Star Bulk Updates on the Charterers of the Star Gamma
ATHENS, GREECE, February 22, 2011 - Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), today announced that on February 18, 2011 the Company received a letter from Korea Line Corporation ("KLC"), the charterer of the supramax Star Gamma ("The vessel"), requesting an agreement on adjustment of charter hire. Additionally, the Company was notified of the commencement of rehabilitation proceedings of KLC in Korea and the related schedule for making claims against KLC in those proceedings. The charter with KLC has a term that ends in December 2011. Currently, KLC owes the Company approximately $1.1 million in charterhire for the vessel. The Company has asserted liens in respect of certain amounts due to KLC under sub-charters relating to the vessel. In the meantime, the Company has addressed a letter to the Receivers for KLC in the rehabilitation proceedings requesting them to clarify their intentions regarding the charterparty pursuant to the provisions of Korean law. Alternative employment of the Vessel, subject to approval of the Korean Courts while awaiting Receivers' response to above letter may be sought by the Company in order to mitigate any potential loss associated with the rehabilitation proceedings.
About Star Bulk
Star Bulk is a ship owning and ship operating 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 such as 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 Market under the symbol "SBLK". Currently, Star Bulk has an operating fleet of eleven dry bulk carriers with a further two Capesize vessels currently under construction. The total fleet consists of thirteen vessels, five Capesize and eight Supramax dry bulk vessels, with a combined cargo carrying capacity of 1,287,685 deadweight tons. The approximate average age of our current operating fleet is 10.5 years.
Star Bulk Carriers Corp.