On November 27, Hyundai Glovis, the shipping and logistics arm of South Korean automotive giant Hyundai Motor Group, announced it had signed a liquefied natural gas (LNG) maritime transport contract with a global integrated trading company. The contract spans up to 15 years and is valued at approximately 580 billion won (about $396 million).
To fulfill this transportation contract, Hyundai Glovis will construct a new 174,000 m³ class LNG carriers. As a large-scale vessel, it can carry over half of South Korea’s daily LNG consumption in a single voyage. Equipped with cutting-edge storage facilities maintaining ultra-low temperatures of -162°C, the vessels are scheduled to transport LNG produced in the U.S. Gulf of Mexico to global destinations starting in 2029.
Notably, industry sources reported several days ago that Hyundai Glovis is in talks with HD Hyundai Heavy Industries and Hanwha Ocean regarding the procurement of up to two 174,000 m³ class LNG carriers.
Currently, LNG transportation is regarded as a high-value-added maritime sector requiring cryogenic technology and stringent safety management systems. The International Energy Agency (IEA) recently projected in its ‘Gas 2025’ Report that global LNG trade volumes will increase by approximately 300 billion cubic meters by 2030. This growth represents 40% of the total global LNG trade volume in 2023 (around 700 billion cubic meters). The market widely anticipates that the trend toward diversifying energy supply chains will persist, further expanding the demand for LNG maritime transportation.
Hyundai Glovis is expanding its business in line with the medium- to long-term maritime business vision announced at last year’s investor day. The company is gradually transforming its core business structure of car carriers into a diversified system encompassing the transportation of energy sources such as LNG, liquefied petroleum gas (LPG), and ammonia.
Since 2024, Hyundai Glovis has deployed one LPG carrier and one LNG carrier to the global gas transportation market. The company plans to deploy four additional LNG carriers by 2027 to transport cargo for Middle Eastern shippers.
A Hyundai Glovis spokesperson stated: “We will continuously expand our fleet to strengthen competitiveness in the energy maritime transport market, including LNG, and broaden our network with global clients.”