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>

<< Nov 2019 >>
MTWTFSS
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 30 1

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

CrewConnect Global 2019

CrewConnect Global is the leading forum for collaboration to advance new industry approaches to seafarer recruitment and training.

read more >

CruiseConnect Global 2019

Attend CrewConnect Global and stay on for the CruiseConnect Summit to take part in an industry-wide conversation focused…

read more >

CWC World LNG Summit & Awards Evening

The CWC World LNG Summit & Awards Evening will be returning to Rome in 2019 to celebrate it’s 20th year.

read more >