Star Bulk Announces Settlement of the Star Beta Claim With OLDENDORFF

Star Bulk Carriers Corp. yesterday announced that the dispute that had arisen back in October 2008 between the Company's subsidiary Star Beta LLC ("Star Beta") and OLDENDORFF GmbH and Co. KG ("Oldendorff"), sub charterers of the STAR BETA ("the Vessel"), concerning the assignment to Star Beta of the charterparty between Oldendorff and Industrial Carriers Inc. ("ICI") has now been settled with the Company receiving a major portion of the quantum of the claim . As a result of the settlement, the arbitration proceedings have also been discontinued.
Star Bulk is a ship owning and ship operating company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk's vessels transport major bulks, which include iron ore, coal and grain and minor bulks such as bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, Greece. Its common stock trades on the Nasdaq Global Market under the symbol "SBLK". Currently, Star Bulk has an operating fleet of eleven dry bulk carriers, comprised of three Capesize and eight Supramax vessels, with a further two Capesize vessels currently under construction.
Source: Star Bulk Carriers