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Hyundai Heavy Industries (HHI), the world's largest shipbuilder, has announced that it has signed an $800 million contract to build 10 LNG-ready very large ore carriers (VLOCs) for Seoul-headquartered dry bulk owner and operator Polaris Shipping.

According to HHI, the 325,000-deadweight-tonne (dwt), 340-metre-long ships will incorporate an eco-friendly, LNG-ready design that will meet environmental regulations and reduce bunker consumption.

The 10 VLOCs will also be equipped with desulphurization scrubber technology and a ballast water treatment system.

The ships are scheduled to be delivered by 2021.

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

HHI said: "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."

So far this year, HHI says it has won 99 ship orders worth $5.8 billion, which is a 500%-plus increase on the same period last year when it clinched 20 ships worth $2 billion.

HHI says it has received 20 vessel orders from Polaris Shipping and delivered seven so far, including four 250,000-tonne VLOCs ordered in 2013.

Image: Signing ceremony: Chung Ki-sun, Executive Vice President of Corporate Planning Office of HHI shakes hands with Kim Wan-jung, CEO of Polaris Shipping. Credit: HHI.