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Hyundai Heavy confirms Polaris order for 10 gas-ready VLOCs

South Korea’s Hyundai Heavy Industries (HHI) has confirmed a deal worth $800m to build 10 very large ore carriers, its largest contract in five years.

Compatriot Polaris Shipping will take delivery of the gas-ready giant 325,000 dwt ships in phases through to 2021. Polaris is understood to have five additional options worth another $400m inked on the contract.

Polaris has already fixed COAs with its main client, Brazilian miner Vale, for the new ships.

After one of its ships, the Stellar Daisy, sank at the end of March with the loss of 22 men and other elderly VLOCs were found to have defects, Polaris set about an urgent fleet rejuvenation program.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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