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.