The Hyundai Merchant Marine (HMM) has signed a document with Daewoo Shipbuilding & Marine Engineering (DSME) on the building of 10 big carriers. Chang-keun Yoo, president of the HMM, stated: "We currently operate with 12 VLCCs, which have been foundational to stable profits. We thought this year is the right time to order new VLCCs." A final agreement with DSME will be concluded by the end of July.