South Korean bulker giant Polaris Shipping has entered the bullish VLCC sector with a secondhand acquisition.
The Seoul-based shipowner, which is best known for its focus on large bulkers, has splashed out $50m on the 320,000-dwt Madison Orca (ex-A Whale, built 2010) from US investment firm Monarch Alternative Capital. The deal for the Hyundai Heavy Industries-built ship includes special survey and installation of scrubber and ballast water treatment systems.
