HMM inked a long-term crude oil shipping contract worth KRW 190 billion with GS Caltex.

Under the deal signed on February 1, 2018, HMM will transport a total of 19 million-ton 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 (VLCC) which were previously ordered last September.

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Mr. 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.

Source: Hellenic Shipping News.