Corporate Information

– Awarded Tower of "USD 700 Million Exporter" on the 62nd Trade Day (by KITA & MOTIR)–

Polaris Shipping Co., Ltd. (CEO Han Hee-seung), the third-largest dry bulk shipping company in Korea, is a specialized operator of Very Large Ore Carriers (VLOCs) dedicated to iron ore transportation. The company provides stable logistics services through long-term Contracts of Affreightment (COA) of up to 25 years with global industry leaders, including Vale of Brazil, the world’s largest iron ore producer, and POSCO, the world’s fifth-largest steelmaker.

More than 90% of Polaris Shipping’s fleet has been ordered from domestic shipyards, contributing significantly to the strengthening of Korea’s core national industries and shipbuilding competitiveness.

Over the past four consecutive years (2021–2024), Polaris Shipping has recorded annual sales exceeding KRW 1 trillion. Despite the decline in global ocean freight rates, the company achieved outstanding export performance over the past three years, with USD 860 million in 2022, USD 740 million in 2023, and USD 730 million in 2024, totaling more than USD 2.3 billion in exports.

The company’s major export markets include Brazil (68%), Australia (14%), and the United States (6%). By operating long-haul routes, Polaris Shipping has established a business structure that maximizes transportation revenue per distance. The company also enhances cost competitiveness by optimizing sailing speed and routes in real time through advanced operational systems.

Beyond maritime transportation, Polaris Shipping is expanding its business portfolio into eco-friendly smart transportation platforms and marine infrastructure. The company is securing future growth engines in marine-based new and renewable industries such as offshore wind power, Arctic shipping routes, and floating data centers. Through continuous R&D investment, it is responding proactively to the global energy transition. In addition, the company is strengthening vessel safety by replacing aging ships with newbuilds and conducting regular maintenance.

In line with the International Maritime Organization (IMO) 2020 environmental regulations, Polaris Shipping adopted low-sulfur fuel at an early stage and installed exhaust gas cleaning systems (scrubbers) on all vessels, leading industry efforts to reduce sulfur oxide emissions.