Seoul: South Korean ship owner, Polaris Shipping has agreed to pay $40.8m for a 1990-built 261,343 dwt single hull tanker Titan Pisces is due to be delivered by current owner Hong Kong's Titan Petrochemicals in the next four weeks.
The vessel, the sixth VLCC acquired by Polaris Shipping since last year, is likely to be converted into a very large ore carrier for long term charter to Pohang Steel and Steel Company (Posco).
Commenting on the sale, Titan Petrochemicals chairman Tsoi Tin Chun said the company is continuing to reduce its exposure in the volatile VLCC market where prospects are poor. "The sale represents a good opportunity to enable the group to realise the value in the Vessel and the cash flow generated will be available for deployment for the benefit of the group," he added. [15/08/08]
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