South Korean bulker company Polaris Shipping is boosting its fleet and appears to have clinched a deal for a newcastlemax newbuilding from Wilbur Ross-backed Transport Recovery Fund (TRF).
Sources say the 209,000-dwt TRF Charleston (built 2017) has been sold to the Korean owner for $46.2m. VesselsValue says the ship is worth $42.5m.
The deal reflects how bulker prices have gone up in the past year and comes as Polaris is renewing its fleet of converted very large ore carriers (see story, page 3).
Polaris is said to have bought the CIC-built bulker against long-term contract-of-affreightment from a Korean power company. Details of the employment have not been disclosed.
Polaris is listed with 32 bulkers in the water of which eight are capesizes at an average age of 11 years.
In August last year, the TRF Charleston was reported sold to another Korean owner, H-Line, with a sistership, the TRF Christiania (built 2017), for just $33m to $34m each.
The deal for the TRF Charleston did not materialise but the TRF Christiania is now in the H-Line fleet and is trading as HL Walcott.
TRF was formed in 2014 by US billionaire Ross and Astrup Fearnley of Norway. Its order for the two newcastlemaxes was not reported. The ships is likely to have been ordered for $60m each. Sources who know this niche well say the price for the TRF Charleston is fair as the ship's design and size have “strengths and weaknesses”.
TRF is listed with two containerships and three tankers that are trading, plus a pair of 300,000-dwt tankers set for delivery from Hanjin Heavy Industries and Construction Philippines — in Subic Bay — this year.
