South Korea’s Polaris Shipping has continued its sales of ore carriers for demolition, disposing of its last two vintage units.
It has sold the 298,000-dwt VLOCs Stellar Pioneer and Stellar Topaz (both built 1994) "as is" in Labuan for $430 per ldt, or $19.8m each.
Brokers claim GMS handled the deal. Polaris does not comment on commercial matters.
The company last year sold as many as 13 VLOCs for recycling.
The Stellar Pioneer and Stellar Topaz were purchased in September 2012 from Vale of Brazil for an undisclosed price. Vale had bought the duo as VLCCs from Vela and converted them.
Polaris Shipping has conducted an extensive renewal of its ore carrier fleet and the sale of the vessels means the company has no more 1990s-built units.
It has one capesize bulker and six ore carriers on order. The ore carriers will be delivered from Samho Heavy Industries this year.
Polaris also has a VLCC and two aframax tankers in its fleet, all of which operate in pools.
