South Korea’s HMM is reported to have snapped up a modern VLCC in a rare dip into secondhand markets.

Brokers said the 301,000-dwt C Guardian (built 2019) has been acquired from compatriot SK Shipping for $98m.

VesselsValue assesses the unit as worth $100m. The ship has a drydocking due.

HMM told TradeWinds it could not comment on the matter at the moment.

The ship was fixed at the start of 2020 for five years to trader Trafigura at $38,000 per day

The South Korean-built C Guardian was originally ordered by Arne Fredly-backed Hunter Group of Norway for $85.2m in 2018.

SK bought it as a resale for $98m in June 2019.

HMM has not bought secondhand tankers since 2011, preferring to add newbuildings.

It has only sold one vessel, a container ship, since 2017.

The deal leaves SK with 23 VLCCs.

Big plans afoot

HMM is better known for its boxships, but the group, which controls 72 vessels, has five modern VLCCs in operations.

These 300,000-dwt tankers were built in 2019 by Daewoo Shipbuilding & Marine Engineering (DSME), which also constructed the C Guardian.

There is also a 2008-built built MR in the fleet, as well as bulkers.

In July, the company kicked off a five-year growth plan with a $106m order for three container vessels of 1,800 teu.

More acquisitions on the cards

Shipbuilding sources said HMM inked the contract with Hyundai Mipo Dockyard (HMD). The deal does not include options for additional vessels.

The move is part of a huge KRW 15trn ($11.4bn) investment drive to expand the fleet and build its global shipping and logistics reach.

The Seoul-based owner’s aim is to grow the eco-friendly boxship fleet from 820,000 teu to 1.2m teu by the end of 2026.

And in the next four and a half years, it wants to add another 26 tankers and bulkers to reach 55 vessels.