en.Wedoany.com Reported - South Korea's Polaris Shipping has reached an agreement with China's Hengli Shipbuilding for an order of up to four Newcastlemax bulk carriers.
Shipbuilding industry sources said the Seoul-based shipowner has confirmed an order for two 210,000 deadweight tonnage (dwt) bulk carriers at the Dalian shipyard, with options for two additional vessels. Each vessel is priced at approximately $80 million and is expected to be delivered in 2028.
The newbuilds are tied to charter contracts with Brazilian mining giant Vale. Vale is advancing one of the world's largest alternative-fuel dry bulk carrier fleet renewal programs. Industry sources said Polaris is one of three Asian shipowners selected by Vale, with up to 20 tri-fuel Newcastlemax vessels to be built in China. Among them, HMM plans to secure eight vessels, while Polaris and Shandong Shipping will share the remaining portion.
These vessels are part of Vale's broader plan involving 30 new ore carriers, including 20 Newcastlemax vessels and 10 larger Very Large Ore Carriers (VLOCs), with charter periods exceeding 25 years. Vale has already taken action on VLOCs, with Shandong Shipping signing a 25-year charter for two 325,000 dwt ethanol-tri-fuel Guaibamax vessels at Qingdao Beihai Shipbuilding, holding options to expand the order to 10 vessels. These vessels are expected to be delivered from 2029, with each costing approximately $130 million.
HMM has also disclosed a newbuilding plan covering eight bulk carriers and two Very Large Gas Carriers (VLGCs), with a total value exceeding $1 billion and deliveries extending to 2031. Market sources link the bulk carrier portion to Vale's operations. The South Korean shipping company has not yet disclosed the shipyard or charter details for the bulk carrier segment, although market reports indicate construction in China.
Polaris has a long-term partnership with Vale and operates a large fleet of VLOCs under long-term charters. The company stated last year that it had signed a five-year freight contract worth approximately $300 million with Vale, covering four 210,000 dwt Newcastlemax vessels to operate on Brazil-China iron ore routes between 2026 and 2031. This contract extends a similar agreement first signed in 2019. Polaris initially ordered vessels for the Vale project at New Times Shipbuilding and Shanghai Waigaoqiao Shipbuilding, but later sold these vessels to Greek shipowner Thenamaris as part of balance sheet repair measures.
In 2024, reports indicated that Thenamaris acquired four Chinese-built Newcastlemax vessels from Polaris, built in 2020 and 2021, helping the Greek shipowner enter this segment. If the Hengli order is finalized, it will mark Polaris's first newbuilding order in several years and add a new client to the rapidly growing bulk carrier order book at the Dalian shipyard.
