HMM Abandons Options for Five VLCCs at DSME

South Korean shipping giant Hyundai Merchant Marine has decided to abandon its options for five additional tankers, the company confirmed to World Maritime News.

The company’s very large crude carrier (VLCC) options were a part of an earlier shipbuilding agreement with compatriot shipbuilder Daewoo Shipbuilding & Marine Engineering (DSME).

Namely, in April 2017, HMM and DSME signed a letter of intent for the construction of five 300,000 dwt VLCCs, with an option for five more ships. The parties were also to consider LNG carrier engine and eco-friendly technology for the ships.

At the time, HMM said it would use funds from the financing package worth KRW 2.6 trillion (USD 2.28 billion), a part of South Korea’s efforts to help the country’s shipping industry, to finance the newbuildings.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Feb 2020 >>
MTWTFSS
27 28 29 30 31 1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 1

Eastern Mediterranean Offshore Conference and Exhibition (EMC) 2020

EMC 2020 conference will arm delegates with technical and commercial knowledge to capitalise…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

Belgian Offshore Days 2020

During this event, a conference will be held with focus on “Increasing value by data driven innovation…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >