South Korea’s Polaris Shipping continues to sell its elderly VLOCs for scrap.
The 298,000-dwt Stellar Magic (built 1994) has been reported sold 'as is' in Labuan for a firm $422 per ldt or $16.2m in total.
It is the twelth large bulker it has sold for demolition this year. Polaris Shipping does not comment on commercial matters.
The Stellar Magic was purchased from Brazil’s Vale for an undisclosed price in September 2012. The vessel was converted from a single hull tanker in 2011 and is due for a special survey in September next year.
Polaris Shipping's VLOC fleet has a bad track record in recent years. In March 2017, Polaris' 266,100-dwt converted VLOC Stellar Daisy (built 1993) sank off Uruguay in an incident that killed 22 of the 24-member crew.
And earlier this year the 300,000-dwt, 2016-built ore carrier Stellar Banner ran aground in the south Atlantic before it was scuttled in the deep ocean amid exploding hatch covers and billowing clouds of iron ore dust.
Demolition brokers this week also reported that NGM Energy of Greece is set to sell its 170,000-dwt bulker Win Win (built 2001) for recycling.
The bulker was purchased as CE Duke from Centrofin in March 2017 for $10m. It is now likely to fetch in excess of $8m.
