The Board of Directors of Blue Star Maritime S.A. is pleased to announce that Blue Star Group significantly improved its financial results for the first quarter of 2006. Revenue stood at Euro 21.18 mln against Euro 17.11 mln in the first quarter of 2005, an increase of 23.8%. Earnings before taxes, investing and financial results, depreciation and amortization (EBITDA) grew to Euro 1.46 mln against Euro 1.07 mln (35.9% increase) while Losses after tax and minority interests stood at Euro 2.05 mln reduced considerably from Euro 4.38 mln in the same period of previous year.

Contributing factors to the Group's increased revenue were:
- The improvement in load factors across the Cyclades and Dodecanese routes, where, over 19.3% fewer sailings compared to the same period last year, total volumes carried increased significantly both in passengers and private vehicles as well as in freight units.
- - The significant growth in freight carried on the Greece - Italy routes, where whilst executing approximately double the sailings compared to the first quarter of the previous year, total freight units carried more than doubled.

Operational profitability for the Group (EBITDA) improved considerably despite the continuous upward trend in the price of fuel oil. Total fuel and lubricants expenses for the Group rose by 63.7% compared to the same period in the previous year despite the fewer sailings performed. Nevertheless, operational profitability (EBITDA) improved considerably due to:
- The significant revenue growth.
- The deployment of vessels on routes on which they can be fully exploited year-round.
- The upholding of all other operational expenses of the vessels at approximately the same level as in the previous year.

The significant decrease of Losses after taxes was due to the reduction in financial expenses following the successful refinancing of the Group's debt obligations in June 2005 and the approximately Euro 1 mln profit booked from the sale of passenger catamaran Seajet 2 which was concluded in March 2006. As regards the Balance Sheet and the Cash Flow Statement, it is worth noting that the Group maintained its cash position at the same level as at year-end 2005, although it fully repaid its short-term debt obligations, which stood at Euro 2.2 mln, using its own cash. This confirms that, although the first quarter is traditionally the slowest in terms of both volumes and revenue, owing to the seasonal nature of tourism, the Group achieved an impressive performance due to the sound management of its assets. The most significant development in the sector was the recent (May 2006) liberalization of fares in the Greek domestic market. This decision of the Greek government is a step closer towards the harmonization of the Greek regulatory framework with European Regulation 3577/92 on maritime transport within Member States, although there are still many issues to be resolved until a fully liberalized environment of operation is in place. As a result of this decision, companies in the sector are now able to apply a flexible pricing policy based on demand and supply aiming at the expansion of their customer base. Total volumes for the Group, for the first quarter stood at 477,026 passengers, 64,204 private vehicles and 29,736 freight units. Compared to the same period last year, total volumes carried grew by 5.7% in passengers, by 5.9% in private vehicles and by 31.1% in freight units. It should be noted that the above growth was attained against 12.4% fewer sailings compared to the first quarter of 2005. Following the positive developments presented earlier, in terms of financial results and traffic volumes as well as regarding the developments on the liberalization of Greek domestic market, the Group's management is planning for this summer to apply a flexible commercial policy, based on market demand and on the level of services offered. Furthermore, judging from the volumes carried during the Easter period and awaiting a better summer traffic compared to last year, the Group's management expects a further improvement in the financial results of the current year.

Lastly, it should be noted that the Group's management will continue to examine the development of new routes or the strengthening of the existing ones in the Greek domestic market, through the acquisition or building of modern conventional vessels, provided that suitable market conditions develop. The Consolidated and Company Financial Statements will be published in the press and will be posted on the Athens Exchange and Group (www. bluestarferries.com) websites today, Friday 26th May, 2006.

For more information please contact:
Mr. Dionissis Theodoratos
BLUE STAR MARITIME S.A.
Τel.: +30 210 891 9820
Fax: +30 210 891 9829
e-mail: theodoratos@bluestarferries.com
www.bluestarferries.com