Polaris Orders Five More VLOCs at HHI

Image Courtesy: Hyundai Heavy Industries

South Korean shipping company Polaris Shipping has added five more 325,000 dwt Very Large Ore Carriers to the newbuilding tally at South Korean shipbuilder Hyundai Heavy Industries (HHI).

The order, worth USD 400 million, is an option being exercised as part of a contract signed on September 25, when Polaris ordered ten VLOCs of the same class from HHI.

In total, Polaris will be paying USD 1.2 bn for the fifteen 325,000 DWT bulker newbuilds.

The delivery of the first ten ships from the batch is scheduled for 2021, however, details on the delivery dates of the new five units have not been disclosed.

As informed earlier, the ore carriers, measuring 340m in length, 62m in width and 29.8m in height, will be designed as eco-friendly ships applying LNG Ready design to meet environmental regulations and reduce fuel consumption, and equipped with a ballast water treatment system and a desulfurization equipment scrubber.

Polaris Shipping’s order has been linked to long-term contracts of affreightment with Brazilian mining giant Vale.

Vale was said to be hiring up to 30 Valemax newbuildings being ordered by seven different shipping companies, including Polaris.

HHI Group’s shipbuilding affiliates have so far this year won new orders of 110 ships worth USD 6.7 billion, 90% of the USD 7.5 billion annual target, the shipbuilder said.

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