SEOUL, November 27 (AJP) - Hyundai Glovis said on Thursday it has signed a long-term liquefied natural gas (LNG) shipping contract worth about 960 billion won ($720 million) with a major global trading company, marking one of the largest gas-transport deals in the company’s portfolio.
The contract, which runs for up to 15 years, will be serviced by a newly built 174,000-cubic-meter LNG carrier — a vessel large enough to transport more than half of South Korea’s daily LNG consumption in a single voyage. The ship will be equipped with advanced cryogenic storage systems capable of maintaining LNG at –162 degrees Celsius.
Beginning in 2029, the carrier will ship LNG from the U.S. Gulf Coast to major global markets. Hyundai Glovis said the deal will help strengthen its position in the expanding global gas shipping sector and support stable international energy supply chains.
The LNG shipping industry relies on sophisticated cryogenic technology and strict safety management. The International Energy Agency’s Gas 2025 report projects global LNG trade to grow by 300 billion cubic meters by 2030, a roughly 40 percent increase from 2023, driven by the diversification of energy supply chains and rising maritime transport demand.
Hyundai Glovis is seeking to diversify beyond its core automobile transport business into LNG, LPG, and ammonia shipping. Since 2024, it has operated one LPG and one LNG carrier, and it plans to introduce four additional LNG vessels by 2027 to service Middle Eastern clients.
“We will continue expanding our fleet to strengthen competitiveness in the LNG shipping market and broaden our global customer network,” a company spokesperson said.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
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