HMM seals $177m crude shipping deal

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.”

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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