Polaris Shipping

Name

Polaris Shipping

Legal name

POLARIS SHIPPING Co., Ltd.

Website

https://polaris-shipping.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Product category

Maritime Shipping / Dry Bulk Shipping Services

NAICS

Deep Sea Freight Transportation (483111)

SIC

Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

Crude Oil & Petroleum Products Tanker Transport (TLADALAA)

Keywords

• Dry bulk shipping
• VLOC operations
• Long-term charter services
• Maritime logistics
• Tanker shipping

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Supply Chain, Marketing or Sales

Revenue model

1. Long-Term Charter (Dedicated Carrier): Stable revenue through long-term Contracts of Affreightment (COA) with major global charterers. Provides dedicated vessel transport services for iron ore and coal under fixed contracts with fuel surcharge (BAF) clauses that protect against fuel cost volatility.
2. Tramp Services: Spot market bulk shipping services using Capesize, Panamax, Supramax, and Handy vessels for customized customer solutions on global routes.
3. Tanker Services: LR2 tanker fleet operations for transporting refined petroleum products (Jet A-1, gasoline, naphtha, diesel) to global trading companies and oil majors.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Polaris Shipping is a maritime shipping company that transports dry bulk commodities (iron ore, coal, grain, fertilizer) and refined petroleum products using a fleet of owned and chartered Very Large Ore Carriers (VLOCs), bulk carriers, and LR2 tankers. Its core business comprises Dedicated Carrier long-term charter contracts with global industrial charterers (Vale, POSCO, KEPCO, Hyundai Steel), Tramp spot-market bulk shipping on global routes using Cape/Panamax/Supramax/Handy tonnage, and Tanker services delivering refined petroleum products (Jet A-1, gasoline, naphtha, diesel) to multinational traders and oil majors. Approximately 70-80% of revenue is generated under long-term contracts of affreightment (COA), with the remainder from spot charter and tanker business.

Product overview

Polaris Shipping is a dry bulk and tanker shipping company founded in 2004, operating a fleet of VLOCs and various bulk carriers. Its core products consist of three main service lines: Dedicated Carrier (전용선), a long-term charter business with major clients like Vale, POSCO, KEPCO, and Hyundai Steel; Tramper (부정기선), offering flexible tramp shipping across Capesize, Panamax, Supramax, and Handy vessels; and Tanker (탱커선), providing LR2 tanker services for refined petroleum products. The company also pursues new business ventures including an AI-Ready Floating Data Center Platform, Offshore Wind Power Infrastructure Management, and Northern Sea Route Development. The portfolio is structured as a unified shipping services platform, with the three core shipping segments serving as the primary revenue generators and the new business initiatives representing emerging growth areas.

Differentiator

Problem solved

Functional benefit

Products and services

• Dedicated Carrier (전용선) Long-term charter business providing stable global transport services based on multi-year Contracts of Affreightment (COA) with major global charterers including Vale, POSCO, KEPCO, and Hyundai Steel. Specializes in VLOC (Very Large Ore Carrier) operations for iron ore and coal transport on routes such as Brazil to China/Korea and Australia to Asia.
• Tramper (부정기선) Tramp shipping services utilizing diverse bulk vessel types including Capesize, Panamax, Supramax, and Handy vessels, offering customized, differentiated bulk transport services on global routes based on extensive bulk shipping market experience.
• Tanker (탱커선) Tanker shipping services leveraging VLCC and Suezmax operational experience, including two newly introduced 110,000-ton LR2 tankers (from November 2018), in collaboration with multinational Traders and Oil Majors for global transport of refined petroleum products (Jet A-1, gasoline, naphtha, diesel).
• AI-Ready Floating Data Center Platform A next-generation marine infrastructure platform applying Polaris's mobile power vessel expertise to develop floating LNG-powered data centers with eco-friendly, high-efficiency cooling systems, addressing the growing demand for sustainable digital infrastructure.
• Offshore Wind Power Infrastructure Management Investment in WTIV (Wind Turbine Installation Vessel), AHTS (Anchor Handling Tug Supply), and tugs to expand eco-friendly offshore wind infrastructure operations, driving sustainable growth and carbon neutrality through renewable energy investments.
• Northern Sea Route (NSR) Development Proactive engagement in Arctic navigation route development projects with leading domestic partners, preparing for the expected increase in Arctic navigation days from 2029 onward.

Quantifiable outcome

• 5-year average operating profit margin of 16.4%
• +5 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Nine partnerships are on record, tiered core, key and minor.

• ValecoreStrategic or Co-development PartnerWorld's largest iron ore producer. Polaris Shipping has maintained long-term relationships with Vale since 2019, operating VLOCs for iron ore transport from Brazil to China under multi-year COA contracts. Recently renewed 5-year contract for 4 vessels (210,000-ton bulk carriers) worth 410 billion KRW.
• POSCOcoreStrategic or Co-development PartnerWorld's fifth-largest steelmaker. Long-term COA contracts for iron ore and coal transport.
• KEPCO (Korea Electric Power Corporation)coreStrategic or Co-development PartnerCoal transport services under long-term contracts.
• Hyundai Steel (현대제철)coreStrategic or Co-development PartnerLong-term COA contracts for iron ore transport.
• HD Hyundai (현대중공업)keyTechnology or IntegrationPartnership for autonomous navigation technology development. At Posidonia 2026 in Greece, signed research agreement with HD Hyundai, Avikus, and ABS for conditional unmanned bridge operation on VLOC vessels. HD Hyundai to assess ship design changes required for autonomous operations.
• Avikus (아비커스)keyTechnology or IntegrationHD Hyundai Group subsidiary developing the Hygnus Control autonomous navigation system. Polaris Shipping plans to install this system on 2 vessels for demonstration operation. System provides perception, judgment, and vessel control capabilities for autonomous navigation.
• ABS (American Bureau of Shipping)keyTechnology or IntegrationClassification society partnership for safety evaluation and regulatory compliance review of unmanned bridge operations. ABS to conduct independent safety assessment, identify functional safety analysis requirements, and ensure compliance with IMO MASS code.
• Young Ocean Life (YOL) AssociationminorOthersBusan-based organization focused on youth settlement and regional development. Polaris Shipping donated to support youth settlement infrastructure projects.
• Busan Community Chest of Korea (부산사회복지공동모금회)minorOthersSocial welfare organization. Polaris Shipping participated in 2025 Sharing Model Enterprise program and donated 50 million KRW through Hope 2026 Sharing Campaign.

Scale indicators18 records

Recent moves10 records

Expansion highlights6 records

Direct peers

• Golden Ocean Group: Pure-play dry bulk shipper (controlled by John Fredriksen) operating a modern fleet of Capesize and Panamax bulkers with similar exposure to iron ore and coal long-term contracts. Closely comparable business model and customer mix.
• Genco Shipping & Trading: New York-listed dry bulk operator with a fleet of Capesize, Ultramax, and Supramax vessels carrying iron ore, coal, and grains. Direct peer in size, fleet composition, and exposure to commodity-driven long-term contracts.
• Pan Ocean: One of Korea's largest dry bulk shipping operators (formerly STX Pan Ocean), operating Capesize, Panamax, and other bulk carriers globally. Direct competitor in long-term COA bulk shipping with similar customer base of Korean steelmakers and energy companies.
• Euronav: Large global crude and product tanker owner-operator with VLCC, Suezmax, and LR2 tonnage. Comparable to Polaris's tanker operations and provides benchmark for refined petroleum product shipping economics.
• Scorpio Tankers: Global pure-play product tanker operator with a fleet of MR and LR2 tankers carrying refined petroleum products. Directly comparable to Polaris's LR2 tanker business serving oil majors and trading houses.
• Star Bulk Carriers: Global dry bulk shipping pure-play with a large fleet of Newcastlemax, Capesize, Panamax, and Supramax vessels. Closest international peer in fleet composition and iron ore/coal exposure with long-term charter contracts with major miners including Vale.
• Korea Line Corporation: Korean bulk and tramp shipping operator focused on dry bulk and breakbulk cargoes including iron ore and coal. Closely comparable fleet mix (Capesize/Panamax) and similar target customers in Korean steel and power sectors.
• Safe Bulkers: International dry bulk shipping specialist operating Panamax, Kamsarmax, Capesize, and post-Panamax vessels with focus on coal, iron ore, and grain. Comparable long-term charter business with industrial customers and similar fleet renewal profile.
• Diana Shipping: Global dry bulk owner-operator with a fleet of Capesize, Kamsarmax, Panamax, and Ultramax vessels primarily on time charters. Comparable pure-play dry bulk business model and customer overlap with major commodity producers.

Broad incumbents

• HMM Co., Ltd. Korea's largest container shipping line (formerly Hyundai Merchant Marine) with a broader diversified portfolio including bulk carriers. Competes for Korean industrial cargo volumes and is a benchmark for Korean shipping industry scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/polarisshipping

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Polaris Shipping