Hyundai Merchant Marine, GS Caltex Ink Crude Oil Deal
South Korean shipping company Hyundai Merchant Marine (HMM) has signed a long-term crude oil shipping contract with compatriot oil refiner GS Caltex.
A press release from HMM said that the KRW190 billion (USD 180 million) contract will involve the transportation of 19 million tonnes of crude oil from Saudi Arabia and the Gulf from July 2019 to August 2024.
Accordingly, HMM plans to deploy two 300,000 dwt Very Large Crude Carriers (VLCC) which were previously ordered last September.
C.K. Yoo, CEO of HMM commented that “We expect this long-term shipping contract with GS Caltex to further strengthen partnerships between HMM and GS Caltex.” And that “HMM will secure stable and consistent profits by increasing long-term contracts with a global customer base.”
Meanwhile, HMM has continued its partnership with GS Caltex over 20 years in crude oil shipping business.