Star Bulk Collects $8.016 Million From the Sale of Its Claim Against PAN OCEAN

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 BOREALIS LLC (“STAR BOREALIS”) claim for damages and due hire related to the repudiation of the long-term time charter of the M/V Star Borealis (“Vessel”) by charterer PAN OCEAN Co Ltd., previously filed with the Seoul Central District Court, Korea, (“the Adjudicated Claim”), 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 will record a gain of approximately $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.

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. Our fleet currently includes 41 operating vessels and 35 currently under construction at shipyards in Japan and China. All of the newbuilding vessels are expected to be delivered during 2014, 2015 and early 2016.
Source: Star Bulk Carriers Corp.