Hyundai Merchant Marine (HMM) has signed a letter of intent with Daewoo Shipbuilding & Marine Engineering (DSME) to build five 300,000dwt VLCCs with an option of five more vessels.

Chang-keun Yoo, CEO of HMM stated "We currently operate 12 VLCCs which have been foundational to stable profits and enhancing sales competitiveness. We thought this year is the right time to order new VLCCs at historically low newbuilding prices."