Hyundai Merchant Signs GS Caltex Crude Oil Transportation Agreement

- Feb 06, 2018-

Hyundai Merchant Shipping(welding overlay,flange,pipe spooling), a Korean trucking company, recently announced that it has signed a long-term crude oil transport agreement with Korean refiner GS Caltex on February 1, 2018.


The company said the contract of carriage is worth about 190 billion won (about 177 million U.S. dollars) for a period of five years. Under the agreement, Hyundai Merchant Shipping will ship 19 million tons of crude oil from the Middle East to South Korea from July 1, 2019 to August 31, 2024.


Hyundai Merchant said it has deployed two 300,000 dwt VLCCs in September 2017. C.K.Yoo, the company's chief executive, said it expects a long-term transport agreement with GS Caltex to further strengthen the partnership between Hyundai Merchant and GS Caltex. Hyundai Merchant Shipping will ensure consistent and consistent profits by increasing its long-term contracts with its global customer base.


It is understood that Hyundai Merchant Marine (welding overlay,flange,pipe spooling)and GS Caltex used to have more than 20 years of cooperation in the field of crude oil transportation.


In addition, in December 2017, GS Caltex signed a crude oil agreement with Hyundai Glovis, another South Korean shipping company. Under the agreement, Hyundai Glovis agreed to order a 300,000 dwt VLCC to transport crude oil to South Korea from Saudi Arabia and other countries in the region.