[Special Stock] HMM Hits 52-Week High on 630 Billion Won Shipping Contract Boost

[Asia Economy Reporter Lee Seon-ae] HMM recorded a 52-week high in the early trading session on the 2nd.

As of 9:42 AM on the day, HMM was trading at 19,550 KRW, up 2.889% from the previous trading day. In the early session, it rose to 19,800 KRW, achieving a 52-week high.

It is interpreted that the signing of a long-term transportation contract for a super-large crude carrier (VLCC) worth approximately 630 billion KRW influenced the stock price.

HMM signed a long-term transportation contract worth about 630 billion KRW for super-large crude carriers (VLCC) with GS Caltex. Under this contract, HMM will transport GS Caltex's crude oil from the Middle East, including Saudi Arabia, to Korea for 10 years from July 1, 2022, to July 1, 2032. Accordingly, HMM plans to deploy three 300,000-ton VLCCs.

HMM, which has mainly operated container ships, is also expanding its bulk shipping business. Given its high dependence on the container ship business, the company is increasing investment in the bulk business to diversify risks and improve long-term competitiveness.