Shipbuilding giant Hyundai Heavy Industries (HHI) has bagged more than $1.125m-worth of orders for very large ore carrier (VLOC) newbuildings.

Industry sources say the South Korean shipbuilder has secured contracts for up to 15 large bulkers of 325,000 dwt from domestic shipowner Polaris Shipping.

The deal is for 10 firm newbuildings plus five options. Polaris has ordered the VLOCs against long-term contracts of affreightment (COAs) of between 20 years and 25 years from Vale.