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. C. 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.