Polaris Orders 10 VLOCs from HHI

Image Courtesy: Business Korea

South Korea’s Hyundai Heavy Industries (HHI) confirmed a deal to build 10 very large ore carriers (VLOCs) for USD 800 million.

This will mark the company’s biggest contract since 2012.

Polaris Shipping is to take delivery of 325,000 dwt vessels in stages upto 2021. The deal reportedly included 5 additional options worth an additional USD 400 million included in the contract.

Polaris began an urgent fleet rejuvenation program after one of its ships, Stellar Daisy, sank in March. The incident resulted in the loss of 22 men. In addition, older VLOCs reportedly had defects. Polaris has fixed with Brazilian miner Vale for the new ships.