HHIC-Phil, the overseas unit of Hanjin Heavy Industries & Construction, has signed a $500m newbuild contract with a European shipowner to build eight 205,000dwt bulk carriers.

Under the agreement, HHIC-Phil’s Subic Shipyard in the Philippines will build the 300m-long very large ore carriers.

The vessels are expected to be delivered in the second half of 2012 and 2013, according to asiasis.com.

In 2010 HHIC-Phil secured 19 large ship orders with two booked in January, one in February and eight in April.