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Hyundai Heavy Industries wins $800 million deal to build ore carriers

Collected: 2017.09.27

Distributed: 2017.09.28

Source: Go Direct

Chung Ki-sun, senior executive director at Hyundai Heavy Industries, left, and Kim Wan-jung, chief executive of Polaris Shipping, shake hands after signing a VLOC deal on Monday. [Photo provided by Hyundai Heavy Industries Co.]

South Korea’s largest shipbuilder Hyundai Heavy Industries Co. said on Tuesday that it has bagged a 908.6 billion won ($800 million) order from a Seoul-based shipping firm to build 10 very large ore carriers (VLOC), making it the largest single deal in five years.

The latest order comes as a relief for the shipyard and its two affiliates Hyundai Samho Heavy Industries Co. and Hyundai Mipo Dockyard Co. that have asked their employees to take paid leaves to cope with a severe drop in workloads.

Under the $800 million deal with Polaris Shipping Co., Hyundai Heavy Industries will build 325,000-ton VLOCs and deliver them in phases until 2021. Each vessel will be 340 meters long, 62 meters wide, and 29.8 meters high.

The deal comes with an option for the ship owner to place orders for five more vessels worth $400 million.

Polaris Shipping has been happy with Hyundai Heavy’s products of 20 vessels over the last five years starting with four 250,000-ton VLOCs in 2013. Polaris Shipping has been advancing VLOC orders following a recently signed charter deal with world’s largest iron ore producer Vale SA.

Hyundai Heavy Industries said that the latest order is the single-largest deal in five years since it clinched a deal from a Greece-based shipping firm in 2012 to build 10 large containers.

Hyundai Heavy Industries and its two shipbuilding affiliates have won a combined $5.8 billion worth of orders so far this year to build 99 vessels, which is almost five-fold from last year when it received a combined $2 billion worth of orders to build 20 vessels.

By Moon Ji-woong

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