Korea Lines Orders Two Bulkers

Oct 27, 2017

Korea Lines Corporation, part of Samra Midas Group, has announced an investment in two 325,000 dwt bulk carriers.

The company would be paying KRW 184.8 billion (USD 164 million) for the two ships.

According to Yonhap, Hyundai Heavy Industries has been hired for the construction of the two ships, which are scheduled to be delivered in 2020.

Korea Lines said the investment was triggered by a 25-year transportation contract with an undisclosed party.

The company has been linked earlier to a time charter deal with Brazilian mining company Vale, which was said to be hiring 30 Valemax newbuilds from seven different shipping companies.

The companies in question include Chinese joint venture between ICBC Leasing and China Merchants, Pan Ocean, H Line Shipping, SK Shipping, and Polaris Shipping.

South Korean Polaris Shipping has already ordered 15 325,000 dwt dry bulk carriers from Hyundai Heavy Industries to support the deal and will be paying USD 1.2 bn for the new ships.

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