Hyundai reports record January results from tankers

Hyundai reports record January results from tankers    Hyundai Merchant Marine ‘s very large crude carriers (VLCC) and product carrier activities achieved record monthly sales of $56 million in January, up 170 percent compared to the same month in 2003. Their net profits were up 380 percent, at $25 million, also a record.
   “According to general analysis, the reason for the current tanker market’s prosperous situation is that China, in line with its ‘world’s factory’ status, increased its imports of crude oil last year by 31 percent,” Hyundai said in a statement. “The demand for crude oil also increased over the winter season although the fleet of available tankers remained largely unchanged.”
   Hyundai said it took “timely steps” in December to contract nine VLCCs for January when the world scale indicator was rising quickly to 150 points.
   The Korean carrier operates a fleet of 14 VLCCs and one Aframax tanker, with a further five product tankers on the domestic market.
   Hyundai also ordered two new 309,000-deadweight VLCCs in November of last year.