Corporate Information Press Release/ CSR

Corporate Information

[Press Release] Polaris Shipping Secures $300m Long-Term Transport Contract with Vale

  • 2025.06.25
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“Four Newcastlemax vessels will be deployed on the Brazil–China route for five years starting next year.”
 Polaris Shipping, a leading operator of Very Large Ore Carriers (VLOCs), has signed a five-year contract of affreightment (COA) with Brazilian mining giant Vale, valued at approximately USD 300 million (KRW 408 billion).

 

Polaris Shipping will deploy four 210,000-dwt Newcastlemax bulk carriers on the Brazil–China iron ore route from 2026 to 2031. The deal represents a renewal of a similar contract first signed in 2019.

 

The company had initially ordered vessels for the 2019 contract from New Times Shipbuilding and Waigaoqiao Shipbuilding, but later sold them to Greek owner Thenamaris last year as part of a debt repayment plan. Currently, Polaris operates 18 VLOCs under a separate 25-year long-term contract with Vale.

 

Earlier this year, Polaris launched its “Quantum Leap 2025” vision, aimed at strengthening financial stability. The company has also enhanced its ESG initiatives, designating June 30 as “Remembrance Day” to honor fallen seafarers and holding a “Safety Week” in July to mark Korea’s Industrial Safety and Health Month.

 

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