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Blue Star Maritime (BSMD)

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Wednesday 26 September, 2007

Blue Star Maritime

Statement re Voting Rights

Blue Star Maritime S.A.
26 September 2007



                                  ANNOUNCEMENT

               PROCEDURE FOR NOTIFICATION OF SIGNIFICANT HOLDINGS
            IN ACCORDANCE WITH THE PROVISIONS OF GREEK LAW 3556/2007


Blue Star Maritime S.A. (the Company), in order to inform and facilitate its
shareholders, provides hereby information regarding the obligation and the
procedure for notification of significant holdings, in accordance with the
provisions of Law 3556/2007 (the Law), Decision 1/434/03.07.2007 issued by the
Board of Directors of the Hellenic Capital Market Commission (the Decision) and
the clarifications provided by the Guidance Circular 33/03.07.2007 issued of the
Hellenic Capital Market Commission (the Circular).


OBLIGORS - NOTIFICATION OF SIGNIFICANT HOLDINGS OR VOTING RIGHTS:

In accordance with article 14 paragraph 2 of the Law, the following persons:

a) every shareholder of the Company, who acquires or disposes shares with voting
rights that are listed on a regulated market and

b) every person (shareholder or not) who is entitled to acquire, dispose or
exercise voting rights in the Company and as a consequence the percentage of
voting rights that such person holds is equal or exceeds or is below the
thresholds of 5%, 10%, 15%, 20%, 25%, 1/3, 50%, and 2/3, or

c) every shareholder holding a percentage of voting rights higher than 10%, if
this percentage increases or decreases by 3% or more than 3% of the total voting
rights of the Company,

have a personal obligation to notify the above events to the Company and to the
Hellenic Capital Market Commission.


The Company in order to facilitate the calculation of the levels that a
significant change of holding in the voting rights should be disclosed, has
announced on 20/09/2007, the total number of voting rights and its paid up share
capital. The announcement has been posted at the Company's website
(www.bluestarferries.com) as well as at the Athens Exchange website
(www.athex.gr).


We would like to draw the attention of the Company's shareholders that until
30.09.2007, the above mentioned obligors that have a significant holding in the
voting rights of the Company, shareholders or not, are obliged to notify the
Company and the Hellenic Capital Market Commission about the percentage of the
voting rights and of the paid up share capital of the Company that they hold, in
accordance with articles 9 and 10 of the Law, unless they have already made such
notification according to the abolished presidential decree 51/92.

PROCEDURE AND TIME FOR SUBMITTING THE NOTIFICATION - COMPETENT AUTHORITIES:
1. The above mentioned obligors for notification, in accordance with articles 9,
10 and 11 of the Law, must notify any significant change of their holding in the
voting rights of the Company, simultaneously to the Company and the Hellenic
Capital Market Commission as soon as possible and in any case, the latest within
three (3) trading days, the first day of which being the next day after the date
on which the obligor:

a) is informed of the acquisition of or the disposal of voting rights or of the
right to exercise voting rights, or
b) taking into account the circumstances each time, the obligor should have been
informed of the acquisition or the disposal or the right to exercise the voting
rights, irrespective of the date on which the actual acquisition or disposal or
the right to exercise the voting rights actually took place, or
c) is informed of an event mentioned in article 9 paragraph 3 of the Law.

The Hellenic Capital Market Commission publishes on its website (www.cmc.gov.gr)
the trading calendar of regulated markets that are located or operate in Greece.



To the extent that the above information may be considered as privileged, the
obligor must act with the required diligence in monitoring the orders given for
the execution of the transactions and take the necessary measures, in order to
be informed in due time whether they were executed or not and accordingly to
proceed with their notification.


2. In accordance with article 14 of the Law, the notification to the Company and
to the Hellenic Capital Market Commission should include the following
information:

a) the percentage of voting rights held pursuant to the acquisition or the
disposal,
b) the chain of the controlled companies through which the voting rights are
essentially held, as the case may be,

c) the date on which the percentage of the voting rights reached, exceeded or
went below the above mentioned thresholds, and

d) the identity of the shareholder, even if such shareholder does not have the
right to exercise the voting rights in accordance with article 10 of the Law, as
well as the identity of the person who is entitled to exercise the voting rights
on behalf of the said shareholder.


The simultaneous notification to the Company and to the Hellenic Capital Market
Commission is made by submitting to both of them the respective Notification
Form, a specimen of which is being posted on the Hellenic Capital Market
Commission website (www.cmc.gov.gr) both in English and in Greek. The Annex
attached to the specimen, is to be filled in by the obligors with their personal
details and to be submitted only to the Hellenic Capital Market Commission. When
filling in the Annex, it is recommended that, in addition to what is already
mentioned there, the obligor mentions his/her father's name. It is noted that
the obligor is liable for the accuracy of the notification and for any mistakes
or omissions in it.
Furthermore, it is highlighted that the notification form must be submitted to
the Company and to the Hellenic Capital Market Commission dully executed
(signed). The notification form is dully signed when bearing the signature of
the obligor or of any other legally authorized person. In case the obligor is a
legal entity, the notification form is signed by its legal representative. In
any case, along with the notification form the respective authorization
documents must be also submitted to the Company and to the Hellenic Capital
Market Commission. Such documents remain in force until they are revoked.


The dully signed Notification Form is submitted:

a) to the Company, at its offices (157, C.Karamanli Avenue, 16673, Voula,
Athens, Greece) to the attention of Shareholders Services Department (telephone
number + 30 210 8919840), during working days and hours, bearing the note
'Notification of significant change in voting rights in accordance with the Law
3556/2007'. In order to facilitate the shareholders, the notification form can
be sent by fax at number + 30 210 8919849, with an attached cover page that will
mention the details of the sender, his/her signature, a contact number and the
number of the pages sent.

b) to the Hellenic Capital Market Commission, at its central protocol service
(1, Kolokotroni  and Stadiou Street, post code 105 62, Athens, Greece),
addressed to the Department of Public Offerings and Supervision of Listed
Companies, bearing the note 'Notification of Significant Change in voting rights
in accordance with the Law 3556/2007'. The submission can be also made by
sending a fax at number +30 210 3377243. In such case, the notification form
must be attached to a cover page mentioning the details of the sender, his/her
signature, a contact number and the number of the pages sent. The obligor is
responsible for the successful transmission of the documents and their delivery
to the competent protocol service.

In any case, the competent authority for supervising the obligation for
notification is the Hellenic Capital Market Commission.


SANCTIONS:

It is noted that, according to article 26 of the Law, in case the provisions of
the Law and the decisions issued thereupon are violated, the Hellenic Capital
Market Commission can either address a reproach or impose a fine up to euro
1,000,000.



For further information, the Company's shareholders may contact the Company
during working days and hours at telephone number + 30 210 8919840 or may visit
the Hellenic Capital Market Commission's website (www.cmc.gov.gr) where the Law,
the Decision and the Circular are being posted.


                          Voula, 25th September, 2007


                      This information is provided by RNS
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