HMM Signs Long-Term Crude Oil Transport Contract with S-Oil for the First Time in 6 Years

HMM announced on the 1st that it has signed a long-term crude oil transportation contract with S-OIL.

The signing ceremony, held on the 30th of last month at the S-OIL headquarters in Mapo-gu, Seoul, was attended by HMM President Kim Kyung-bae and S-OIL President Park Bong-soo, among other officials.

The contract is valued at approximately 180 billion KRW over five years starting from the first quarter of 2025. The contract period can be extended for up to an additional two years.

On the 30th of last month, at the signing ceremony held at the S-Oil headquarters, Kim Kyung-bae, President of HMM (left), and Park Bong-su, President of S-Oil, are posing for a commemorative photo after completing the signing.
[Photo by HMM]

Under this contract, HMM will deploy one 300,000-ton class Very Large Crude oil Carrier (VLCC) to transport S-OIL crude oil from the Middle East, including Saudi Arabia, to Korea.

HMM and S-OIL have maintained crude oil transportation business for over 20 years, and this is the first long-term transportation contract in six years since 2018.

An HMM official stated, "We will continue to increase stable revenue through continuous long-term transportation contracts," adding, "Based on our 2030 mid-to-long-term plan, we will do our best to diversify our business, including expanding the fleet in the bulk business sector."