West Coast Port Congestion Spreads North to Oakland
By Brendan Murray (Bloomberg) — Los Angeles port officials see progress in reducing their bottleneck of cargo ships. Sail north to Oakland, though, and the line is even longer and there’s...
(Dow Jones) 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.
Shares were recently off 1.1% at 94 cents after hours. The stock had declined 63% over the past year through Friday’s close.
-By Drew FitzGerald, Dow Jones Newswires
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