[Hyundai Merchant Marine]
SEOUL -- South Korea's top shipping company, Hyundai Merchant Marine, forged a five-year deal Tuesday with GS Caltex, a domestic refiner, to carry about 19 million tons of crude from the Middle East by using two very large crude carriers (VLCCs).
Hyundai Merchant said that under a deal worth 190 billion won (178 million US dollars), the shipper will carry crude for GS Caltex from July 1, 2019, to August 31, 2024, using two 300,000-ton VLCCs built at a domestic shipyard in a government-financed program.
GS Caltex, a joint venture between Chevron and the GS Group, provides more than one-third of South Korea's oil needs. In 2016, Hyundai Merchant was selected as the first serious target of government-led corporate restructuring due to a liquidity crisis caused by falling freight rates and high chartered fees. It has been under a rehabilitation program by creditors.
reporter
Lim Chang-won
cwlim34@ajunews.com
![[OPINION] Election loss weakens Turkeys President Erdoğan](https://image.ajunews.com/content/image/2024/04/11/20240411153203838176.jpg)
