Korean Register of Shipping (KR) is to retain the classification services for part of a series of VLOC newbuildings to be chartered by Vale, according to classification sector sources.
The move appears to be a vote of confidence in the classification society following the loss of the 266,100-dwt Stellar Daisy (built 1993) through suspected structural failure in March last year.
In the wake of the loss, Vale embarked on plans to replace its fleet of 1990s-built VLOCs, which were converted from single-hull VLCCs.
KR took over the classification of 19 of the converted VLOCs from the likes of DNV GL, Lloyd’s Register (LR) and ABS after the vessels were sold to Seoul-based Polaris Shipping as part of an extended charter deal with Vale between 2008 and 2011.
There is no suggestion of failure of classification services as a contributory factor to the loss of the Stellar Daisy. But following the tragedy, LR was brought in to assist the KR in assessing the structural condition of the remaining converted Polaris VLOC fleet.
Fleet review
It is not unusual for a classification society to seek outside assistance after a ship casualty. MOL brought in LR to review its ClassNK certified fleet of containerships following the loss of the MOL Comfort (built 2008).
Out of a total of 47 ore carriers with capacity of 325,000 dwt, including options, 15 have again been ordered through Polaris as part of the Vale fleet renewal.
Competition between classification societies for the business has been intense amid continued low levels of newbuilding contracting.
Sources said KR will act as the lead classification society for at least the 15 Polaris vessels. It will provide joint class services in alliance with other leading classification societies.
KR is also likely to feature in two VLOCs ordered by H Line and Korea Line Corp, which will be built in South Korea.
KR declined to comment on its role in certifying the Vale fleet-renewal newbuildings.
Observers were not surprised at the appointment of the KR for the Polaris newbuildings. The project is dominated by South Korean interests and is viewed as a “Korea Inc” deal.
The ships will be built at Hyundai Heavy Industries. However, it is unclear at this stage if the KR will be involved in compatriot SK Shipping’s two orders at China’s Dalian Shipbuilding Industry and Pan Ocean’s order for six VLOCs at China’s New Times Shipbuilding.
In a separate development, the Stellar Daisy’s flag state, the Marshall Islands, is expected to file its accident investigation report shortly.
TradeWinds is told the probe has been completed. Under IMO regulations, flag states have one year to report on serious maritime casualties. The Stellar Daisy was lost in March 2017.
