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DSME inks LoI for 10 VLCC newbuilds with HMMDSME inks LoI for 10 VLCC newbuilds with HMM

Struggling South Korean shipbuilder Daewoo Shipbuilding and Marine Engineering (DSME) has inked an order for up to 10 VLCCs from Hyundai Merchant Marine (HMM).

Marcus Hand, Editor

April 10, 2017

1 Min Read
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DSME announced at the weekend that it had signed a Letter of Intent (LoI) with HMM for five 300,000 dwt newbuildings with options for five more.

With newbuilds priced at an estimated $80m per vessel if all 10 newbuilds are confirmed. The shipbuilder said the firm contract would be signed in July.

It is the second large tanker order secured by DSME recently with Greek owner Angelicoussis returning to the yard with a $250m order from a trio of 318,000 dwt VLCCs for Maran Tankers Management.

“Many shippers at home and abroad have significant trust in DSME’s technology and competitiveness,” said DSME chief Jung Sung-leep. “We will deliver quality vessels to those and get back on our feet in return for their trust.”

The Korean shipbuilder has received orders for 13 vessels worth more than $1.4bn if the first five VLCCs from HMM are included.

“Such new orders are expected to be a great help in overcoming the crisis facing DSME.”

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About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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