Bulker owner Polaris Shipping has pulled the plug on the sale of its only two LR2 tankers.
The South Korean company, which had planned to capitalise on rising tanker asset values to boost its finances, will not sell the 110,000-dwt Polar Ace and Polar Bright (both built 2018) until next year.
Shipping sources familiar with Polaris said it has removed the Daehan-built aframax product carriers from the market, because they are chartered out and the charterer has not agreed to a sale.
Navig8 is said to have time-chartered the duo at low rates and the contracts run until March 2025.
“The charterer is against selling [the two tankers], so they can only be sold when the charter contracts end,” said one source.
Last month, Polaris sold four newcastlemax bulk carriers — the 209,500-dwt Solar Pride and Solar Quantum (both built 2020) and 208,900-dwt Solar Nova and Solar Oak (both built 2021) — to Thenamaris of Greece, which was said to have contended with more than 10 other bidders.
Thenamaris was reported to have paid “an amazing price” of more than $67m for each of the modern scrubber-fitted vessels.
It appears the Greek owner is already making money on the quartet, although it is not scheduled to take delivery until between April and July.
VesselsValue lists the current market value of the newcastlemaxes as between $70.28m and $71.58m each.
Privately owned Polaris Shipping was founded in 2004 by HS Han and WJ Kim.
It has been for sale. Woori Private Equity Asset Management signed a memorandum of understanding to acquire the company last October.
However, the takeover stalled because of the price.
One source close to Polaris said the sale is “ongoing” but it is unclear if it is still in talks with Woori or a new buyer.
Clarksons’ Shipping Intelligence Network lists Polaris with a fleet of 31 vessels, including the two LR2 tankers.
In early February, Polaris chief executive WJ Kim was sentenced to a three-year jail term for neglecting the hull maintenance and repairs of the 266,000-dwt Stellar Daisy (built 1993), which caused its sinking in 2017.
The converted VLOC, carrying 260,000 tonnes of iron ore from Brazil to China, was lost off Uruguay, claiming the lives of 22 of the 24 crew members.
The sinking was also said to have contributed to Polaris’ financial woes.
Two other executives received two-year and one-year sentences at a Busan court.
