South Korea’s Polaris Shipping continues to sell its elderly VLOCs for scrap.
The 298,000-dwt Stellar Magic (built 1994) has been reported sold 'as is' in Labuan for a firm $422 per ldt or $16.2m in total.
It is the twelth large bulker it has sold for demolition this year. Polaris Shipping does not comment on commercial matters.
The Stellar Magic was purchased from Brazil’s Vale for an undisclosed price in September 2012.
