Star Bulk Carriers Corp. , a global shipping company focusing on the transportation of dry bulk cargoes, today announced that following the settlement and adjudication of the Company’s subsidiary STAR BOREALI S LLC claim for damages and due hire related to the repudiation of the long - term time charter of the M/V Star Borealis by charterer PAN OCEAN Co Ltd., previously filed with the Seoul Central District Court, Korea, STAR BOREALIS negotiated, sold and assigned the rights to the Adjudicated Claim to an unrelated third party against a consideration of eight million sixteen thousand dollars collected in full, the company said in its press release.
The Company will record a gain of approximatel y $9.38 million in relation to the above sale , inclusive of the extinguishment of a $1.36 million liability related to the amount of fuel and lubricants remaining on board of the Vessel at the time of the charter repudiation.
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, coal and grain and minor bulks which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Select Market under the symbol "SBLK”. On a fully delivered basis, Star Bulk has a fleet of 103 vessels, with an aggregate capacity of 11.9 million dwt, consisting primarily of Capesize, as well as, Kamsarmax, Panamax, Ultramax, Supramax and Handymax vessels with carrying capacities between 38,800 dwt and 209,000 dwt.