South Korea’s Polaris Shipping has been linked to an order for up to four newcastlemax bulk carriers at China’s Hengli Shipbuilding.

Shipbuilding sources report the Seoul-based owner has contracted two firm 210，000 dwt bulkers at the Dalian yard， with options for two more.

The ships are priced at around $80m each and are expected to deliver in 2028.

Splash understands the newbuilds are tied to employment with Brazilian mining giant Vale， which is pushing ahead with one of the largest alternative-fuel dry bulk renewal programmes on the water.

Industry sources have put Polaris among three Asian owners selected by Vale for a package of up to 20 triple-fuel newcastlemaxes to be built in China. HMM is said to be lined up for eight ships， with Polaris and Shandong Shipping taking the remaining series.

The ships are part of a wider Vale plan for 30 new ore carriers， including 20 newcastlemaxes and 10 larger VLOCs， with long-term employment of more than 25 years.

Vale has already moved on the VLOC side. Shandong Shipping has signed a 25-year charter deal for two 325，000 dwt ethanol-trifuel guaibamax vessels at Qingdao Beihai， with options that could lift the series to 10 ships.

Those ships are expected to deliver from 2029 and are priced at about $130m each.

HMM has also disclosed a newbuilding programme covering eight bulk carriers and two VLGCs worth more than $1bn， with deliveries through 2031. Market sources have linked the bulkers to Vale business.

The Korean carrier has not publicly named the yard or employment for the bulk carrier portion， although market reports have pointed to Chinese construction.

Polaris has a long relationship with Vale and operates a large VLOC fleet for the miner under long-term charter arrangements.

The company said last year it had signed a five-year contract of affreightment with Vale worth about $300m， covering four 210，000 dwt newcastlemaxes on the Brazil-China iron ore route from 2026 to 2031.

That contract renewed a similar Vale deal first agreed in 2019. Polaris originally ordered ships for the earlier Vale work at New Times Shipbuilding and Shanghai Waigaoqiao Shipbuilding， but later sold the vessels to Greek owner Thenamaris as part of balance sheet repair measures.

Splash reported in 2024 that Thenamaris had taken four 2020- and 2021-built Chinese-built newcastlemaxes from Polaris， helping the Greek owner enter the segment. If confirmed， the Hengli deal would mark Polaris’ first newbuilding order in several years and add another name to the Dalian yard’s fast-growing dry bulk book.