HMM in for up to 10 VLCCs

HMM in for up to 10 VLCCs

Hyundai Merchant Marine (HMM) is readying to launch a tender for its first new ship orders in four years with the Korean carrier tipped to be in the market initially for up to 10 VLCCs. The Korean flagship carrier, fresh from restructuring last year, will take advantage of new state-backed financing to get local yards busy again.

HMM is thought to be in the market for an initial order of five VLCCs and might tack on five options to the deal. VLCCs are currently going for around $80m a unit in South Korea. The nation’s big three yards, Hyundai Heavy, Samsung Heavy and Daewoo Shipbuilding, are all thought to be ready to lodge bids. HMM will place the order by the end of June.

Once the VLCC contracts are out the way, HMM will set about rejuvenating its intra-Asia box fleet and will seek bids from local yards for a series of five sub-3,000 teu ships.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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