Polaris Shipping News

The 340-meter-long very large ore carrier (VLOC) Stellar Banner has been scuttled off the coast of Brazil after being declared a total loss due to extensive hull damage suffered during a grounding incident.The 300,660 dwt vessel, owned and operated by the South Korean company Polaris Shipping, ran aground while carrying iron ore bound for China from Vale's terminal in Maranhão in February. The 2016-built Stellar Banner began listing heavily but did not capsize, and all 20 crew members were evacuated from the ship.The ship had been refloated and towed to deeper water after 145…

A 340-meter-long very large ore carrier (VLOC) that ran aground off the coast of Brazil earlier this year will be scuttled due to the extent of hull damage suffered as a result of the incident, Brazilian authorities said.The 300,660 dwt Stellar Banner, owned and operated by the South Korean company Polaris Shipping, ran aground while carrying iron ore bound for China from Vale's terminal in Maranhão in February. The 2016-built ship began listing heavily but did not capsize, and…

Korean Register (KR), its Chairman, management and entire staff offers sincere sympathies to the families and loved ones of the seafarers who tragically lost their lives due to the sinking of Stellar Daisy. KR reaffirms its commitment to investigating the causes of the sinking, sharing its knowledge and implementing any changes necessary to avoid a similar loss in the future. The factsStellar Daisy was a 266,141 dwt Very Large Ore Carrier (VLOC) owned by Polaris Shipping and flagged with the Republic of the Marshall Islands (RMI). On 31 March 2017 whilst en route from Ilha Guaiba, Brazil to Qingdao and laden with iron ore fines, the ship sank in the South Atlantic Ocean around 1700 nautical miles from Uruguay and 1800 nautical miles from South Africa.

South Korea’s Hyundai Heavy Industries (HHI) has clinched a deal worth approximately US$400 million to build five very large ore carriers(VLOCs) from Seoul-based shipper Polaris Shipping. "HHI has signed a $400 Million worth contract to build five 325,000 dwt VLOCs (Very Large Ore Carrier) with Polaris Shipping. It is the option exercised following the contract of ten same class VLOCs with Polaris Shipping on September 25," said a company statement. HHI Group’s shipbuilding affiliates have so far this year won new orders of 110 ships worth $ 6.7 billion, 90% of the $ 7.5 billion annual target. According to Pulse News, Polaris Shipping upon placing an $800 million order with Hyundai Heavy Industries for 10 VLOCs last month had the option to place additional shipbuilding orders.

Hyundai Heavy Industries (HHI), the world’s largest shipbuilder, announced today that it signed a $800 Million worth contract to build ten 325,000 dwt VLOCs (Very Large Ore Carrier) with Polaris Shipping, the domestic dry bulk owner and operator, on September 25. The contract is the largest single order in the last five years since HHI received an order of ten large-sized containerships from a Greek shipping company in 2012. The signing ceremony held at HHI’s Seoul office, was attended by Ka Sam-hyun, COO of HHI Group Ship Sales Division; Chung Ki-sun, Executive Vice President of Corporate Planning Office of HHI; and Kim Wan-jung, CEO of Polaris Shipping.

South Korean shipping firm Polaris Shipping Co has placed an order with Hyundai Heavy Industries (HHI) to build three very large iron ore carriers, Yonhap reported.   Polaris said the 325,000-ton iron ore carriers will replace some of its aged ships. The financial details of the shipbuilding contract and delivery schedule for the newbuildings were not disclosed.   With the latest order from Polaris HHI's orderbook that was valued at $3.8bn in the first five months of 2017 will enlarge further.   Polaris has long-term contracts with the first-class charterers such as Vale, POSCO and subsidiaries of KEPCO.   A cargo ship operated by Polaris Shipping sank in the Atlantic Ocean in April this year with its crew still missing.

Brazilian miner Vale SA said on Monday that 260,000 tonnes of fine iron ore on a South Korean ship that sank in the South Atlantic had been insured.   Vale said in an email that the cargo, which belonged to the Brazilian miner, was bound for China for storage and blending when the ship operated by South Korea's Polaris Shipping, Stellar Daisy, sank off Uruguay's coast.   Vale said the cargo had been stowed in accordance with international norms.   Reporting by Roberto Samora

A large South Korean cargo ship with 24 crew on board is believed to have sunk in the Atlantic Ocean after making an SOS call, News agencies reported quoting the Uruguayan navy. The Stellar Daisy was missing after making its last contact in the South Atlantic about 2,500 kilometres (1,500 miles) from shore, South Korea's foreign ministry and news reports said on Sunday. On Friday, a crew member sent a text saying the 312m-long (1024ft) Stellar Daisy freighter was taking on water. The Uruguayan navy alerted merchant ships in the area, which began a search. Two Filipino crew members were rescued floating in a life raft on Saturday, but other lifeboats and rafts found in the area were empty, South Korea's Yonhap news agency reported.

Many vessels available for charter put pressure on freight rates. Freight rates for large capesize dry cargo ships on key Asian routes are set to slide next week as the number of ships available for charter outpaced cargo demand, ship brokers said on Thursday. "Charterers are in the market but there aren't that many cargoes to support the volume of ships. There is a softer feel to the market," a Shanghai-based capesize broker said. Owners were left puzzled after South Korean operator Polaris Shipping offered $11.95 per tonne to charterers for a voyage from Brazil to China on Thursday. That was a discount of 45 cents per tonne, equivalent to a loss of $76,500 on a typical 170,000 tonne iron ore capesize cargo, to the prevailing Baltic index rates, brokers said.

A new liquefied natural gas (LNG)-bunkering terminal may become operational at South Korea's Busan New Port by 2020. South Korean shipping company Polaris Shipping will reportedly invest $500 million (KRW 600 billion) to construct the facility. According to IHS, the terminal will occupy a 185,700 m² site in Busan New Port and is to have four berths and two LNG tanks. Busan Port Authority and Busan Regional Oceans & Fisheries Administration had received a business proposal from Polaris Shipping and sought approval from the Ministry of Oceans and Fisheries. According to Busan New Container Terminal Co., Ltd. (BNCT), the newest container terminal in Busan, continues to grow rapidly welcoming 7 new large services in the last 6 months.

The past week was relatively quiet with no shipbuilding orders seen in the tankship or gas carrier sector, according to the latest Clarkson Hellas S&P Weekly Bulletin. A large order of twelve firm plus eighteen option 64,000 DWT Ultramax vessels was placed from Minsheng Financial Leasing at their compatriot yard in China, CIC Jiangsu. The vessels will be delivered from 2015. Victoria Steamship contracted one firm plus three option 95,000 DWT Bulk Carriers at Jiangsu Eastern due for delivery from 3Q 2015 onwards.

Polaris Shipping Co., Ltd., Korea Midland Power Co., Ltd., Hyundai Heavy Industries Co., Ltd., and Siemens Energy Solutions Ltd. signed a Memorandum of Understanding at COEX Intercontinental Hotel in Seoul on December 10, 2013 to develop Mobile Powership, an integration of shipbuilding and power generating technology in which a highly efficient power generating facility will be installed onto a FSRU (Floating Storage Regasification Unit) for the very first time in the world. It is expected that Mobile Powership will commence its operation in December 2017 with total investment of $940 Million.

The past week has been another active one, reports Clarkson Hellas S+P Weekly Report, with notable levels of ordering across all sectors. In Dry and whilst understood to have been contracted earlier this year, Clients of Polaris Shipping are reported to have signed three firm 250,000 DWT VLOCs as well as a single 207,000 DWT Newcastlemax at Hyundai Heavy Industries. These will be built at their Samho facility and whilst final pricing is yet to be disclosed, delivery is expected from the third quarter of 2014 and will continue through to early 2015. Parakou Shipping were reported to have contracted four firm SDARI designed 64,000 DWT Ultramax with a further four plus four options attached at Chengxi Shipyard.

Brazil's mining giant Vale sells 10 VLOCs for US$600-million to Turkey’s Polaris Shipping. The Brazilian company said that the transaction would improve cash flow while still maintaining its maritime ore shipping capacity. The ships will be chartered back to Vale. “In addition to unlocking capital, the transaction preserves Vale's capacity of maritime transportation of iron ore, since the vessels will be available but without the ownership and operational risks,” Vale said in a statement.

Harmony Cruise, Korea’s newest cruise operator, has chosen Wilhelmsen Ships Service (WSS) to provide ships agency services at ports on its Japan itinerary. Harmony Cruise was launched in February 2012 by Seoul-based Polaris Shipping, offering a variety of three and four-day cruises in the South Korean, Chinese, Japanese and Russian markets. Its Japanese itinerary will include calls at Tokyo, Yokohama, Kobe, Osaka, Hakata, Nagasaki and Kagoshima, representing ship’s agency services for WSS.