South Korea’s Polaris Shipping has won a five-year, approximately US$300 million contract with Brazilian mining major Vale for iron ore transportation. This agreement will be effective from the first quarter of 2026 until 2031, involving four newcastlemax bulk carriers that will transport iron ore from Brazil to China.

To fulfill this new commitment, Polaris Shipping will likely need to acquire or charter four bulk carriers. The company sold four newcastlemax bulk carriers to the Greek shipping company Thenamaris earlier last year.

Polaris Shipping has a long-standing relationship with Vale, with several of its very large ore carriers leased to the mining giant for up to 25 years.