HMM has inked a long-term crude oil shipping contract, worth KRW 190 billion, with GS Caltex. Under the shipping deal, which was signed on February 1, 2018, HMM will transport a total of 19 million tons of crude oil, from the Middle East to South Korea, over a period of 5 years, starting from July 1, 2019 to August 31, 2024.
HMM - GS Caltex partnership
HMM plans to deploy two 300,000 DWT Very Large Crude Carriers (VLCC), previously ordered in September 2017
Accordingly, HMM plans to deploy two 300,000 DWT Very Large Crude Carriers (VLCC), which were previously ordered, in September 2017.
Mr. C.K. Yoo, the Chief Executive Officer (CEO) of HMM, commented “We expect this long-term shipping contract with GS Caltex to further strengthen partnerships between HMM and GS Caltex."
Increasing long-term contracts
Mr. Yoo adds, "Additionally, 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.