South Korea’s Polaris Shipping is selling an elderly former VLCC for demolition.
Sources say the 261,000-dwt Stellar Cosmo (built 1992) has been sold for scrap in either India or in Pakistan for $423 per ldt or $17m.
Polaris bought the ship as the VLCC Suzuka in March 2007 for $39.5m. The vessel is due for special survey.
The company has a number of elderly VLOCs in its fleet, including the 279,000-dwt Stellar Unicorn, Stellar Galaxy and 291,000-dwt Stellar Liberty (all built 1993).
