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Blue Star Maritime (BSMD)

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Tuesday 20 June, 2006

Blue Star Maritime

Dividend Declaration

Blue Star Maritime S.A.
20 June 2006


                              ANNOUNCEMENT

                    DIVIDEND PAYMENT FOR YEAR 2005


The Company announces that as per the decision of the Annual General Meeting of
Shareholders which took place on 17th May, 2006, dividend for year 2005 has been
set at Euro 0.07 per share. Entitled to the dividend are bearers of shares at
the closing of the Athens Exchange session on 29th June, 2006. As of Friday 30th
June, the shares will trade ex-dividend. Payment of the dividend will commence
on Monday 10th July, 2006.

Payment of the dividend will take place as per the new procedure set out by
article 329 the Regulation of the Athens Exchange and article 329 of the
Regulation of the Central Securities Depository.

Payment will take place via the National Bank of Greece, as per below:

 1. The custodians of shareholders (brokerages and banks) via the Custodian
    Services division of the National Bank of Greece, 3rd floor, 6 Karagiorgi
    Servias Street, Athens 10562, tel.: +30 210 334 0611 and +30 210 334 0613,
    contact persons: Messrs. Ioannis Xidis and Ilias Dimitriou.

 2. Shareholders who have not authorized their custodians can collect payment of
    the dividend via the branch network of the National Bank of Greece by
    presenting their certificate of entitlement to dividend and their identity
    card.

For those shareholders who have not authorized custodians to collect on their
behalf, payment will commence as of 17th July, 2006 via the branch network of
the National Bank of Greece.  Shareholders will need to present their
certificate of entitlement to dividend and their identity card.

Payment of the dividend may be made to a third party provided they present, in
addition to the above, a statement of proxy with the full data of the
shareholder entitled to the dividend payment, verified for the authenticity of
its signature by the Police or other qualified authority.

Payment of the dividend via the National Bank of Greece will last until 9th
July, 2007.  After 9th July, 2007, payment will take place only at the company's
offices at 157 C. Karamanli Avenue, Voula 16673, Greece, tel.: +30 210 891 9840,
Shareholder Services Department.


                             Voula, 20th June, 2006


                      This information is provided by RNS
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