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Blue Star Maritime (BSMD)

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Wednesday 17 May, 2006

Blue Star Maritime

AGM Statement

Blue Star Maritime S.A.
17 May 2006

                             BLUE STAR MARITIME S.A.


The Annual General Shareholder's Meeting of BLUE STAR MARITIME S.A. took place
today 17th May, 2006. During the meeting shareholders holding 71,054,808 shares,
67.67% out of 105.000.000 common bearer shares were present. The AGM decided
unanimously (except shareholders holding 10 shares who abstained from voting) on
the following:

1.      Approved the annual financial accounts and the annual consolidated
financial accounts for the year 2005 as well as the report of the Board of

2.      Discharged the Board of Directors and the Certified Auditors from any
responsibility for the year 2005.

3.      Approved the distribution of profits and payment of dividend amounting
to Euro 7,350,000 or Euro 0.07 per share. Entitled to the dividend are the
shareholders at the end of Stock Exchange's trading session on 29/06/2006.
Effective Friday 30/06/2006, shares will be trading ex-dividend. The payment of
the dividend shall begin on Monday 10/07/2006.

4.      Approved the Directors' fees.

5.      Appointed Mr. Athos Stylianou of DRM STYLIANOU S.A., member firm of RSM
International as Certified Auditor for the year 2006.

6.      Elected a new Board of Directors with the following members:

Charalambos Paschalis, Michael Gialouris, Michael Sakellis, Spiros Paschalis,
Alexander Panagopulos, Anthony D. Strintzis, Pericles Panagopulos and as
independent non-executive members the following: Dimitrios Klados, Emmanouil

                               Voula, 17 May 2006

For more information please contact:
Mr Dionissis Theodoratos
Tel.: +30 210 891 9820
Fax : +30 210  891 9829
e-mail: [email protected]

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

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