Report: Polaris Shipping Orders Bulker Trio at HHI
- Business & Finance
South Korean Polaris Shipping Co. has reportedly ordered three very large iron ore carriers at compatriot shipbuilder Hyundai Heavy Industries (HHI), Yonhap news agency said citing an announcement from the shipping company.
The order for 325,000-ton iron ore carriers comes as the shipping firm seeks to replace some of its aged ships, especially following the recent sinking of its converted VLOC-Stellar Daisy.
Further details of the said deal were not revealed.
The company could not be reached for comment on the order at the moment of publication of this article.
World Maritime News reported earlier this week that Polaris Shipping has expanded its fleet with a newbuilding, the 2017-built 209,000 dwt Capesize vessel TRF Charleston.
Under the deal signed on June 5 with US-based TRF Ship Management, Polaris Shipping paid for the newbuilding USD 46.2 million.
Over the past several months, the company was embroiled in controversies regarding its converted fleet as hull cracks were found on several of its ships putting the respective conversion process under spotlight.
Busan Coast Guard raided the company’s premises on May 25 in relation to the sinking of the ill-fated Stellar Daisy as part of the recently launched investigation into the incident.
Initial findings indicated that the converted ship had split in half following a hull crack that caused shifting of cargo and subsequent sinking of the bulk carrier. However, an official cause of the incident has not been provided yet.
Polaris Shipping’s fleet is comprised of 31 bulk carriers.
World Maritime News Staff