World News
HMM Signs Newbuilding Agreement with Eco-Tech Option
Hyundai Merchant Marine (HMM) has announced that it singed a letter of intent (LOI) with Daewoo Shipbuilding & Marine Engineering Co., Ltd (DSME) on Friday for the construction of five 300,000 DWT very large crude carriers (VLCCs) including the option for the vessels to feature eco technologies.
"We currently operate twelve VLCCs which have been foundational to stable profits and enhancing sales competitiveness. We thought this year is the right time to order new VLCCs at historically low newbuilding price," said Chang-keun Yoo, CEO of HMM.
"HMM's fleet competitiveness in the medium and long run will be further strengthened through the New Shipbuilding Program."
The agreement, which also includes the option for five further vessels, will be finalised by the end of July, along with discussions about a LNG carrier engine and eco-friendly technology.
The newbuild agreement is said to be the first to utilise the South Korean government's KRW 2.6 trillion ($2.28 billion) New Shipbuilding Program, which was announced last October.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 647.50 | 1.00 | 770.00 | 3.50 |
| Rotterdam | 601.50 | 2.50 | 754.00 | 2.00 |
| Houston | 619.00 | 11.50 | 795.50 | 3.00 |
| Fujairah | 651.50 | 1.00 | 895.00 | 2.00 |
| Global 20 Ports Average | 664.00 | 1.50 | 856.50 | 2.00 |
| Global 4 Ports Average | 630.00 | 3.00 | 803.50 | 2.50 |
| Global Average Bunker Price | 718.00 | 0.50 | 914.50 | 0.50 |
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