Star Bulk Carriers Corp. (NASDAQ: SBLK) announced that following the settlement and adjudication of the company's subsidiary Star Borealis 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 Bolrealis 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.