The Annual General Shareholder's Meeting of BLUE STAR MARITIME S.A. which took place today 18th May, 2005, decided unanimously on the following matters :

1. Approval of the annual financial accounts and the annual consolidated financial accounts for the fiscal year 2004 and submission and approval of the reports of the Board of Directors.

2. Discharge of the Board of Directors and the Certified Auditors from any responsibility for the year 2004.

3.Approval of the distribution of profits and the payment of dividend of Euro 0,06 per share. Entitled to the dividend are the shareholders at the end of Stock Exchange?s trading session on 24/06/2005. Effective Monday 27/06/2005, shares will be trading ex-dividend. The payment of the dividend shall begin on Monday 11/07/2005.

4.Approval of the Director's fees.

5. Certified the election of Mr Michael Sakellis as a new member of the Board of Directors in replacement of resignated member.

6. Appointment of DRM STYLIANOU S.A., a member of RSM International as Certified Auditors for the year 2005.