Polaris orders another five ‘green’ VLOCs at HHI

Hyundai Heavy Industries (HHI) announced that it has reached an agreement with Polaris Shipping for a $400 Million worth contract to build five 325,000 dwt Very Large Ore Carriers (VLOCs).

The new agreement between the two companies is the option exercised following the contract of ten same class VLOCs on September 25.

In total, the two agreements between Hyundai Heavy Industries and Polaris Shipping will round up at $1.2bn and 15 VLOCs will be delivered to Polaris Shipping by HHI. The vessels are scheduled to be delivered by 2021.

The 325,000 dwt vessels, measuring 340m in length, 62m in width and 29.8m in height, will be designed as eco-friendly ships, applying LNG Ready design to meet environmental regulations and reduce fuel consumption, and equipped with a ballast water treatment system and a desulfurization equipment scrubber.