Star Bulk Receives $24.3 Million Proceeds in Full Settlement for the Star Ypsilon Claim
ATHENS, GREECE, October 22, 2010 - Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), today announced that the claim involving the vessel Star Ypsilon has been settled. Under the settlement, the Company has received the amount of $22.22 million as settlement for the unrealized revenues due to the interruption of the time charter of the Star Ypsilon that occurred in July 2009. Star Bulk received separately the amount of $2.08 million for unpaid charter hire, bunkers and interest, bringing the total amount collected to $24.30 million in relation to full and final settlement of this claim.
Akis Tsirigakis, President and CEO of Star Bulk, commented: "We are delighted to have collected $24.3 million, or approximately $0.39 per Star Bulk share outstanding, as settlement for the Star Ypsilon claim. This event brings closure to a cumbersome legal case that could have resulted in a prolonged legal process before arriving at a final, unappeasable and collectable award. Further, the amount collected represents a major portion of the quantum of the claim originally pursued. This development boosts our already strong balance sheet providing us with additional liquidity, further enabling us to pursue our strategic and growth endeavors."
About Star Bulk
Star Bulk Carriers Corp.