Star Bulk Carriers has sold a claim against Pan Ocean of South Korea to an unrelated third party. In a statement the Nasdaq-quoted bulker operator, which is based in Athens, said it is poised to pocket approximately $9.4m. The claim stems from a dispute involving the premature termination of a fixture involving the 179,700-dwt Star Borealis (built 2011). As we reported under former name STX Pan Ocean, the charterer cancelled the ten-year contract in June 2013 as it faced a cash shortage. Pan Ocean cemented a rescue deal in November that saw creditors secure a sizeable stake in the restructured company but several claims were still pending amid ongoing rehabilitation proceedings in the Seoul court. Today, Star Bulk Carriers pointed out that the $9.4m payday includes what it described as an “extinguishment” of a $1.4m liability related to fuel and lubricants and follows the “settlement and adjudication” of the claim.
Dry Bulk Shipping News - Shipbroker Notes