Oslo-listed bulker owner and operator Western Bulk has sold a $31.8m claim against South Korean owner Pan Ocean, formerly STX Pan Ocean, which defaulted on charters of two supramax bulkers from the Norwegian owner.
Sale of the claim means that Western Bulk is set to receive a cash payment of $12m next week, says Western Bulk chief executive Jens Ismar.
Troubled Pan Ocean defaulted on the two charter parties — one long term and the other more short term — in June last year but the companies have settled a $31.8m
