South Korean logistics company Hyundai Glovis has inked a long-term crude oil shipping contract with compatriot oil refiner GS Caltex.
Under the deal signed on December 8, 2017, Hyundai Glovis will transport crude oil from Saudi Arabia and other countries from that region to Korea, the company announced on Korea Exchange.
As informed, the deal covers the period from October 1, 2019, to September 30, 2029.
The contract is worth KRW 209.8 billion (around USD 190.9 million), subject to change.
In line with the newly signed contract, the company plans to order a 300,000 dwt very large crude carrier (VLCC) at a domestic shipyard. The newbuilding would be delivered until the start of the contract with GS Caltex, local media reported.
Hyundai Glovis currently operates a fleet of more than 90 ships, including pure car and truck carriers (PCTCs), bulkers and tankers.
World Maritime News Staff