Polaris holds a long-term Contract of Affreightment ("CoA") with CSL International, Ltd. ("CSL"), a US-based operator of the world’s largest fleet of self-unloading bulk carriers. The agreement provides for a long-term commitment to supply Panamax-class self-unloading bulk carriers for the delivery of construction aggregates to California and Hawaii. The agreement carries a term of 20 years from January 1, 2010 and provides Polaris with long term, stable transportation costs relative to an ever-changing global shipping market.
Self-unloading ships are critical to the company's logistics operation and provide both the most cost effective option as well as better logistical flexibility versus traditional geared and ungeared bulk carriers.
Certain other customers purchase material on an ex-quarry basis and are responsible for arranging their own shipping. We have the capability to load a full range of barges and bulk carriers, up to Panamax-class ships, via our world-class 5,000 tph shiploader.