Polaris was on a voyage from Gävle to Preston with 1560 tons of paper pulp, but had bunkered coal in Helsingborg. Shortly after leaving the port at 1000 on 16 January 1924, she collided with the steamer Allegro. Polaris sank after an attempt was made to run the ship aground. The ship was blown up in 1959.
The bow and stern are still fairly intact despite the blasting of the wreck.