Polaris Shipping's CP rating judged 'Good'

Korea Ratings (KR. CEO Yoon In-Seop), a Korean financial infrastructure group, newly evaluated the Polaris Shipping's Commercial Paper (CP) ratings as A3-.

KR explained these results as due to Polaris Shipping's conservative business policies like 'pre-carriage contracts and after-ship securing'. In KR’s estimate, these business attributes contribute a good deal to the stability of the carrier.

Also, the shipping company has recorded an 80% annual growth in sales every year since 2009. In addition, the Seoul-flagged carrier has contracts with several blue-chip enterprises, including Korea East·West Power (EWP).

KR reports that the carrier is financially flexible and has fostered amicable relationship with shippers for long-term contracts.

Polaris Shipping has been on a roll though during a prolonged market depression and negative industry watch owing to its long-term transportation contracts with Posco, Vale, and others since 2007. < 김보람 기자 brkim@ksg.co.kr >