Hyundai Glovis said it signed a liquefied natural gas (LNG) shipping contract worth around 580 billion won ($396 million) with an unnamed global trading company for up to 15 years, expanding its push into energy transport.
The deal involves a 174,000-cubic-meter (228,000-cubic-yard) LNG carrier that Hyundai Glovis will order and deploy in 2029. The vessel can carry more than half of Korea’s average daily LNG consumption in a single load and is expected to primarily move LNG from the U.S. Gulf Coast to major global markets.
LNG shipping requires ultra-low-temperature systems and strict safety controls, making it one of the highest-value segments in maritime logistics.
The International Energy Agency forecasts global LNG trade will grow by about 300 billion cubic meters by 2030, equal to roughly 40 percent of 2023 volumes. Rising demand for diversified energy supply chains continues to drive long-haul transport needs.
Hyundai Glovis has been widening its logistics portfolio beyond vehicle carriers by expanding into energy shipping. At its investor day last year, the company outlined a medium- to long-term plan to diversify into LNG, liquefied petroleum gas (LPG) and ammonia transport.
The company deployed one LPG carrier and one LNG carrier in the global gas market in 2024. It also plans to add four LNG carriers in 2027 to handle cargo for a client in the Middle East.
A Hyundai Glovis representative said the company will increase its fleet to strengthen competitiveness in LNG and other energy shipping markets and “continue to broaden its network with global shippers.”
Source: Korea Joongang Daily
