Authorities have raided the Seoul and Busan offices of under fire Polaris Shipping as part of investigations into the sinking of the Stellar Daisy, an elderly converted ore carrier that went down in the South Atlantic at the end of March with the loss of 22 lives.
Only two men survived the sinking. Since then Polaris has been hit by a string of other incidents across a number of other ships in its fleet, sparking a fleet-wide inspection.
Authorities raided the two offices yesterday morning and took away all documents relating to the Stellar Daisy, including communication transcripts between the ship and its shore superintendents, the ship’s navigation log, its repair record and its ship inspection history.
Polaris has reached a compensation package with most of the families connected to the Stellar Daisy crew. Another ore carrier, Stellar Queen, remains off Brazil for nearly four weeks with repair work ongoing to fix some cracks that have emerged on its hull.
Polaris’s earlier plans to push an IPO as early as this July now appear in tatters.