Hyundai Glovis announced Thursday it has signed a liquefied natural gas (LNG) shipping contract worth approximately 580 billion won (USD 396 million) with an unnamed global trading company for up to 15 years, marking a significant expansion of the company's push into energy transport.

Contract Details and Vessel Specifications

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 has the capacity to carry more than half of Korea's average daily LNG consumption in a single load, and is expected to primarily transport LNG from the U.S. Gulf Coast to major global markets. LNG shipping requires ultra-low-temperature systems and strict safety controls, positioning it as one of the highest-value segments in maritime logistics.

The specialized nature of these vessels reflects the technical complexity and investment required for this type of energy transportation.

Strategic Diversification Beyond Vehicle Carriers

Hyundai Glovis has been actively expanding its logistics portfolio beyond vehicle carriers by entering the energy shipping market. 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 has already made initial moves into the global gas market, deploying one LPG carrier and one LNG carrier in 2024. Additionally, Hyundai Glovis plans to add four LNG carriers in 2027 specifically to handle cargo for a client in the Middle East.

Market Growth and Industry Outlook

The International Energy Agency forecasts that global LNG trade will grow by about 300 billion cubic meters by 2030, representing an increase of roughly 40 percent from 2023 volumes. This substantial growth projection reflects rising demand for diversified energy supply chains, which continues to drive long-haul transport needs in the LNG sector. A Hyundai Glovis representative stated that 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.”

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