HHI Bags Order for 10 LNG-Ready VLOCs

by Ship & Bunker News Team
Tuesday September 26, 2017

Hyundai Heavy Industries Co., Ltd. (HHI) today announced that it has signed an $800 million contract with Polaris Shipping Co., Ltd. (Polaris Shipping) to build ten 325,000 DWT "eco-friendly" Very Large Ore Carriers (VLOCs) - all of which are set to be liquefied natural gas (LNG)-ready and feature exhaust gas scrubber systems.

The ships' design is said to be intended to meet environmental regulations, as well as reduce fuel consumption.

The signing ceremony for the contract was held at HHI's office in Seoul, and was attended by Ka Sam-hyun, COO of HHI Group Ship Sales Division, and Chung Ki-sun, Executive Vice President of Corporate Planning Office of HHI, and Kim Wan-jung, CEO of Polaris Shipping.

HHI notes that the contract is the largest single order in the last five years.

"Even under unfavorable 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," said an HHI official.

Another move under this strategy came in June, when HHI and Lloyd's Register (LR) announced a joint development project (JDP) to design 180,000 DWT class LNG-powered bulk carriers.

Ship & Bunker News Team
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