South Korean owner Polaris Shipping is close to clinching a deal with compatriot shipyard Hyundai Heavy Industries (HHI) for the construction of 10 VLOCs, plus options for another five, as part of a COA deal the owner has signed with Brazilian miner Vale.
An official at Polaris Shipping confirmed to Splash that the company is at the final stages of concluding the contract with HHI, although an official contract has yet to be signed.
Polaris is currently in the midst of a fleet optimisation plan following a fleet-wide inspection in the wake of the Stellar Daisy sinking in March year. The company ordered three 325,000 dwt VLOCs at HHI in June after securing a COA contracts with Vale. It has also sent elderly VLOCs Stellar Cosmo and Stellar Unicorn for demolition.
Vale recently has signed a series of COA agreements with Chinese and South Korean companies including Pan Ocean, Korea Line, H Line, SK Shipping, ICBC Shipping and China Merchants and a total of 20-30 VLOCs are on the cards for Chinese and South Korean shipyards.