Polaris Shipping

South Korean shipowner and operator Polaris Shipping has sold two VLOCs (Very Large Ore Carriers) for demolition. Polaris Shipping sold 1994 built VLOC 291K DWT MV Stellar Samba for around $11 million. Polaris Shipping sold 1995 built VLOC 288K DWT MV Stellar Iris for around $10 million. 8-June-2020

 

Polaris Shipping controlled 2016 built VLOC (Very Large Ore Carrier) 301K DWT MV Stellar Banner has been refloated off Brazil. Polaris Shipping controlled MV Stellar Banner was towed by salvors Smit and Ardent to the deeper ocean where the inspections will be carried out. MV Stellar Banner went aground off Vale’s Ponta de Madeira terminal in February 2020. MV Stellar Banner is classed by the Korean Register of Shipping (KRS) and has insurance coverage from Britannia P&I. 4-June-2020

 

South Korean shipowner and operator Polaris Shipping is switching its stock listing from Singapore to Oslo. Polaris Shipping believes Norwegian listing will give the company higher value as investors understand shipping markets better than in Singapore. Polaris Shipping has already met with a few securities companies in the Norwegian capital Oslo. According to Polaris Shipping, Singapore is relatively small and the valuation of shipping companies is low. Polaris Shipping has been looking to be listed in Oslo since 2013. However, Polaris Shipping’s plans were foiled due to deteriorating financial markets and the sinking of MV Stellar Daisy. 1993 built VLOC (Very Large Ore Carrier) 266K DWT MV Stellar Daisy which is converted to VLOC (Very Large Ore Carrier) from a tanker, sink off Uruguay in 2017 with the loss of 22 seafarers. South Korean shipowner and operator Polaris Shipping is led by Kim Wan-Joong Financial market sources have expressed their concerns over whether an IPO (Initial Public Offering) will succeed as shipping companies’ shares are trading at a significant discount. Shipping market cite concerns over Polaris Shipping continued use of older VLOCs (Very Large Ore Carriers) which were converted from VLCCs (Very Large Crude Carriers). Furthermore, in the fleet of Polaris Shipping, fourteen (14) ore carriers were built before 2000. Korean Development Bank has already been a major financier of the Polaris Shipping’s new fleet. Korean Development Bank finance most of Polaris Shipping’s new-building projects that is around $1 billion. South Korean shipowner and operator Polaris Shipping was established in 2004. Currently, Polaris Shipping’s trading fleet of 34 bulk carriers is worth more than $1 billion. Furthermore, Polaris Shipping’s 18 new-building ships are worth around $1.4 billion. 25-August-2019

 

Korean maritime police have asked for an arrest warrant for Polaris Shipping’s chairman Kim Wan-Joong over the sinking of the 2013 built Very Large Ore Carrier (VLOC) 264K DWT MV Stellar Daisy in 2017. Very Large Ore Carrier (VLOC) 264K DWT MV Stellar Daisy went down off Uruguay on 1 April 2017. 22 crew members died and only 2 crew members were survived. Survived crew members reported that water ingress through-hull cracking led to the tragedy. Korean court hearing was set for 24 January to decide on the incident. Korean maritime police press charges including negligent homicide against Polaris Shipping’s chairman Kim Wan-Joong. Two more Polaris Shipping top officials were also sought. 24-January-2019

 

South Korean ship owner and operator Polaris Shipping is arguing against a South Korean government’s decision to search for the wreckage of the sunken Very Large Ore Carrier (VLOC) 1993 built 266K DWT MV Stellar Daisy. Brazilian mining giant Vale controlled MV Stellar Daisy suffered catastrophic structural failure and sank at a depth of 3,000 meters in the ocean while fully laden with a cargo of iron ore heading from Brazil to China in March 2017. The search of MV Stellar Daisy had been approved by South Korean President Moon Jae In. MV Stellar Daisy search decision was made after lobbying from families of the 22 crew members that died in the accident. South Koreans hope the voyage data recorder of MV Stellar Daisy could be recovered in order to uncover tragic incident. South Korean ship owner and operator Polaris Shipping does not want an underwater wreck survey to go ahead. 19-December-2018

 

South Korean shipowners and operators Polaris Shipping, H-Line, and Pan Ocean is ordering $594 million worth of newcastlemax dry bulk carriers (210K DWT) on the back of Contract of Affreightments (COAs) from Brazil’s mining giant Vale. Newcastlemax orders will be placed at Chinese shipyard New Times Shipbuilding. Jiangsu-based Chinese shipyard New Times Shipbuilding will build up to eleven (11) newcastlemax dry bulk carriers (210K DWT) which are backed by five-year COAs from Vale. IMO Tier III standard newcastlemax dry bulk carrier will have a price tag of $54 million each. Chinese shipyard New Times Shipbuilding will deliver the newcastlemax dry bulk carriers from the second half of 2020. This is the first tender of Brazilian mining giant Vale for newcastlemax dry bulk carriers on long-term charter. Previously, Vale has only tendered orders for 400K DWT Valemax VLOCs and 325K DWT Guaibamaxes. Rio de Janeiro based iron-ore miner Vale usually charters capesize and newcastlemax dry bulk carriers from the spot market. This is the first time Vale is chartering for five (5) years, as Vale anticipates charter rates will increase over the next five (5) years. Therefore, Vale is looking to lock in the newcastlemax dry bulk carriers before the freight rates spike. South Korean shipowners Polaris Shipping, H-Line, and Pan Ocean have chosen Chinese New Times Shipbuilding due to its competitive price tag. 14-December-2018

 

South Korea based Polaris Shipping’s VLOC (Very Large Ore Carrier) MV Stellar Daisy sent a distress signal on 31 March 2017 and sunk off in South Atlantic. MV Stellar Daisy was carrying 260,000 tons of iron ore from Brazil to China. MV Stellar Daisy’s only two (2) crew members were rescued and other crew members are still missing. Marshall Islands-registered MV Stellar Daisy was 1,500 miles away from the shore of Uruguay and search operation is continuing for 22 missing crew members. 2-April-2017