Star Bulk Carriers Corp is defending its governance practices in the wake of a major ratings downgrade by Wells Fargo Securities annual scorecard of shipping companies.
The Greek-based dry bulk giant plummeted from 16th place in last year's league table of 56 US-listed companies to 41st this year. It is the biggest drop of any shipowner assessed.
The fall from grace was the result of related-party conflicts tied to its acquisition last year of two bulker outfits.
