Polaris Shipping postpones IPO to next year due to loss of ship – source

17 August 2017 – Polaris Shipping, a privately held South Korean bulk shipper, has postponed its plan to go public to next year due to the sinking of the company’s converted very large ore carrier Stellar Daisy, a source said.

The company is focusing its efforts on dealing with the accident this year, the source said.Stellar Daisy went missing on 2 April 2017 after last making contact in the South Atlantic about 2,500 km from shore, with 22 crew members unaccounted for, according to South Korea’s foreign ministry.

The enterprise value would be not diminished by the accident. However dealing with the accident is more important than listing the company, the source said.

Polaris Shipping is further discussing the IPO plan internally, a company spokesperson confirmed without giving details.

The South Korean bulk shipper recorded a loss of KRW 52.39bn (USD 46.09m) due to the accident, according to the company’s financial report released on 14 August 2017. The company will receive an insurance payout from insurance companies including Meritz Fire & Marine Insurance later, but, nothing has been determined yet, the spokesperson noted.

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