South Korea’s Hyundai Merchant Marine (HMM) has dropped options for VLCC newbuildings worth $419m.
The diversified owner and operator has passed on the rights to order five 300,000-dwt VLCCs at compatriot DSME as it has failed to line up charter contracts for the crude carriers.
Shipping sources familiar with HMM said the company — led by chief executive Yoo Chang-keun — had decided to drop the optional newbuildings at the Okpo-based shipyard because it could not secure financing for the large tankers.
