Polaris Shipping enters tanker trades

Polaris Shipping enters tanker trades

Polaris Shipping of South Korea, fresh from sealing a deal to buy four capesizes from Brazilian miner Vale, has now readjusted an order on home soil, marking its debut into the tanker trades.

Polaris has decided to switch an order for a pair of newcastlemax bulkers at Daehan Shipbuilding to two 112,000 dwt aframax tankers. Polaris will pay an additional $43m for the two tankers, which will deliver in 2018.

Earlier this month Polaris concluded a deal to buy four Vale capes. The deal clocks in at $140m, or $35m per ship. All ships will be delivered this month and next.

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.

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