Hyundai Heavy Signed $400 Million Order to Build 5 VLOCs

South Korea’s Hyundai Heavy Industries (HHI) has clinched a deal worth approximately US$400 million to build five very large ore carriers(VLOCs) from Seoul-based shipper Polaris Shipping.

"HHI has signed a $400 Million worth contract to build five 325,000 dwt VLOCs (Very Large Ore Carrier) with Polaris Shipping. It is the option exercised following the contract of ten same class VLOCs with Polaris Shipping on September 25," said a company statement.

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

According to Pulse News, Polaris Shipping upon placing an $800 million order with Hyundai Heavy Industries for 10 VLOCs last month had the option to place additional shipbuilding orders. As a result, Hyundai Heavy Industries is responsible for building 15 VLOCs for the shipper worth a combined $1.2 billion.

Polaris Shipping has advanced VLOC orders following a recently signed charter deal with world’s largest iron ore producer Vale SA.

Polaris Shipping believes Hyundai Heavy Industries has the world’s best technology for building high-efficiency and environmentally-friendly vessels, said an unnamed Polaris Shipping.

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