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."
 

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