Korea Line Corporation orders two VLOCs

Korea Line Corporation (KLC) has reportedly ordered two 325,000DWT very large ore carriers (VLOCs) from Hyundai Heavy Industries (HHI).

The vessels are to service a 25-year contract of affreightment (COA) with Brazilian mining giant Vale.

Each ship costs about KRW92.1 billion (US$81.8 million) and delivery of the ships is scheduled for the fourth quarter of 2019 and March 2020.

KLC, which is part of the Samra Midas Group, was one of seven shipping companies awarded COAs for up to 25 years by Vale, which is involved in the construction of 30 new VLOCs.

Vale is understood to be requesting newly built ships in the wake of Stellar Daisy sinking on March 31.