South Korea’s largest shipper, Hyundai Merchant Marine Co Ltd (HMM), will invest 470.3 billion won ($417.61 million) in five new very large crude oil carriers (VLCCs), the company said on Thursday.

S. Korea Hyundai Merchant Marine to invest $418 mln in new oil carriers
Phoyo for illustrative purposes only: HMM's Chemical/Oil Products Tanker Atlantic Muse - Image courtesy of Ken Watson

It will also invest 181.9 billion won in two container ships, the company said in a separate filing.

The investments, due to be completed by September 2019 and May 2018 respectively, aim to boost the competitiveness of its fleet and services.

Source: Reuters