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Blue Star Maritime (BSMD)

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Wednesday 28 November, 2007

Blue Star Maritime

Nine Months Results

Blue Star Maritime S.A.
28 November 2007







                             BLUE STAR MARITIME S.A.



                                 PRESS RELEASE



                           REVENUE INCREASED BY 20.7%

                   NET PROFIT AFTER TAXES INCREASED BY 13.5%

          TO EURO 25.43 MLN IN THE NINE MONTHS ENDED SEPTEMBER 30, 2007

          AGAINST EURO 22.41 MLN IN THE SAME PERIOD OF THE PREVIOUS YEAR



The Board of Directors of Blue Star Maritime S.A. is pleased to announce that
Blue Star Group substantially improved its financial results in the nine months
period ended September 30, 2007. Particularly, consolidated revenue stood at
Euro 136.78 mln against Euro 113.28 mln in the nine months ended September 30,
2006, an increase of 20.7%. Earnings before taxes, investing and financial
results, depreciation and amortization (EBITDA) grew to Euro 42.94 mln against
Euro 36.25 mln (18.4% increase) while Net Profit after taxes and Minority
Interests stood at Euro 25.43 mln considerably increased from Euro 22.41 mln in
the same period of the previous year (13.5% increase).



The Group's key financials for the nine months ended 30th September, 2007,
compared to the same period of 2006 were:



In Euro thousand                  2007               2006                   Ch.%
(except sailings)


Sailings                         3,500              3,190                  +9.7%
Revenue                        136,778            113,282                 +20.7%
Earnings before Taxes,
Investing & Financial Results,
Depreciation &
Amortization (EBITDA)           42,940             36,255                 +18.4%
Net Profit after Taxes
& Minority interests            25,430             22,412                 +13.5%



Contributing to the growth in revenue was the significant improvement in total
volumes carried in the Dodecanese Islands routes, both in passengers and private
vehicles as well as in freight units, due to the deployment of car - passenger
ferry Diagoras throughout the nine months period ended September 30, 2007. The
vessel was acquired in July 2006 and was deployed in August 2006. The increase
in revenue is also due to the increase in yield obtained per passenger and
vehicle carried in the Cyclades and the Dodecanese routes, 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 47.6% fewer sailings,
after the redeployment of vessel Blue Star 1 in the North Sea route, the Group
significantly improved the volumes carried by vessel Blue Horizon and the
revenue per sailing compared to the same period last year.



In the Scotland - Belgium route in the North Sea, where Group's vessel Blue Star
1 is deployed since 29th of January 2007, load factors have reached particularly
high levels while average revenue per passenger, private vehicle and freight
unit carried is much higher compared to revenue produced by the same vessel in
the Greece - Italy routes in the same period of the previous year.



Operational profitability for the Group (EBITDA) improved by 18.4% mainly due to
the significant revenue growth, the slight increase in administrative expenses
as well as the deployment of vessels on routes on which they can be fully
exploited year-round. This improvement was achieved despite the significant
increase by 11% of the average fuel oil prices during the third quarter of 2007,
compared to the same period of the previous year.



Lastly, it should be noted that in the course of nine months ended September 30,
2007, the Net Profit after Taxes and Minority Interests does not include any
extraordinary profit from vessels' sales, which in the same period of 2006 stood
at Euro 1.3 mln approximately.



As regards the Balance Sheet and the Cash Flow Statement, the Group maintained
its strong cash position with cash and cash equivalents growing to Euro 53.18
mln compared to 2006 year-end that stood at Euro 42.24 mln and reduced
significantly its long-term liabilities. Furthermore, cash flow from operating
activities improved and stood at Euro 27.73 mln against Euro 23.28 mln in the
nine months period ended September 30, 2006, confirming the sound management of
Group's assets.



The most important developments in our Group in the course of the nine months
ended September 30, 2007, were:



In January 2007, the vessel Blue Star 1 was redeployed from the Greece-Italy
route to the Scotland-Belgium route in the North Sea. Blue Star 1 commenced
successfully 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.



In June 2007, the Annual General Meeting of Shareholders decided upon the
distribution of dividend for the fiscal year 2006 of Euro 0.09 per share. The
payment of dividend began on Monday 9th July, 2007.



Also, in June 2007, the Group released its first report regarding the Group's
Social Responsibility program that includes the activities that Blue Star
Ferries undertook in 2006 and in the first months of 2007 with respect to
Corporate Social Responsibility.



In September 2007, the parent company Blue Star Maritime S.A., sold its
properties (office buildings) located in the city of Piraeus and in the town of
Rhodes. The total sale price stood at Euro 2.4 mln, enhancing the Group's cash
position.



On October 23, 2007, MIG SHIPPING S.A., a wholly owned subsidiary of MARFIN
INVESTMENT GROUP HOLDINGS S.A. (following the acquisition of the majority of the
voting rights of Attica Holdings S.A. from the above mentioned company),
submitted a mandatory Public Offer to the shareholders of Blue Star Maritime
S.A. in respect of the purchase of the entirety of their common bearer shares
with voting rights, at the price of Euro 3.83 per share, in cash.



The mandatory Public Offer is in progress.



On November 15, 2007, the total (direct and indirect) participation of MARFIN
INVESTMENT GROUP HOLDINGS S.A. in the share capital and voting rights of Blue
Star Maritime S.A. was 50.18%.



It should be also noted that as from 1st October 2007, according to a decision
of competent Greek Authorities, all passenger ships operating on regular
services are obliged to comply with the European Directive regarding the use of
Low Sulphur fuel. The higher cost of Low Sulphur fuel (approximately Euro 15-20
per m/t) combined to the fact that current fuel prices have reached very high
levels, will have a negative impact in the financial results of all companies in
the sector.



Total volumes for the Group, for the nine months ended September 30, 2007, stood
at 2,960,661 passengers, 395,384 private vehicles and 122,033 freight units.
Compared to the same period last year, total volumes carried grew by 3.6% in
passengers, by 8.5% in private vehicles and by 15% in freight units.



Following the developments presented above, in terms of financial results as
well as regarding the developments on traffic volumes, the Group's management by
taking into consideration the increase in fuel oil prices marked during the
third quarter of 2007, as well as in October and November, ascertains that if
such a tendency continues upward, it will constitute a restraining factor for
Group's performance in the fourth quarter of 2007.



The Group's management will continue to examine the development of new routes
and 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. The Group's
management is in contact with shipyards for building new vessels.





                          Voula, 28th  November, 2007



                             The Board of Directors



The Consolidated and Company Interim Financial Statements will be published in
the press and will be posted on the Athens Exchange and Group (www.
bluestarferries.com) websites on Thursday, 29th November, 2007.







For more information please contact:

Mr. Dionissis Theodoratos

BLUE STAR MARITIME S.A.

Tel.: +30 210 891 9820

Fax: +30 210 891 9829

e-mail: [email protected]



www.bluestarferries.com






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