기업정보

Sailing forward the smart way

Over the last two decades, Polaris Shipping has built up a solid reputation and an impressive fleet that has helped it develop into one of Korea’s leading bulk carrier owners and operators with one of the largest VLOC fleets worldwide. COO D. H. Kim and General Manager D. M. Rhee discussed the company’s latest developments, in conversation with Imogen Ward.

…

Ever since it was founded in 2004, Polaris Shipping has operated with a clear vision of becoming a trusted carrier of large-scale dry bulk cargo. In order to see this to fruition, the company implemented a brave but bold strategy.

“While many owners pursued short-term gains, we deliberately offered long-term capacity at responsible, sustainable rates,” explained General Manager D. M. Rhee. “This approach created a true win-win situation: cargo owners secured stability in a volatile market, while Polaris built a reputation for foresight and reliability.”

 

The journey to success

Polaris has been operating to an exceptional standard ever since, gradually expanding its capabilities with the integration of Capesize and Newcastlemax vessels into its fleet. Thanks to this continual growth, the company now transports a total annual volume equivalent to around 10% of the entire seaborne trade of Korea. The company offers long-term COA contract services to major global charterers such as Vale, Posco and Hyundai Steel, specialised in VLOC operations and broader dry bulk services.

“The decisive moment came when we pioneered the adoption of converted VLOC’s for Vale, one of the world’s largest mining companies, at a time when vessel supply was extremely limited and freight rates were at historic highs,” added Mr Rhee. “Today, Polaris operates one of the world’s largest VLOC fleets, utilising its prior experience to anticipate market shifts, acting decisively and transforming challenges into enduring advantages.”

The company has also diversified its fleet with the addition of two LR2 (Long Range) tankers, a move that enhances its operational flexibility and broadens its service capabilities into wet bulk.

These vessels with coated cargo holds, designed for the efficient transportation of refined petroleum products and other liquid cargo, offer access to new trade routes and markets. The inclusion of LR2 tankers not only strengthens the company’s ability to meet the evolving demands of its customers but also supports its long-term strategy of building a more versatile and resilient fleet portfolio.

“We are also evaluating additional MR2 (Medium Range) tonnage to further broaden our service range,” explained COO D. H. Kim. “This diversification will help us as we explore more opportunities within the gas sector, relating to LNG and LPG, while also placing us in a better position for answering future opportunities in energy logistics and offshore wind energy.”

 

Green developments

Although the topic of greener energy is prevalent across the entirety of the maritime industry, it is especially relevant for Polaris, which prides itself on going above and beyond for sustainability.  

Polaris has worked hard to integrate green values into the very heart of the business, prioritising sustainable practices, energy efficiency and innovative solutions that reduce environmental impact across all operations.

“Through our R&D efforts, we provide clients with optimised solutions tailored to their routes that help reduce logistics costs,” continued Mr Kim. “We also maintain strict financial and governance disciplines, allowing our partners to place long-term trust in us.”

The company also understands that shipping is a collaborative industry driven by the people. For that reason, Polaris prioritises safety, crew training and talent development in order to ensure operational continuity and resilience. Mr Kim, in particular, highlights field-based project management and considers human capital the most critical element in strengthening the company’s organisational systems and culture.

“In short, sustainability for us means efficiency, transparency and people – elements that make us credible today and prepare us for tomorrow,” shared Mr Rhee. “It is not a separate initiative, but a business imperative.

“With this in mind, we have also committed to renewing our fleet; replacing older vessels with more energy-efficient designs and incorporating more advanced technologies into our existing ships. We are researching autonomous navigation and unmanned vessel technologies.

“These are not symbolic moves; they directly strengthen our ability to serve partners consistently while preparing for the industry’s long-term transformation.”

While implementing its strategic renewal programme, Polaris also intends to increase its fleet numbers to better diversify its customer base and business portfolio.

“We focus on accurately understanding our clients’ needs and providing fundamental solutions through continuous R&D,” said Mr Kim. “In order to continue to meet the evolving needs of our customers, we are investing in disciplined fleet renewal and capability building. We are selectively committing capital to large vessels in our core Capesize-VLOC segments, while executing energy-saving strategies and digital upgrades across the fleet.”

These developments will be key to further enhancing Polaris’ position within the maritime industry, while also improving the company’s commitment to sustainability.

 

 

Inspiring partnerships

Such impressive capital investment would not be achievable without the support of a strong supply chain, and, like any good business, Polaris understands that success is built on partnerships.

“From global charterers and shipyards to financial institutions and technology providers, every part of our success has been achieved together with our partners,” shared Mr Rhee. “We view these relationships not as transactions but as collaborations that create long-term value.

“The trust we have built with major cargo owners over decades is what allows Polaris to operate with confidence, expand our fleet and execute large-scale shipbuilding and retrofit programmes. Our financial partners, in turn, provide the capital solutions that make these investments possible. In short, Polaris would not be where it is today without the strength of its partnerships.”

As it looks to the future, Polaris intends to continue working alongside its partners to build a better, stronger business.

“Our long-term vision is simple: we want to build a company that can last for more than a century,” said Mr Kim, in conclusion. “This requires more than survival; we must continue to strengthen our competitiveness by expanding into areas of future demand and nurturing a culture that can endure across generations.

“This means maintaining leadership in large-scale dry bulk shipping, while diversifying into complementary sectors. It also means building on the trust of our partners to create a stable, profitable business that sustains us through cycles.

“Polaris’ story is still in progress. Over the past 20 years, we have established ourselves as a leader in VLOCs and built a strong financial and operational foundation. But the next stage will be about transformation, broadening our portfolio, adapting to global energy transitions, and reinforcing our commitment to sustainability and safety.”