Polaris Shipping Expands Fleet with Vale-Backed Newcastlemaxes
South Korea’s Polaris Shipping has been linked to an order for up to four newcastlemax bulk carriers at China’s Hengli Shipbuilding.
Employment and Delivery
The ships are priced at around $80m each and are expected to deliver in 2028. The newbuilds are tied to employment with Brazilian mining giant Vale, which is pushing ahead with one of the largest alternative-fuel dry bulk renewal programmes on the water.
Vale’s Renewal Programme
Vale has already moved on the VLOC side, with Shandong Shipping signing a 25-year charter deal for two 325,000 dwt ethanol-trifuel guaibamax vessels at Qingdao Beihai, with options that could lift the series to 10 ships.
Industry Implications
- Polaris has a long relationship with Vale and operates a large VLOC fleet for the miner under long-term charter arrangements.
- The company said last year it had signed a five-year contract of affreightment with Vale worth about $300m, covering four 210,000 dwt newcastlemaxes on the Brazil-China iron ore route from 2026 to 2031.