Polaris Shipping has fully repaid a loan of 340 billion won from Meritz Securities, accelerating its financial restructuring. The company plans to strengthen its growth foundation by expanding long-term shipping contracts with global clients and securing eco-friendly vessels.
On September 30, Polaris Shipping announced that it, along with its holding company Polaris Energy Marine, has repaid the remaining 30 billion won of the 340 billion won loan borrowed from Meritz Securities in September 2024.
In the first year of borrowing in 2024, Polaris Shipping repaid 70 billion won, followed by 240 billion won in 2025, and has now completed the full repayment with the final 30 billion won this year.
The company aims to dispel concerns raised in the market regarding its financial stability and enhance its creditworthiness. It plans to accelerate business expansion and new ship orders based on a recently secured long-term shipping contract with Vale.
Last year, Polaris Shipping signed a five-year long-term shipping contract with Vale, the world's largest iron ore producer, for six Newcastlemax bulk carriers of 210,000 DWT, valued at approximately $570 million. As part of its fleet expansion, the company resumed new ship orders for the first time in seven years by ordering two Newcastlemax bulk carriers of 210,000 DWT from China's Henglizhong Heavy Industry in July.
Recently, Polaris Shipping was selected as a finalist for Vale's next-generation tri-fuel bulk carrier project, reaffirming its long-standing partnership with the company. In August, it placed an additional order for four Newcastlemax bulk carriers powered by eco-friendly fuels such as methanol and ethanol at the Qingdao Beihai Shipyard in China. These vessels are scheduled for delivery starting in 2031.
A representative from Polaris Shipping stated, "With the full repayment of the loan, we have alleviated market concerns about our financial stability and laid the groundwork for a new leap forward. We will strengthen our competitiveness by expanding long-term contracts with global reputable clients, including Vale, and securing eco-friendly new ships to solidify our sustainable growth foundation."
* This article has been translated by AI.
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