Polaris Shipping Firms Order for 10 VLOCs at HHI

HHI South Korean shipbuilder Hyundai Heavy Industries (HHI) has won an order from compatriot Polaris Shipping for the construction of ten very large ore carriers (VLOCs). The contract for ten 325,000 DWT bulker newbuilds is worth KRW 910.2 billion (USD 800 million). The delivery is slated for April 2021, HHI said in a regulatory filing on Tuesday. The announcement comes as a confirmation of previous market rumors linking Polaris Shipping to long-term contracts of affreightment with Brazilian mining giant Vale. Vale was said to be hiring up to 30 Valemax newbuildings being ordered by seven different shipping companies, including Polaris. Other bulker owners identified as providers of newbuilding tonnage are Chinese joint venture between ICBC Leasing and China Merchants which would secure ten bulkers, while South Korean shipping company Pan Ocean would be providing 4 Valemax newbuilds. In addition, Pan Ocean’s compatriots Korea Line Corporation, H Line Shipping, and SK Shipping would each contribute two new bulkers. The orders are said to be spread across several Chinese and South Korean yards. Since the beginning of the second half of this year, shipowners have ramped up dry bulk ordering, bringing the newbuild count to 110 new ships in the last three months. The number has almost doubled when compared to 63 newbuilding orders from the first half of this year, according to the data from VesselsValue. Prompted by attractive newbuilding prices the owners are rushing to the yards to secure newbuilding tonnage anent the anticipated market recovery. World Maritime News Staff