AsiaDry CargoFinance and Insurance

Polaris postpones IPO again

Polaris Shipping has postponed plans for an IPO again. In the wake of severely negative press since its 1993-built ore carrier Stellar Daisy sank in the South Atlantic at the end of March with the loss of 22 lives, Polaris has been on the back foot, unable to proceed with what had originally been earmarked as a July listing.

The South Korean firm operates the world’s largest fleet of very large ore carriers. Since the Stellar Daisy sank, a number of other defects have been found on other Polaris ships. Last month the Busan Coast Guard raided Polaris’s headquarters in its ongoing investigation into the Stellar Daisy sinking.

Polaris had first mulled an IPO as far back as 2013 but market conditions went against that initial plan.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
Back to top button