Star Bulk Sells Capesize Ship, Settles Deiulemar Claim

Saturday, February 25, 2012
Star Bulk Carriers sold the 150, 940 dwt, 1991-built Star Ypsilon for $9.12m. (Photo: Star Bulk Carriers)

Star Bulk Carriers Corp. (Nasdaq: SBLK) has entered into an agreement to sell the Star Ypsilon, a 150,940 dwt Capesize vessel, built 1991, to a third party for a contracted sale price of $9.12 million. The Company plans to deliver the vessel to the buyers within March 2012. Also, Star Bulk announced that its subsidiary Star Beta LLC and Deiulemar Shipping S.p.A ("Deiulemar") agreed to settle all claims that were the subject of an ongoing arbitration. In connection with the settlement, the Company received a major portion of its arbitration claim and the arbitration proceedings were discontinued. In addition, the cash collateral posted by the Company as security in the arbitration proceedings was released and returned to the Company.

 

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