Korea Line Orders VLCC Duo for GS Caltex Deal

South Korean shipping company Korea Line Corporation, part of Samra Midas Group, has placed an order for two very large crude carriers (VLCC) of 300,000 dwt.

Hyundai Heavy Industries has been entrusted with the construction of the oil carriers.

The investment is worth KRW 185 billion (USD 174.4 million) and is aimed at supporting the five-year contract for the transportation of crude oil signed earlier this month with compatriot refiner GS Caltex.

The newbuilding duo is set to be delivered in January 2020 when they will start their charters.

Under the KRW 210 billion (USD 197 million) transportation deal, Korea Line’s two VLCCs will transport crude oil between the Middle East and Korea.

Hyundai Heavy Industries is already building two Capesizes for Korea Line, set for delivery in 2020.

Once delivered, the two bulk carriers will start working with Brazilian miner Vale under a 25-year transportation contract.

The latest order brings Korea Line’s newbuilding tally to 16 ships, with 12 bulkers and 2 LNG carriers already on order, according to VesselsValue’s data.

World Maritime News Staff