HHI books very large order for Very Large Ore Carriers

It's a deal: Chung Ki-sun, Executive Vice President of Corporate Planning Office of HHI shakes hands with Kim Wan-jung, CEO of Polaris Shipping

SEPTEMBER 26, 2017 — Hyundai Heavy Industries (HHI) reports that it has signed a contract worth $800 million to build ten 325,000 dwt VLOCs (Very Large Ore Carrier) for South Korea’s Polaris Shipping.

The contract is HHI’s largest single order in the last five years.

The signing ceremony held at HHI’s Seoul office, was attended by Ka Sam-hyun, COO of HHI Group Ship Sales Division; Chung Ki-sun, Executive Vice President of Corporate Planning Office of HHI; and Kim Wan-jung, CEO of Polaris Shipping.

The ships, measuring 340 m in length, 62 m in width and 29.8 m in height, will be designed as LNG-ready eco-friendly ships and equipped with a ballast water management system and a scrubber. The vessels are scheduled to be delivered by 2021.

Polaris is building them backed by charter commitments from Brazilian mining giant Vale, which has been getting out of the business of operating its own ships and last year sold for of its Capesize vessels to Vale, noting that this was consistent with its strategy of strengthening the balance sheet and focusing on core assets.

The total number of ships orered at HHI Group so far this year is 99 ships worth $5.8 billion, a 500% plus increase oncomparable period last year when the shipbuilder booked orders for 20 ships worth $2 billion.