Bulker sustains bottom damage entering Turkish port

Athens-headquartered Star Bulk Carriers Corp. (NASDAQ: SBLK) reports that one of its vessels, the 179,546 dwt Capesize bulk carrier STAR POLARIS, sustained bottom damage when entering the port of Eregli, Turkey. Following a survey of the damages, the vessel proceeded for permanent repairs to Daewoo Mangalia shipyard in Romania. The repairs are expected to be completed in approximately thirty days.

As a result of the incident, the vessel has been declared off hire by its charterers.

According to information on Star Bulk Carriers' website, the Star Polaris had been on a time charter to Louis Dreyfus set to run until October 2013 at a gross rate of $16,500 a day.

Star Bulk Carriers says it has commenced an investigation into the circumstances of the incident and has reserved its rights relating to the unsafeness of the port. The company expects the cost of the repairs to be covered by the vessel's hull and machinery insurance policy, subject to the applicable terms.

March 5, 2012