HMM Orders New Carriers

South Korea’s largest ocean carrier Hyundai Merchant Marine (HMM) will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), Reuters reported quoting company sources.

"HMM will invest 470 billion South Korean won (U.S. $418 million) in new facilities for the construction of five, 300,000 deadweight ton (DWT) VLCCs with Daewoo Shipbuilding & Marine Engineering (DSME), with an option for five more," said company sources.

HMM will acquire two 11,000-TEU containerships from Hanjin Heavy Industries & Construction’s Subic Shipyard. The contract price is approximately $162 million for the two vessels.

HMM also confirmed expansion of its container fleet with two ships of 11,000 teu each to be built at a Hanjin yard in the Philippines. The carrier also confirms an order for ten tanker vessels.

The investments, due to be completed by September 2019 and May 2018 respectively, aim to boost the competitiveness of its fleet and services.

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