Hyundai Merchant Marine (HMM) is preparing to sell its only owned VLCC as part of its  renewal plan that involves growing its fleet of large tankers.

The Korean shipping company, which currently controls three VLCCs, says it plans to sell the Hyundai-built 300,000-dwt Hyundai Sun (built 1998) later this year once its charter  expires.

“The employment contract for Hyundai Sun will end this month but we are looking to charter out the ship for a few more months before selling it for storage purposes,” said a HMM executive.