Hyundai Glovis, the logistics arm of Hyundai Group, will enter the gas shipping market in 2024 after striking a multi-year deal with commodity trader Trafigura.
Hyundai Glovis, best known for its car carrier fleet, will ship LNG and ammonia for Trafigura for an initial 10-year period.
Two 86,000 cu m VLGCs costing $173.2bn will be built as part of the deal.
Hyundai Glovis is now pursuing hydrogen shipping possibilities. Hyundai Glovis and Hyundai Heavy Industries’s basic design for a 20,000 cu m commercial liquefied hydrogen carrier won approval in principle from the Korean Register of Shipping and the Liberian Registry last October.
“We will see the process of building a hydrogen value chain gather speed. We plan to carry liquefied hydrogen and take lead in global hydrogen distribution,” a company spokesperson said.