Polaris inks five more VLOCs at Hyundai Heavy

Polaris inks five more VLOCs at Hyundai Heavy

South Korea’s Polaris Shipping has wasted little time exercising options for yet more very large ore carriers (VLOCs). Polaris, in the midst of a very significant fleet rejuvenation process, officially ordered ten firm plus five option 325,000 dwt ore carriers at Hyundai Heavy Industries (HHI) in September.

One month on it has already exercised the options at HHI, spending $397m for the extra five ships that will deliver by 2021 and be used to haul iron ore for Brazilian miner, Vale.

Polaris boasts one of the world’s largest fleet of VLOCs. However, the average age and condition came in to sharp focus earlier this year when one of its vintage ships – a converted tanker – sank in the south Atlantic and a number of defects were found to have dangerous defects. Polaris has sent earmarked a number of ships for scrap.

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.

Related Posts