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Blue Star Maritime (BSMD)

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Thursday 18 May, 2006

Blue Star Maritime

Fine imposition

Blue Star Maritime S.A.
18 May 2006



                            BLUE STAR MARITIME S.A.

                                 ANNOUNCEMENT


Blue Star Maritime S.A. announces that the European Court of Justice did not
accept our appeal against the decision of the European Court of First Instance
dated December 11, 2003 in relation to the fine of Euro 1,5 million imposed in
1998 to our company by the European Commission.

Following this decision, the amount of Euro 2,094,000, which includes capital
plus accrued interest, will be paid by May 31, 2006.

It should be noted, that a provision for the full amount has already been posted
to company's accounts in previous financial years and therefore there will be no
effect to the financial results of year 2006.



                               Voula, 18 May 2006




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