Hyundai Glovis clinches $396 mil. LNG shipping deal

Hyundai Glovis said Thursday it has secured a 580 billion won ($396 million) liquefied natural gas (LNG) transportation contract that will run for up to 15 years, with the Hyundai Motor Group affiliate identifying the client only as “a global trading firm.” The company said the contract will begin in 2029 after it acquires a new LNG carrier that will be built exclusively for the project. Hyundai Glovis did not disclose the shipbuilder, citing confidentiality agreements. The vessel will have a capacity of 174,000 cubic meters — more than half of Korea’s average daily LNG consumption — and will load LNG in the Arabian Gulf region for delivery to destinations around the world. It will feature an advanced containment system capable of maintaining temperatures at minus 162 degrees Celsius to keep the cargo stable during long-distance transport. The latest contract underscores Hyundai Glovis’ push to expand beyond its core business of transporting vehicles manufactured by Korean automakers to overseas markets. The company has been accelerating its transition into the energy shippi