Star Bulk Receives $24.3M for Star Ypsilon Settlement

Tuesday, October 26, 2010

Star Bulk Carriers Corp. (NASDAQ: SBLK), announced that the claim involving the vessel Star Ypsilon has been settled. Under the settlement, the Company has received the amount of $22.22m 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 $2.08m for unpaid charter hire, bunkers and interest, bringing the total amount collected to $24.3m 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."
 

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Tohoku Electric's LNG Buy Sets Asian Spot Level

Japanese utility Tohoku Electric has purchased an LNG cargo for delivery in the third week of March at a price in the low $7 per million British thermal unit (mmBtu) range,

Europe's Offshore Wind Capacity Growing

New capacity edges down 5 pct from record 2013; industry body forecasts stable growth over 2015/6. Europe's offshore wind capacity kept up a steady rate of growth

BP Quits Indonesian Blocks on Risk Concerns

UK-listed energy giant BP has decided to relinquish two exploration blocks to Indonesia, after a survey of the blocks found them to be high risk, the company said on Friday.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1844 sec (5 req/sec)