Polaris Shipping

South Korean shipowner and operator Polaris Shipping sold 1994 built VLOC (Very Large Ore Carrier) 298K DWT MV Stellar Pioneer and 1994 built VLOC (Very Large Ore Carrier) 298K DWT MV Stellar Topaz for demolition for $430 per LDT (Light Displacement Tonnage), or around $20 million each. South Korean shipowner and operator Polaris Shipping proceeds to scrap vintage VLOCs (Very Large Ore Carriers). Polaris Shipping has been renewing its fleet. In 2020, Polaris Shipping sold 13 VLOCs (Very Large Ore Carriers) to scrapyards. In 2012, Polaris Shipping acquired MV Stellar Pioneer and MV Stellar Topaz from iron ore mining giant Vale. Polaris Shipping has ordered one (1) capesize bulk carrier and six (6) VLOCs (Very Large Ore Carriers) new-buildings. 13-January-2021

 

South Korean shipowner and operator Polaris Shipping sold 1994 built VLOC (Very Large Ore Carrier) 305K DWT MV Stellar Ocean for demolition in India for around $15 million. Previously, South Korean shipowner and operator Polaris Shipping sold 1993 built VLOC (Very Large Ore Carrier) 289K DWT MV Stellar Liberty for demolition in Bangladesh for around $18 million. Since the beginning of 2020, Seoul-based shipowner and operator Polaris Shipping sold eleven (11) bulk carriers. 28-October-2020

 

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 have signed deals under terms of the Lloyd’s Open Form (LOF) with Smit and Ardent for salvage of VLOC (Very Large Ore Carrier) MV Stellar Banner. MV Stellar Banner grounded off Vale’s Ponta de Madeira terminal. MV Stellar Banner insurers are to split costs under GA (General Average). Smit and Ardent is a leading salvage company. South Korean shipowner and operator Polaris Shipping, Vale, Smit and Ardent has been trying to mitigate any impacts caused by the incident. Therefore, MV Stellar Banner’s full tanks will be offloaded. Brazilian mining giant Vale has been providing all the technical and operational support to MV Stellar Banner. Smit and Ardent will try to refloat MV Stellar Banner however the risk that the hull may be declared a CTL (Constructive Total Loss). Under Lloyd’s Open Form (LOF) terms, the salvage award is partly decided as a proportion of the value of the iron ore cargo and the value of the salvaged hull. According to South Korean shipowner and operator Polaris Shipping, MV Stellar Banner is worth around $66.6 million. MV Stellar Banner’s Protection and Indemnity (P&I) cover is placed with Britannia P&I Club. MV Stellar Banner’s crew insurance is with Korea P&I Club. 7-March-2020

 

Grounding of Polaris Shipping controlled 2016 built VLOC (Very Large Ore Carrier) 301K DWT MV Stellar Banner has reignited concerns over the structural fragility of modern VLOCs (Very Large Ore Carriers) and safety concerns. MV Stellar Banner’s master grounded the VLOC (Very Large Ore Carrier) off Brazil after it departed Vale’s Ponta de Madeira terminal. MV Stellar Banner’s master reported water ingress. South Korean shipowner and operator Polaris Shipping MV Stellar Banner might hit an object in the channel after departure. Previously, liquefaction of iron-ore fines loaded onto the MV Stellar Banner has been linked with stability problems in bulk carriers. Nevertheless, liquefaction is regularly linked with nickel ore than iron ore. Modern VLOC (Very Large Ore Carrier) MV Stellar Banner was built to tolerate the rapid loading rates. MV Stellar Banner’s master promptly grounded the VLOC (Very Large Ore Carrier) because VLOC designs are vulnerable to catastrophic flooding of the cargo holds when water ingress is present. The fragility of large bulk carrier designs to progressive flooding was demonstrated in the accident report into the loss of the 1993 built VLOC (Very Large Ore Carrier) 266K DWT MV Stellar Daisy. In 2017, MV Stellar Daisy was also carrying iron ore from Brazil to China in 2017. The rapid sinking of the MV Stellar Daisy, which suffered structural failure after water ingress, claimed 22 of the 24 seafarers. Even modern and purpose-built VLOCs (Very Large Ore Carriers) have some of the structural weaknesses. 6-March-2020

 

Polaris Shipping controlled 2016 built VLOC (Very Large Ore Carrier) 301K DWT MV Stellar Banner’s 20 seafarers were evacuated after the vessel listed off Brazil. MV Stellar Banner has water in its cargo holds. Initial reports suggested the MV Stellar Banner had a potential crack in its hull. Vale announced the MV Stellar Banner was suffered bow damage after leaving the terminal in the northern Brazil city Maranhao. Brazilian iron ore giant Vale has sent tugboats and cooperating with maritime authorities. South Korean shipowner and operator Polaris Shipping controlled MV Stellar Banner loaded iron ore at Vale’s Ponta da Madeira terminal and after the departure, the listing MV Stellar Banner was intentionally grounded by its master. According to Polaris Shipping, MV Stellar Banner made contact with an unidentified shallow seabed after leaving the loading terminal. Afterward, some ballast water tanks suffered damage, and salvage operation has commenced. MV Stellar Banner is classed by the Korean Register of Shipping (KR) and has insurance coverage from Britannia P&I Club. 2017 MV Stellar Daisy incident caused scrutiny over the Polaris Shipping’s fleet of older VLOCs (Very Large Ore Carriers) that were converted from tankers. 28-February-2020

 

Polaris Shipping controlled 2016 built VLOC (Very Large Ore Carrier) 301K DWT MV Stellar Banner has not leaked oil. MV Stellar Banner’s master intentionally grounded the VLOC (Very Large Ore Carrier) off the coast of Brazil. MV Stellar Banner began taking on water and listing severely about 65 nautical miles away from Vale’s Ponta da Madeira iron ore loading terminal. South Korean shipowner and operator Polaris Shipping has been in close collaboration with Vale. Polaris Shipping and Vale has been mobilizing all available assets in Brazil to eradicate any potential risk from the oil spillage. Polaris Shipping has sent an anti-pollution team to the site of the incident to strictly monitor the situation. South Korean shipowner and operator Polaris Shipping has been performing all efforts and resources to accelerate salvage operations of MV Stellar Banner. Brazilian mining giant Vale has also hired salvage specialists, in addition to those hired by Polaris Shipping, to assist with discharging oil from the MV Stellar Banner. 27-February-2020

 

Seoul-based shipowner and operator Polaris Shipping ordered two (2) newcastlemax bulk carriers 218K DWT at Shanghai Waigaoqiao Shipbuilding (SWS). Polaris Shipping has chartered out two (2) newcastlemax bulk carriers to Brazilian iron ore giant Vale for the long-term. South Korean shipowner and operator Polaris Shipping has not revealed the details of the Vale charter contracts and the two (2) newcastlemax new-building prices. Two (2) newcastlemax bulk carriers 218K DWT will be built to the IMO’s (International Maritime Organization’s) NOx Tier III emissions standards and fitted with scrubbers at Shanghai Waigaoqiao Shipbuilding (SWS). Shanghai Waigaoqiao Shipbuilding (SWS) is going to deliver the two (2) newcastlemax bulk carriers in Q4 2020. Previously, Polaris Shipping ordered capesize bulk carrier 180K DWT at Shanghai Waigaoqiao Shipbuilding (SWS) against a long-term charter with Hyundai Glovis. 20-November-2019

 

Seoul-based shipowner and operator Polaris Shipping has postponed its planned listing on the Oslo Stock Exchange to the Q1 2020 due to a court case over the sinking of the 1993 built VLOC (Very Large Ore Carrier) 266K DWT MV Stellar Daisy to be resolved. South Korean shipowner and operator Polaris Shipping is aiming to raise around $300 million in an initial public offering (IPO) to finance new-buildings. Furthermore, Polaris Shipping aims to replace various of its converted VLOCs (Very Large Ore Carriers). Pareto Securities and DNB are the global coordinators for Seoul-based shipowner and operator Polaris Shipping’s initial public offering (IPO). Bookrunners for the Polaris Shipping’s initial public offering (IPO) are Arctic Securities and ABG Sundal Collier. Currently, Polaris Shipping operates 24 large bulk carriers and 2 Aframax tankers. Additionally, Polaris Shipping ordered 18 new-building bulk carriers at the Korean and Chinese shipyards. 18-November-2019

 

Seoul-based shipowner and operator Polaris Shipping postpones Oslo Stock Exchange’s initial public offering (IPO) to 2020. South Korean shipowner and operator Polaris Shipping will wait until a Seoul trial into the loss of the 1993 built VLOC (Very Large Ore Carrier) 266K DWT MV Stellar Daisy is completed and the case will be resolved. Furthermore, weak dry bulk markets have delayed Polaris Shipping Oslo Stock Exchange’s initial public offering (IPO). Initial public offering (IPO). Polaris Shipping plans to use the funds to finance new-buildings and replace several of its converted VLOCs (Very Large Ore Carriers). South Korean ship owner and operator Polaris Shipping has been working on the Oslo Stock Exchange listing plan for more than a year. Polaris Shipping has encountered interrogations since the 1993 built Very Large Ore Carrier (VLOC) 266K DWT MV Stellar Daisy sank on 31 March 2017 while transporting iron ore from Brazil to China. MV Stellar Daisy’s loss was most likely due to a catastrophic structural failure of the converted Very Large Ore Carrier’s (VLOC’s) hull. Hearings in the Seoul court case over Polaris Shipping’ compliance with ship safety rules have now been concluded. It was a positive trial for ­Polaris Shipping. Bookrunners for the Polaris Shipping Oslo Stock Exchange’s initial public offering (IPO) are Arctic Securities and ABG Sundal Collier. Norwegian shipping market players remain skeptical of the Polaris Shipping Oslo Stock Exchange’s initial public offering (IPO) because of the company’s old converted Very Large Ore Carriers (VLOCs). Currently, South Korean ship owner and operator Polaris Shipping has a fleet of 26 Very Large Ore Carriers (VLOCs), 7 capesize bulk carriers, and 2 aframax tankers. Additionally, Polaris Shipping 16 new-building bulk carrier orders. 21-October-2019

 

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

 

Seoul-based shipowner and operator Polaris Shipping managed 1993 built VLOC (Very Large Ore Carrier) 266K DWT MV Stellar Daisy’s accident report suggests flag state (Marshall Islands) should make recommendations to the IMO (International Maritime Organization) as structural weakness of VLOC (Very Large Ore Carrier) conversions is revealed. Accident investigators have requested flag state (Marshall Islands) authorities to call on the IMO (International Maritime Organization) to close a crucial loophole in the International Convention for the Safety of Life at Sea (SOLAS) following an investigation into the loss of the 1993 built VLOC (Very Large Ore Carrier) 266K DWT MV Stellar Daisy. On the catastrophic structural failure of the converted VLOC (Very Large Ore Carrier) 266K DWT MV Stellar Daisy that claimed 22 lives in the Atlantic off Uruguay on 31 March 2017, as MV Stellar Daisy sailed from ­Brazil to China. According to the flag state (Marshall Islands) report, the MV Stellar Daisy incident due to catastrophic structural failure of the bulk carrier’s hull. Flag state (Marshall Islands) report highlights the exclusion of VLCC-to-VLOC conversions from the Solas Chapter XII additional safety requirement for bulkers over 150 meters. Because of the MV Stellar Daisy’s technical dimensions, only its number one cargo hold had to comply with this International Convention for the Safety of Life at Sea (SOLAS) regulation to survive a flooded condition. International Convention for the Safety of Life at Sea (SOLAS) regulation is crucial because the MV Stellar Daisy could not survive the initial flooding on the day it sank. According to the flag state (Marshall Islands) report, MV Stellar Daisy suffered structural failure that caused ­rapid flooding of the number two and then number three port wing ­ballast tanks (WBTs). Afterward, progressive flooding of the cargo holds that within minutes put the MV Stellar Daisyinto a 45-­degree list from which MV Stellar Daisy could not recover. In the flag state (Marshall Islands) report, structural problems were classified in the MV Stellar Daisy and other similar aging VLCC-to-VLOC conversions. Very Large Crude Carrier (VLCC)-to-Very Large Ore Carrier (VLOC) converted MV Stellar Daisy sinking proved how fatigue cracks could be catastrophic for conversions. Additionally, structural failure down to the loss of structural strength over time due to material fatigue and corrosion. MV Stellar Daisy’s size of the crack would develop and potentially lead to a loss of shell plate and cause massive, uncontrollable flooding. MV Stellar Daisy was built as a Very Large Crude Carrier (VLCC) and designed to operate for 20 years, sank at the age of 23. Most of the cracking found in the converted Very Large Ore Carrier (VLOC) was in areas of old steel. After the MV Stellar Daisy disaster, the Korean Register of Shipping conducted inspections of 18 Very Large Ore Carrier (VLOC) conversions in the ­Polaris Shipping fleet. 23-April-2019

 

South Korean shipowner and operator Polaris Shipping has recruited Pareto Securities and DNB as coordinators for an IPO (Initial Public Offering) in Oslo Stock Exchange. Polaris Shipping aimed at raising as much as $1 billion. Polaris Shipping plans on the IPO (Initial Public Offering) taking place during the second half of 2019. Polaris Shipping plans to use the fundraise will partially be used for the new-building bulk carriers. Polaris Shipping has been looking to list in Oslo Stock Exchange since 2013. Previously, Polaris Shipping has postponed IPO (Initial Public Offering) in Oslo Stock Exchange due to deteriorating financial markets and the sinking of the MV Stellar Daisy. Shipping market players have questioned whether Polaris Shipping’s Oslo Stock Exchange listing plan will be affected by the weak dry bulk market, as well as capital markets that have proven all but closed to traditional shipping IPO (Initial Public Offering). Meantime, there are also some concerns over Polaris Shipping’s continued use of converted VLOCs (Very Large Ore Carriers) built before 2000. Currently, South Korean shipowner and operator Polaris Shipping has 17 new-building bulk carriers under construction. 17 new-building bulk carriers will replace some of the existing bulk carriers. Seoul-based shipowner and operator Polaris Shipping has a strong relationship with Brazilian iron ore giant Vale. Polaris Shipping has chartered out 18 VLOCs (Very Large Ore Carriers) into long-term contracts of up to 25 years. Polaris Shipping was established in 2004. Currently, Polaris Shipping is controlling a fleet of 35 bulk carriers. 27-February-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