The STAR POLARIS, a vessel owned by Athens-headquartered Star Bulk Carriers Corp. (the "Company”) (Nasdaq: SBLK), sustained bottom damage when entering the port of Eregli, Turkey, the Company's news release said.
Following a survey of the damages, the vessel proceeded for permanent repairs to Daewoo Mangalia shipyard in Romania. The repairs are expected to be completed in approximately thirty days. As a result of the incident, the vessel has been declared off hire by its charterers. The Company has commenced an investigation into the circumstances of the incident and has reserved its rights relating to the unsafeness of the port. The Company expects the cost of the repairs to be covered by the vessel’s hull and machinery insurance policy, subject to the applicable terms.