We have gained certification for ISO 14000 Environmental Management. This certification ensures that all shore-side as well as shipboard operations and processes conform to strict standards aimed at protecting the environment and are documented, verifiable and constantly improving.

We actively participate along with a handful of major shipping companies in the European Union's energy efficiency research program entitled Targeted Advanced Research for Global Efficiency of Transportation Shipping or you might have heard it as TARGETS.

These two developments show our continued commitment towards enhancing our corporate responsibility and the quality of our operations, while still of course keeping focus on reducing our operating costs.

On the next slide four, we illustrate Star Bulk's growth overview. Within 2010, we have already contracted growth equal to 57% of our current fleet deadweight or 27% in number of vessels.

As you can see on the two graphs, Star Bulk has managed to grow its original fleet of eight vessels and just under 700,000 deadweight tons to 13 vessel of over 1.4 million tons within four years. This means that based on our current contract, our fleet will grow by 111% in deadweight and 62.5% in vessel terms by the end of 2011.

It is worth noting that in the process of growing our fleet, we have also been renewing it. During this period, we have sold three of our oldest ships and bought seven younger vessels, while we have also ordered two newbuilding Capesize vessels.

On slide five, we depict the results of our operating cost reduction campaign. This was achieved while enhancing our quality, as measured by objective metrics such as exceptional Port state control records and quality certifications.

As you can see in the two graphs, our operating expenses, or OpEx as we call it, has steadily decreased, both overall, but more importantly on a per vessel per day basis. Actually, our efforts towards operating cost reductions have played an important role in our improved financial performance. We are confident that our in-house technical management will continue to be instrumental in our quality objectives, while further optimizing our vessel operating costs.

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