Polaris lines up Vale-backed newcastlemaxes in China
Korean owner tied to up to four triple-fuel bulkers at Hengli for Vale trades
South Korea's Polaris Shipping has been linked to an order for up to four newcastlemax bulk carriers at China's Hengli Shipbuilding, its first newbuilding order in several years.
The deal covers two firm 210,000 dwt bulkers plus options for two more, priced at around $80m each and due for delivery in 2028. The ships are tied to employment with Brazilian miner Vale as part of one of the largest alternative-fuel dry bulk renewal programmes to date. Polaris is one of three Asian owners picked by Vale for a package of up to 20 triple-fuel newcastlemaxes to be built in China, with HMM lined up for eight ships and Polaris and Shandong Shipping taking the rest.
Vale's wider plan spans 30 new ore carriers, comprising 20 newcastlemaxes and 10 larger very large ore carriers, on employment stretching beyond 25 years. Polaris signed a five-year contract of affreightment with Vale worth about $300m last year, covering four newcastlemaxes on the Brazil-China iron ore route. The owner had earlier sold Vale-linked newbuildings to Greek owner Thenamaris to repair its balance sheet.
