Hyundai Heavy Industries (HHI) has won a $800m contract from South Korea-based dry bulk shipping service provider Polaris Shipping to build ten very large ore carriers (VLOCs). 

The deal is the biggest single order received by HHI in the last five years. In 2012, HHI secured an order from a Greek shipping company to build ten large-sized containerships.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Each vessel being built as part of the new order will be 340m-long, 62m-wide and 29.8m-high.

The vessels will feature LNG Ready design to meet environmental regulations and reduce fuel consumption.

They will also be equipped with a ballast water treatment system and a desulfurization equipment scrubber.

See Also:

Deliveries of the new 325,000dwt VLOCs are scheduled to be carried out by 2021.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
"We are beefing up our marketing efforts to meet clients’ needs on the back of our eco-friendly technologies."

An HHI official said: "Even under unfavourable market conditions, we have proven our competitiveness with a big order contract in five years.

“We are beefing up our marketing efforts to meet clients’ needs on the back of our eco-friendly technologies.”

HHI has so far secured 20 shipbuilding orders from Polaris Shipping and has delivered seven vessels, including four 250,000t VLOCs ordered in 2013.

In March this year, HHI’s shipbuilding affiliate Hyundai Samho Heavy Industries (HSHI) had been selected by Russia’s state-owned shipping company Sovcomflot to build four 114,000dwt Ice-Class IA aframax tankers.

Image: HHI Corporate Planning Office executive vice-president Chung Ki-sun is shaking hands with Polaris Shipping CEO Kim Wan-jung. Photo: courtesy of Hyundai Heavy Industries Co Ltd.