South Korean bulker company Polaris Shipping has old two more VLOCs as the outfit continues to sell out its older bulker giants.
Demolition source said the company has sold two vessels for demolition either in Pakistan or Bangladesh.
The 305,000-dwt Stellar Queen and Stellar Hermes (both built 1994) has gone for $355 per ldt, or $13.7m.
The company bought the Stellar Hermes from Vela International as a VLCC. The company paid $20m for the ship in December 2009 and converted it into a VLOC.
Polaris bought the Stellar Queen was bought from Brazilian miner Vale for an undisclosed price in September 2012.
TradeWinds could not obtain comments from Polaris. This company is primarily a dry bulk outfit with 28 VLOCs in its fleet.
Polaris has already sold six VLOCs for demolition this year. All of them were recycled in Bangladesh.
The Seoul-based company also has four VLOCs set for delivery from Hyundai Heavy Industries Holdings shipyards.
In January this year, Polaris entered the VLCC market when it bought the 319,000-dwt Madison Orca (built 2020) from Monarch Alternative Capital for $50m. Polaris also owns two aframax tankers.
