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.