South Korea’s Hyundai Merchant Marine Co Ltd Invests USD 417.61 million for 5 VLCCs

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According to Reuters, South Korea’s largest shipper, Hyundai Merchant Marine Co Ltd, will invest USD 417.61 million in five new very large crude oil carriers (VLCCs), the company said on Thursday.

The company is also set to invest 181.9 billion won in two container ships, the company said in a separate filing.

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