South Korean dry bulk shipowners said to place big orders

Three South Korean shipping companies are in the process of ordering new ships at a Chinese yard for close to USD 600 million, reports Tradewinds. The orders are backed by Vale.

Photo: PR-foto

Polaris Shipping H-Line and Pan Ocean are allegedly preparing to order several newcastlemax dry bulk ships at Chinese yard New Times Shipbuilding, sources tell Tradewinds. The orders have a combined value of USD 594 million and are supported by Brazilian mining major Vale's latest newbuild planes.

The shipyard will build upwards of 11 new dry bulk ships, including options, for the three shipping companies. The 210,000 dwt ships will be delivered in the second half of 2020 and into 2021, after which they will sail on five-year contracts for Vale.

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