DSME in talks with HMM over deal to build 300,000 tonne crude...

DSME in talks with HMM over deal to build 300,000 tonne crude carriers

SOUTH KOREA 's Daewoo Shipbuilding & Marine Engineering Co. (DSME) has won an order to build five 300,000-tonne crude carriers for Hyundai Merchant Marine Co. The deal includes an option for five more vessels under the terms of the signed letter of intent (LoI) between both parties.

17 April 2017 - 20:00 - Update: 18 April 2017 - 23:21

The final agreement will be concluded by the end of July since the two companies are still in talks over the financial terms. At current list prices each crude carrier costs US$80 million. A report by Pulse of South Korea said that DSME will be paid more than that per carrier. If it ends up building ten carriers for HMM, it would bag KRW900 billion ($792.3 million) in total.

DSME earlier secured an order worth $250 million to build three 318,000-tonne crude carriers for Maran Tankers Management, a subsidiary of Greek shipping giant Angelicoussis Shipping Group.

DSME has won a total of $770 million worth orders, including two liquefied natural gas (LNG) carriers and five very large crude carriers (VLCC) so far this year.





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