HMM Names New VLCC Universal Leader at DSME

South Korea’s Hyundai Merchant Marine has named its new very large crude carrier (VLCC) at the Daewoo Shipbuilding & Marine Engineering (DSME).

The vessel was named the Universal Leader during the ceremony held at the builder’s Okpo shipyard in Geoje on January 29, 2019.

Featuring 300,000 dwt, the unit is the first of five VLCCs ordered in 2017 under a KRW 470 billion (USD 420 million) deal in an effort to take proactive actions towards market change, as shipbuilding costs fell to the lowest level since 2003. The remaining units from the batch are scheduled to be delivered every two months until this September.

Universal Leader would be flexibly deployed in a spot market after its naming ceremony, the company said, adding that two of five VLCCs would serve a five-year KRW 190 billion contract with GS Caltex, which was signed in March 2018.

HMM informed that the vessels are equipped with a scrubber system in preparation for IMO environmental regulations and ship engines ensure optimal economic speed to save fuel.

“The launch of Universal Leader is a springboard for HMM’s Quantum Leap. HMM will move forward through securing five VLCCs in addition to the delivery of twelve 23,000 TEU and eight 15,000 TEU eco-friendly mega containerships from 2020 and 2021 respectively,” C.K. Yoo, President & CEO of HMM, said.