Polaris VLOC to be declared constructive total loss and scuttled

Hull insurers face minimum $60m pay out over loss with wreck now set to be sunk out at sea

8 June 2020 16:08 GMT Updated 8 June 2020 16:49 GMT

in London

A Polaris Shipping VLOC, which grounded on a sand bank off Brazil in February, is set to be declared a constructive total loss (CTL) and local authorities are considering a plan to sink the wreck off the coast of Brazil.

The giant 300,000-dwt Stellar Banner (built 2016) grounded 100km off Sao Luis after leaving Vale’s Ponta de Madeira terminal fully laden with a shipment of iron ore.