Internal Reporting, Procedures & Control Efficiency with Microsoft

Dynamics NAV

Sotiris Moschovos, Internal Auditor, Starbulk Carriers Corp.

∗ Starbulk Carriers Corp. is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector.

∗ Its common stock trades on the Nasdaq Global Market.

∗ An operating fleet of 15 dry bulk carriers. ∗ 9 third party dry bulk vessels under management. ∗ Agreements for the construction of 9 fuel efficient

dry bulk vessels, to be delivered 2015 and 2016

Starbulk Carriers Corp.

∗ Plan Maintenance, Purchasing, Financial, Crew and Revenue & Expense Ledger modules went live on time in only 3 months, complete with data migration from legacy systems.

∗ Freight Collection, Vessel Operations and ISM modules live within the following month.

∗ Completion of project with a Business Intelligence (BI) tool scheduled for January 2014, setting a record time of 10 months for an ERP implementation in the shipping industry.

Microsoft Dynamics NAV Maritime Solution

∗ Authorization and Security

∗ Validity

∗ Precision

∗ Safeguarding

Control Efficiency for financial information

Authorization and Security using Microsoft Dynamics NAV

Roles for specific areas and tasks,

and Limiting Accessibility

∗ Application Controls and Data Validation

Validity using Microsoft Dynamics NAV

Precision using Microsoft Dynamics NAV

Safeguarding using Microsoft Dynamics NAV

Safeguarding using Microsoft Dynamics NAV

Safeguarding using Microsoft Dynamics NAV

Procedures: Workflow Approval

Workflow Approval Rules per Document Type

type

Workflow Roles per Company

Procedures: Alert and Notifications

Notification Messages

Alerts

Special Features to ensure timely and accurate Financial Reporting:

∗ Multilevel intercompany transactions. ∗ Automated realized exchange difference calculation. ∗ Revenue & Expense Allocation. ∗ Automated Commitment Entries. ∗ Automated Accrual Entries

Special Features

Revenue & Expense Allocation

Automated Commitment & Accrual Entries

Internal Reporting

Second Level Internal Reporting

Third Level Reporting

∗ Our Internal Controls and Processes have not been altered due to the change in system.

∗ External Audit completed regarding our 3rd Q Financial Results with no issues identified.

SOX Compliance