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Blue Star Maritime (BSMD)

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Thursday 24 May, 2007

Blue Star Maritime

1st Quarter Results

Blue Star Maritime S.A.
24 May 2007



                   BLUE STAR MARITIME S.A. GROUP OF COMPANIES
             REVIEW OF FINANCIAL RESULTS FOR THE FIRST QUARTER 2007


Review of first quarter 2007 financial results

Blue Star Group significantly improved its financial results for the first
quarter of 2007. Particularly, consolidated revenue stood at Euro 28.45 mln
against Euro 21.18 mln in the first quarter of 2006, an increase of 34.3%.
Earnings before taxes, investing and financial results, depreciation and
amortization (EBITDA) grew to Euro 3.79 mln against Euro 1.46 mln (159.6%
increase) while Losses after taxes and Minority Interests stood at Euro 1.85 mln
considerably reduced from Euro 2.05 mln in the same period of previous year.

Contributing to the growth in revenue was the marked improvement in load factors
across the Cyclades routes, where, total volumes carried increased both in
passengers and private vehicles as well as in freight units. The percentage
increase of the volumes carried exceeded the percentage increase of the executed
sailings. Contributing to the increase in revenue was also the deployment of car
- passenger ferry Diagoras, which was acquired in July 2006, during the first
quarter to the Dodecanese Island's routes and the increase in yield obtained per
passenger and vehicle carried following the partial liberalization of the
pricing policy in the Greek domestic market routes in May 2006 and the
introduction by our Group of a flexible commercial policy matching supply and
demand.

Lastly, the improvement in load factors across the Greece - Italy routes, also
contributed to the revenue growth, where by executing 39% fewer sailings, after
the redeployment of vessel Blue Star 1 in the North Sea route, the Group has
significantly improved the volumes carried and revenue per sailing compared to
the same period last year.

Operational profitability for the Group (EBITDA) was more than doubled mainly
due to the significant revenue growth, the reduction in the price of fuel oil
compared to the same period of last year and also the deployment of vessels on
routes on which they can be fully exploited year-round.

Lastly, it is worth noting that in the course of the first quarter of 2007 the
Losses after Taxes and Minority Interests were reduced despite the fact that
during the current period there was no extraordinary profit from vessels' sale,
which in the course of the first quarter of 2006 stood at Euro 1 mln
approximately. This confirms the Group's significantly improved performance in
the present period.

Balance Sheet and Cash Flow Statement

As regards the Balance Sheet and the Cash Flow Statement, it is worth noting
that the Group improved its cash position compared to 31/12/2006, although the
first quarter is traditionally the slowest in terms of both volumes and revenue,
owing to the seasonal nature of tourism. The sound management of Group's assets
and mainly of its receivables and payables, contributed to this improvement.

Developments in the Group

The most important developments in our Group in the course of the first quarter
of 2007 were:

In January 2007, the vessel Blue Star 1 has been redeployed from the
Greece-Italy route to the Scotland-Belgium route in the North Sea. Based on the
performance of the route, Blue Star Ferries Management expects that the
redeployment of the vessel in the North Sea will further enhance the financial
results of the Group.  Blue Star 1 commenced its service on the route on 29th
January, 2007.

In March 2007, our Group was voted 'Best Shipping Company for traveling to the
Greek Islands' by readers of Voyager magazine for second consecutive year. Our
Group was specifically awarded top votes by the readers of the magazine across
the categories of: Feeling of safety, Cleanliness, Quality of Service, Cabins.

Volumes carried and market analysis

Total volumes for the Group, for the first quarter stood at 544,349 passengers,
76,084 private vehicles and 38,545 freight units. Compared to the same period
last year, total volumes carried grew by 14.1% in passengers, by 18.5% in
private vehicles and by 29.6% in freight units.

Specifically, as far as the Greek domestic market is concerned, the Group's
fleet carried 511,868 passengers against 452,481 the previous year (13.1%
increase), 69,646 private vehicles against 60,801 the previous year (14.5%
increase) and 27,642 freight units against 21,587 the previous year (28.6%
increase) over 22.6% more sailings following mainly the addition of the
car-passenger ferry Diagoras to the Dodecanese Islands' routes.

On the Greece - Italy routes, where the Group was present with one vessel
throughout the first quarter, due to the redeployment of vessel Blue Star 1 to
the Scotland-Belgium route and over 39% fewer sailings, 20,537 passengers were
carried against 24,545 the previous year (16.3% decrease), 2,932 private
vehicles against 3,403 private vehicles the previous year (18.0% decrease) and
6,478 freight units against 8,149 freight units the previous year (20.5%
decrease).

Market shares for the Group on the Greece - Italy routes in passengers stood at
7.0% (33.9% market share decrease), 4.6% in private vehicles (30.3% market share
decrease) and 5.5% in freight units (33.7% market share decrease). Market shares
are derived from the Greek port authorities of Patras and Igoumenitsa. Market
shares decrease in the course of the first quarter of 2007 is due to the
employment of one vessel on the Greece - Italy routes against two vessels in the
same period last year.

Lastly on the Scotland-Belgium route, where the Group started trading with the
vessel Blue Star 1 as from the 29th January, 2007, volumes carried stood at
11,994 passengers, 3,646 private vehicles and 4,425 freight units.

Outlook for the current period

Following the positive developments presented earlier, in terms of financial
results as well as regarding the developments on traffic volumes, the Group's
management considering the full year operation of vessel Diagoras, the
redeployment of vessel Blue Star 1 to the North Sea route, the application of a
flexible pricing policy in the Greek domestic market and at the same time
awaiting a better summer traffic compared to last year and that the price of
fuel oil will remain lower compared to last year, 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
International and Greek domestic market, through the acquisition or building of
modern conventional vessels, provided that suitable market conditions develop.

Voula, May 21, 2007


                      This information is provided by RNS
            The company news service from the London Stock Exchange               RGNZM                                                                                                                                                                                                                                                          

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