HMM signs long-term crude oil shipping contract with GS Caltex

Hyundai Merchant Marine (HMM) has inked a long-term crude oil shipping contract worth KRW 190 billion with GS Caltex. Under the deal, HMM will transport a total of 19 million tonnes of crude oil from the Middle East to South Korea over a period of 5 years from July 1, 2019 to August 31, 2024.

Accordingly, HMM plans to deploy two 300,000 DWT Very Large Crude Carriers (VLCCs) which were ordered last September.┬áC. K. Yoo, CEO of HMM, commented; “We expect this long-term shipping contract with GS Caltex to further strengthen partnerships between HMM and GS Caltex. HMM will secure stable and consistent profits by increasing long-term contracts with a global customer base.”

HMM has been associated with GS Caltex for over 20 years in the crude oil shipping business.