HMM charters three VLCCs set to be built by Hyundai Samho

The three very large crude carriers (VLCC) to be designed by Hyundai Samho Heavy Industries, a subsidiary of Korea Shipbuilding & Offshore Engineering Co, have been chartered by HMM, a South Korean shipping company.

The contract for the building of the newbuilds was signed last week for KRW 298.8 billion ($268.9 million).

The order was put with an unnamed Asian shipowner, with deliveries scheduled for 2022. The name of the ship's owner is unknown.

The three 300,000-ton VLCCs will be taken on a ten-year voyage contract with South Korean oil refiner GS Caltex, HMM reported to Offshore Energy – Green Marine.

The contract is worth KRW 630 billion (approximately $560 million) over ten years. The contract extends from July 1, 2022, to July 1, 2032.

HMM has five VLCCs in its fleet, all of which were built in 2019, as well as two Suezmax tankers, both of which were built in 2011. Crude oil is exported by the shipowner from the Middle East and West Africa to the Far East, the United States, and Europe.

Maritime Business World