Star Bulk Ship Off Hire Following Engine Failure

Press Release
Sunday, July 22, 2012

Greece's Star Bulk Carriers Corp. announce a recent incident involving their chartered bulker, 'Star Polaris'

Star Bulk Carriers Corp. announce that their Star Polaris sustained main engine failure while sailing from the port of Dangjin, South Korea.

The ship is currently docked in South Korea where it is undergoing repairs, which are expected to be completed in approximately four months.

As a result, Star Polaris has been declared off hire by its charterers.

Subject to the completion of an investigation into the cause of the engine failure, the Company will seek to recover the cost of the repairs and damages related to the vessel being off hire under the Warranty of Quality provided by the shipyard where it was constructed, and the Company's Hull and Machinery insurance policy, if applicable.

Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece.

Currently, Star Bulk has an operating fleet of fifteen dry bulk carriers, consisting of seven Capesize, and eight Supramax dry bulk vessels with a combined cargo carrying capacity of 1,625,945 deadweight tons. The average age of its current operating fleet is 10.4 years.

 

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