the delivery of the Vessel to the Transferee (the "Novation Date");

     WHEREAS, the Transferor desires to transfer by novation to the Transferee,
and the Transferee wishes to accept the transfer by novation, of all the rights,
liabilities, duties and obligations of the Transferor with respect to the
Charterer under the Charter Agreement with effect from and including the
Novation Date; and

     WHEREAS, the Charterer desires to consent to the Transferor's sale of the
Vessel pursuant to the MOA and transfers by novation to the Transferee of all
the rights, liabilities, duties and obligations of the Transferor with respect
to the Charterer under the Charter Agreement with effect from and including the
Novation Date.

     NOW, THEREFORE, in consideration of the mutual representations, warranties
and covenants contained in this Agreement and other good and valuable
consideration (the receipt and sufficiency of which are hereby acknowledged by
each of the parties), the parties hereto agree as follows:

1.   Novation

With effect from and including the Novation Date:

     (a) the Charterer consents to the Transferor's sale of the Vessel to the
     Transferee pursuant to the MOA, the change of the Vessel's flag to the
     Republic of the Marshall Islands and the change of the Vessel's name as
     directed by the Transferee;

     (b) the Charterer releases the Transferor from the Transferor' obligations
     and liabilities to the Charterer under the Charter Agreement arising on or
     after the Novation Date and which relate to the period commencing from the
     Novation Date, such release and discharge being without prejudice to the
     obligations and liabilities of the Transferee to the Charterer pursuant to
     the Charter Agreement;

     (c) the Transferee agrees with the Transferor and the Charterer to assume
     all the rights, title, benefit, interest, liabilities and obligations of
     the Transferor in and under the Charter Agreement, in lieu of the
     Transferor, arising on or after the Novation Date and which relate to the
     period commencing from the Novation Date and hereby undertakes to observe
     and perform in favor of and for the benefit of the Charterer all such
     obligations and liabilities arising on or after the Novation Date and which
     relate to the period commencing from the Novation Date;

     (d) the Charterer agrees with the Transferee to observe and perform in
     favor of and for the benefit of the Transferee, in lieu of the Transferor,
     all of their obligations and liabilities under the Charter Agreement
     arising on or after the Novation Date and which relate to the period
     commencing from the Novation Date;

     (e) the Charterer expressly consents to and accept the assumption by the
     Transferee of the rights, title, benefit, interest, obligations and
     liabilities of the Transferor under the Charter Agreement, in lieu of the
     Transferor, arising on or after the Novation Date and which relate to the
     period commencing from the Novation Date and agrees that any actions,
     proceedings, demands, claims, liabilities, damages, costs and expenses of
     any nature whatsoever arising on or after the Novation Date shall be made
     against the Transferee and not the Transferor;

     (f) the Transferor agrees at all times to keep the Transferee, its
     successors and assigns fully indemnified against all actions, proceedings,
     demands, claims, liabilities, damages, costs and expenses of any nature
     whatsoever (other than indirect, consequential, punitive or special
     damages), made against the Transferee, its successors and assigns or for
     which the Transferee, its successors and assigns may be held liable in
     relation to such actions, proceedings, demands, claims, liabilities,
     damages, costs and expenses of the Transferor accrued or existing prior to
     the Novation Date. The Transferee shall give the Transferor prompt written
     notice of any such actions, proceedings, demands, claims, liabilities,
     damages, costs and expenses of any nature whatsoever, which the Transferee
     believes will give rise to indemnification by the Transferor under this
     paragraph and the Transferor shall have the right to defend and to direct
     the defense against any such claim, suit or demand, in the Transferor's
     name at the Transferor's expense and with counsel of Transferor's own
     choosing, which counsel shall be reasonably satisfactory to the Transferee;
     provided that such claim, suit or demand would not adversely affect any
     rights of the Transferee or the ownership and operation of the Vessel; and

     (g) the Transferee agrees at all times to keep the Transferor, its
     successors and assigns fully indemnified against all actions, proceedings,
     demands, claims, liabilities, damages, costs and expenses of any nature
     whatsoever (other than indirect, consequential, punitive or special
     damages), made against the Transferor, its successors and assigns or for
     which the Transferor, its successors and assigns may be held liable in
     relation to such actions, proceedings, demands, claims, liabilities,
     damages, costs and expenses of the Transferee accrued or existing on or
     after the Novation Date. The Transferor shall give the Transferee prompt
     written notice of any such actions, proceedings, demands, claims,
     liabilities, damages, costs and expenses of any nature whatsoever, which
     the Transferor believes will give rise to indemnification by the Transferee
     under this paragraph and the Transferee shall have the right to defend and
     to direct the defense against any such claim, suit or demand, in the
     Transferee's name at the Transferee's expense and with counsel of
     Transferee's own choosing, which counsel shall be reasonably satisfactory
     to the Transferor; provided that such claim, suit or demand would not
     adversely affect any rights of the Transferor.

2.   Representations and Warranties.

Each party represents to the other party that:

     (a) Status. It is duly organized and validly existing under the laws of the
     jurisdiction of its organization or incorporation and, if relevant under
     such laws, in good standing;

     (b) Powers. It has the power to execute this Agreement and any other
     documentation relating to this Agreement to which it is a party, to deliver
     this Agreement and any other documentation relating to this Agreement and
     to perform its obligations under this Agreement and has taken all necessary
     action to authorize such execution, delivery and performance;

     (c) No Violation or Conflict. Such execution, delivery and performance do
     not violate or conflict with any law applicable to it, any provision of its
     constitutional documents, any order or judgment of any court or other
     agency of government applicable to it or any of its assets or any
     contractual restriction binding on or affecting it or any of its assets;

     (d) Consents. All governmental and other consents that are required to have
     been obtained by it with respect to this Agreement have been obtained and
     are in full force and effect and all conditions of any such consents have
     been complied with;

     (e) Obligations Binding. Its obligations under this Agreement constitute
     its legal, valid and binding obligations, enforceable in accordance with
     their respective terms (subject to applicable bankruptcy, reorganization,
     insolvency, moratorium or similar laws affecting creditors' rights
     generally and subject, as to enforceability, to equitable principles of
     general application (regardless of whether enforcement is sought in a
     proceeding in equity or at law));

     (f) Absence of Certain Events. No event of default or potential event of
     default with respect to it has occurred and is continuing and no such event
     or circumstance would occur as a result of its entering into or performing
     its obligations under this Agreement;

     (g) Absence of Litigation. There is not pending or, to its knowledge,
     threatened against it or any of its affiliates any action, suit or
     proceeding at law or in equity or before any court, tribunal, governmental
     body, agency or official or any arbitrator that is likely to affect the
     legality, validity or enforceability against it of this Agreement or its
     ability to perform its obligations under this Agreement; and

     (h) Other Parties. As of the Novation Date, no other party has any interest
     or obligation in or under the Charter Agreement.

3.   Miscellaneous.

3.1 Amendments. No amendment, modification or waiver in respect of the Novation
Agreement will be effective unless in writing (including a writing evidenced by
a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system.

3.2 Dispute Resolution, Governing Law and Jurisdiction. Any dispute, action or
proceeding arising in connection with this Agreement or the performance hereof
shall be governed by the relevant dispute resolution, governing law and
jurisdiction provisions of the Charter Agreement to which this Agreement is
annexed, which provisions are hereby incorporated herein by reference and shall
have the same force and effect as if fully set forth herein.

3.3 Waiver of Jury Trial. The parties waive, to the fullest extent permitted by
applicable law, any right they may have to a trial by jury in respect of any
suit, action or proceeding relating to this Agreement. The parties certify that
no representative, agent or attorney of either party has represented, expressly
or otherwise, that such other party would not, in the event of such a suit,
action or proceeding, seek to enforce the foregoing waiver and acknowledge that
they have been induced to enter into this Agreement by, among other things, the
mutual waivers and certifications in this Section 3.4.

3.4 Further Assurances and Other Matters. The parties agree, upon the request of
any other party, at any time and from time to time, promptly to execute and
deliver all such further documents, promptly to take and forbear from all such
action, and obtain all approvals, consents, exemptions or authorizations from
such governmental agencies or authorities as may be necessary or reasonably
appropriate in order to carry out the provisions of this Agreement.

                            [Signature Page Follows]
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the day and year first above written. This Agreement may be executed in one or
more counterparts and will be deemed effective when each of the parties shall
have executed a copy hereof.

[TRANSFEROR]                            [CHARTERER]

By:                                     By:
   -----------------------------------     -------------------------------------
   Name:                                   Name:
   Title:                                  Title:

[TRANSFEREE]

By:
   -----------------------------------
Name:
Title:

SK 25767 0001 739068

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