South Korea’s Polaris Shipping is closing in on the sale of six of its vessels after discussions regarding the company’s acquisition by a domestic private equity firm became “deadlocked”.

Woori Private Equity Asset Management (Woori PE) signed a memorandum of understanding to acquire Polaris in October last year, with a view to completing the deal by year’s end.

The exclusivity period for acquiring the company lapsed in January, and shipping sources said it now seems very unlikely for Woori PE to finalise the acquisition under the initial terms and conditions.