Star Bulk gains millions by divesting Pan Ocean claim

Like several other carriers, Star Bulk Carriers has now divested its claim in bankrupt Pan Ocean for a net gain of USD 9.38 million, says the company.

Greek Star Bulk Carriers had an outstanding claim in South Korean Pan Ocean, which was put up for sale last week - and the carrier has now divested this claim and secured a net gain of USD 9.38 million, says Star Bulk in a statement.

The dry bulk carrier had, at a court in Seoul, filed a compensation claim due to the premature return of one of the company ships which was chartered out to Pan Ocean, a company previously known as STX Pan Ocean and now up for sale.

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