HMM ships out product tanker brace

HMM has been linked to another rare sale in about a month, this time in the product tanker segment.

The South Korean shipowner, which has been on a significant buying spree last year with nearly 20 ships snapped up on the secondhand market, has let go of two of its 2008-built MRs for about $20.5m each.

The 50,800 dwt Oriental Diamond and the 50,500 dwt Oriental Gold have been sold to undisclosed buyers.

The company has up to four MR product carriers booked at the domestic yard HD Hyundai Mipo, with two firm units delivering next year.

The sale follows the exit of the 2010-built capsize bulker FEG Success to compatriot Korea Line at around $28m in December—the first recorded sale since January 2020 when the 5,551 teu Hyundai Confide, now MSC Anshika VI, was sold for about $11m.

Last September, HMM unveiled expansion plans through to the end of the decade, setting aside a massive KRW23.5trn ($17.48bn) that will see its container fleet nearly double while its tanker and dry bulk fleets will triple in size come 2030. A KRW5.6trn has been earmarked to expand the company’s dry bulk and tanker business from 36 ships to 110 vessels of 12.56m dwt.