SOUTH Korean owner Polaris Shipping is close to clinching a deal with compatriot shipyard Hyundai Heavy Industries (HHI) for the construction of ten Very Large Ore Carriers (VLOCs), plus options for another five, as part of a Contract of Affreightment (COA) deal the owner has signed with Brazilian miner Vale, according to Singapore's Splash 24/7.

Although an official contract has yet to be signed, the ship owner confirmed to Splash that the company is at the final stages of concluding the contract with HHI.

Polaris is currently in the midst of a fleet optimisation plan following a fleet-wide inspection in the wake of the Stellar Daisy sinking in March year. The company ordered three 325,000 dwt VLOCs at HHI in June after securing COA contracts with Vale. It has also sent elderly VLOCs Stellar Cosmo and Stellar Unicorn for demolition.

Vale recently signed a series of COA agreements with Chinese and South Korean companies including Pan Ocean, Korea Line, H Line, SK Shipping, ICBC Shipping and China Merchants and a total of 20-30 VLOCs are on the cards for Chinese and South Korean shipyards.

source:http://www.shippingonline.cn/news/newsContent.asp?id=43150