Τhe Board of Directors of Blue Star Maritime S.Α. announces that consolidated net profit after tax rose by 130% compared to the previous year and stood at Euro 10.9 million against Εuro 4.7 million in 2003.

The Board of Directors has decided to propose to the Annual General Shareholders' Meeting the distribution of dividend of euros 0.06 per share, an increase of 66% over last year's dividend.

Τhe Group's results for 2004 compared to the previous year stood at:

In Εuro thousand

2004 2003 Change%

Turnover 128,495 131,752 -2.5%

Earnings before Interest, Depreciation and Εxtraordinaries (EBITDA) 33,150 30,985 7.0%

Net Profit before Tax 11,101 4,944 124.5%

Net Profit After Tax 10,895 4,731 130.2%

The strong performance of the Dodecanese Islands, the Cycladic Islands and the Patras - Igoumenitsa - Bari routes contributed to the Group?s improved results. Τhe ships serving on these routes exhibited improved load factors and were market favourites among passengers and hauliers as they offered high quality services and punctuality in service.

It should be noted that total turnover remained almost stable despite the reduction in fleet size following the sale of older vessels Blue Sky (Μarch 2004), Blue Bridge (Μay 2004), Cesme 1 (Οctober 2004) and Kefalonia (Νovember 2004).

The significant improvement in net profit is primarily due to the sale of older vessels whose employment was not efficient, the successful redeployment of Blue Horizon from the Patras ? Igoumenitsa - Corfu - Venice route to the Patras ? Igoumenitsa ? Bari route in the Adriatic Sea as well as to the improved capacity utilization of the vessels during the year. This improvement was achieved despite the overall reduction in total passenger and vehicle traffic in domestic and international routes that took place during 2004.

It should be noted that the Group?s results improved despite the large increase in depreciation charges by 11% compared to the previous year and a Euro 2.4 million provision which relates to the possible cost of repayment of the Convertible Bond in case the convertibility option is not exercised. Τhe Group?s results also include an additional provision of Euro 750,000 regarding the remaining half of the fine imposed to the parent company by the Competition Commission of the European Union in December 1998 although the Company has made an appeal against the decision taken by the European Court of First Instance on 11th December, 2003. The above adjustments have been made for the proper preparation of the Group for the introduction of International Financial Reporting Standards in 2005.

Τotal volumes carried by the Group were:

2004 2003 Change%

Passengers 3,853,418 3,933,516 -2.0%

Private Vehicles 533,044 556,016 -4.1%

Freight Units 129,619 125,031 3.7%

The Group achieved the goals set in the previous year and aims to continue with the development of new routes in the Greek domestic services and abroad through the acquisition or building of modern conventional fast vessels. The Group?s Management is constantly examining the developments in the Greek domestic market and the trends of the shipbuilding industry and studies the possible deployment of new vessels on new routes with a view to improving the operational efficiency of the vessels and the further increase of the Group's results in 2005. On this basis, on 15th February 2005, the Group announced the suspension of the route Piraeus - Chania - Piraeus and the redeployment of the vessel to the Patras - Igoumenitsa - Bari route further strengthening the company?s presence in the Greece - Italy route.