UPDATE 1-Star Bulk vessel off-hire for second time in 2012

July 20 (Reuters) - Greek drybulk shipper Star Bulk Carriers Corp said one of its capesize vessels was declared off-hire as its main engine failed near a port in South Korea.

Off-hire is the time during which a vessel is not available for service.

The vessel, the Star Polaris, with a capacity of 179,546 deadweight tonnage, was declared off-hire by its charterer. It was the second such incident this year.

The capesize vessel, which was built last year, is undergoing repairs in South Korea. The repair works are expected to be completed in about four months, Star Bulk said.

The vessel, used for shipping commodities like coal, iron ore and grains, is chartered to French commodity trading company Louis Dreyfus at a gross rate of $16,500 per day till October 2013.

Star Bulk said it would seek costs for damages and repairs under a warranty from the shipyard where the vessel was built.

The Star Polaris -- which equals the ill-fated luxury liner Titanic in length -- had suffered damages to its body near a Turkish port in March, rendering it off-hire for a month.

Star Bulk shares, which have fallen 64 percent in the last year, closed at 62 cents on Friday on the Nasdaq.