HHI to build 10 LNG-ready VLOCs for Polaris Shipping

HHI to build 10 LNG-ready VLOCs for Polaris ShippingImage courtesy of Hyundai Heavy Industries (HHI)

South Korean shipbuilder Hyundai Heavy Industries booked an $800 million order to build ten LNG-ready 325,000 dwt very large ore carriers (VLOCs) for Polaris Shipping.

The contract is the largest single order in the last five years since Hyundai Heavy received an order of ten large-sized containerships from a Greek shipping company in 2012, the company said in a statement.

The ships, measuring 340 meters in length, 62 meters in width and 29.8 meters in height, will feature the LNG-ready design to meet environmental regulations and reduce fuel consumption, and equipped with a ballast water treatment system and a desulfurization equipment scrubber.

The vessels are scheduled to be delivered by 2021, Hyundai Heavy said.

Hyundai Heavy has received a total of 20 orders to build vessels from Polaris Shipping, and delivered seven vessels including four 250,000 ton VLOCs ordered in 2013 so far.

The total number of ships Hyundai Heavy won so far this year is 99 ships worth $5.8 billion, which is a 500 percent plus increase for the comparable period last year when it clinched 20 ships worth $2 billion.

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