Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced that the vessel Star Sigma, which was time chartered to Pacific Bulk Shipping Ltd. of Hong Kong until October 2013 at a gross daily rate of $38,000, was redelivered to the Company.

Pacific Bulk has agreed to pay the Company a lump sum of $5.734 million in cash for the early redelivery of this vessel. The Company received a cash installment of $3.5 million on January 5, 2012 and the remaining balance of $2.234 million is scheduled to be paid by Pacific Bulk on/or about January 20, 2012. In addition to the lump sum payment, Pacific Bulk supplied Star Sigma with 1,027 metric tons of fuel, valued approximately $0.7 million.

Following its redelivery to the Company, the Star Sigma was employed in the spot market under a voyage charter, at a gross daily time charter equivalent rate of approximately $29,400, and is expected to complete its voyage in early April 2012.