Photo = HMM

 

[Alpha Biz= Reporter Kim Jisun] HMM, South Korea's only ocean-going container shipping company, has signed a long-term crude oil transportation contract with S-Oil, marking their first such agreement in six years since 2018.

On September 30, HMM announced that it had secured the deal at S-Oil's headquarters in Seoul's Mapo district. The contract involves transporting crude oil from Saudi Arabia and other Middle Eastern countries to South Korea. 

 

HMM will deploy one Very Large Crude Carrier (VLCC) with a capacity of 300,000 tons for this purpose. The contract is valued at approximately KRW 180 billion and will last for five years starting in the first quarter of next year, with an option to extend for an additional two years.

 

 

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