Clarksons: Polaris Shipping Books Two Bulkers for Vale, More Owners Expected to Follow

  • Business & Finance

South Korean shipping company Polaris Shipping has placed an order for two Newcastlemaxes at New Times Shipyard in China, according to Clarksons Platou Shipbroking.

The scrubber-fitted ships feature IMO Tier III compliant diesel engines and are expected for delivery at the end of 2020, when they will start five-year period time charter to Brazilian mining giant Vale. The company has options for two additional ships.

Clarksons hinted that further Korean owners are expected to place similar orders in the coming weeks. Apparently, the ships were contracted some time ago.

Last year Vale sparked a Valemax ordering spree having inked time-charter deals for up to 30 Valemax newbuilds with seven different companies, including Polaris Shipping, Korea Line Corporation, H Line Shipping, and SK Shipping.

To that end, in September 2017, Polaris Shipping ordered ten very large ore carriers (VLOCs) from Hyundai Heavy Industries.

The contract for the ten LNG-ready 325,000 dwt newbuilds is worth USD 800 million.

World Maritime News Staff

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