South Korea’s Hyundai Merchant Marine (HMM) has inked a long-term crude oil shipping contract worth KRW190bn ($176.7m) with compatriot GS Caltex.
HMM will transport a total of 19m tons of crude oil from the Middle East to South Korea over a period of five years from July 1, 2019 to August 31, 2024.
HMM will deploy two 300,000 dwt VLCCs which were ordered last September.
C.K. Yoo, CEO of HMM, commented: “HMM will secure stable and consistent profits by increasing long-term contracts with a global customer base.”