Magnes

Star Bulk Carriers Corp. (SBLK) said one of its ships has been docked in South Korea for an estimated four months of repairs after its engine failed. The Star Polaris sustained main engine failure while leaving the port of Dangjin, South Korea. The vessel has been declared off-hire by its charterers. The company said it will investigate the cause of the engine failure, and will seek to recover the cost of repairs and damages under the ship's warranty and an insurance policy, if applicable. This is the second setback for the Star Polaris this year. The ship, which was built in 2011, was grounded for 44 days after suffering hull damage while entering a Turkish port in March. http://online.wsj.com/article/BT-CO-20120720-712444.html

Star Bulk Carriers Corp. (SBLK) said one of its ships suffered hull damage entering a Turkish port, forcing the company to declare the vessel off-hire to potential charterers for at least a month. The company said its Star Polaris vessel suffered bottom damage entering port at Eregli, Turkey. The shipping company, which transports iron ore, coal and grain, said it is investigating the incident and hinted it could blame the port for unsafe conditions. The ship's damage is the latest setback for Star Bulk, which returned to the red in its latest two quarters after a straight year of profits. The company had benefited from cost-cutting and modest revenue growth before posting losses caused by renewed macroeconomic headwinds that swept the shipping sector last year. The company said Friday it has moved the Star Polaris to Daewoo Mangalia shipyard in Romania for permanent repairs, which Star Bulk expects to finish in about 30 days. http://online.wsj.com/article/BT-CO-20120302-711297.html

The "Star Polaris" ran aground on Feb 14, 2012, en route from Rotterdam to Eregli, in the Black Sea, odin.tc reports. Last AIS signal was dated Feb 8, when the vessel was in the Black Sea on the way from Istanbul Strait to Eregli. Presumably the "Star Polaris" ran aground while being in Eregli.