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Sunday, May 27, 2018

Maritime Logistics Professional

Posted by October 7, 2014

Star Bulk Collects $8.016m From Sale of Its Claim Against Pan Ocean

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.

 

Pan Ocean Star Bulk Carriers Corp.STAR BOREALIS LLCSeoul Central District Court