Star Borealis LLC, a subsidiary of dry bulk cargo shipping company Star Bulk Carriers Corp., has sold the rights to the claim against Pan Ocean to an unnamed third party for a little over USD 8 million.
Following the settlement and adjudication of the claim for damages and due hire related to the repudiation of the long – term time charter of the M/V Star Borealis by Pan Ocean Co Ltd., previously filed with the Seoul Central District Court, Korea, Star Borealis negotiated, sold and assigned the rights to the adjudicated claim.
Star Bulk expects a gain of approximately USD 9.38 million in relation to the above sale, inclusive of the extinguishment of a USD 1.36 million liability related to the amount of fuel and lubricants remaining on board of the M/V Star Borealis at the time of the charter repudiation.