Star Bulk Announces Incident Involving STAR POLARIS Near Dangjin Port, South Korea

Star Bulk Carriers Corp. on Friday announced that the STAR POLARIS sustained main engine failure while sailing from the port Dangjin, South Korea.

The Vessel is currently docked in South Korea where it is undergoing repairs. The Company expects these repairs to be completed in approximately four months. As a result, the Vessel 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 the Vessel was constructed and the Company’s Hull and Machinery insurance policy, if applicable.

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Source: Star Bulk, July 23, 2012