Korea Lines orders two VLCCs at Hyundai Heavy

By Aiswarya Lakshmi March 16, 2018

South Korean shipping firm Korea Line Corporation (KLC) has placed an order for two new very large crude carriers(VLCC) at country's biggest yard, Hyundai Heavy Industries (HHI), and the company will explore further collaborations with the country's shipbuilders.

According to Yonhap news agency, the new VLCCs are expected to have been delivered by the 2020. The total amount of the agreement will amount at 185.6 billion won (US$173 million).

The carriers, which can hold 300,000 tons of crude oil each, will be used in transporting petroleum for GS-Caltex Corp., the second-largest refiner in South Korea, the report said, quoting Korea Line. The company recently signed a long-term deal with GS-Caltex to ship crude oil.

Korea Line said it will further enhance cooperation with Korean shipyards as it is seeking to expand its services beyond the transport of crude oil. KLC owns a fleet of 29 vessels comprising 19 bulkers, 8 LNGs, 1 tanker, and 1 PCTC comprising a total of 3,393,961 DWT.