Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (NASDAQ: SBLK), today announced that the Company received a letter from Korea Line Corporation ("KLC"), the charterers of the Star Gamma ("the vessel'), announcing the termination of the charterparty, effective immediately. No hire has been received since the Company's public announcement on February 22, 2011 informing shareholders that KLC had commenced rehabilitation proceedings in Korea. The Company will do its utmost to secure the value of the terminated charterparty. Following the termination, the Company immediately entered into a time charter contract with STX Pan Ocean for the vessel for a period of 4-6 months , at a gross daily rate of $17,000. The Star Gamma is a Supramax vessel of 53,098 dwt built in 2002.
Source: Star Bulk