Polaris Shipping has struck a deal with its biggest customer to sell off two-thirds of its VLOC fleet as the cost of complying with the IMO sulphur cap makes older bulker giants less desirable.
Market sources said the South Korean bulker owner is planning to sell up to 10 ore carriers built in the early 1990s.
Polaris owns 14 VLOCs built between 1993 and 1995, according to Clarksons.
