"Bigger Than 63 Building"…Hyundai Glovis Introduces Its First Self-Owned LNG Carrier

Full-Scale Entry into LNG Transportation Business
Expanding 'Future Energy' Portfolio

Hyundai Glovis has introduced its first self-owned liquefied natural gas (LNG) carrier. The company plans to strengthen its presence by fully entering the LNG maritime transportation business.

On the 23rd, Hyundai Glovis announced that it recently held a naming ceremony for its first self-owned LNG carrier, the 'Woodside Scarlet Ibis,' at the HD Hyundai Samho shipyard in Jeonnam.

This vessel can load 174,000㎥ of LNG, which is about half of South Korea's daily LNG consumption. The ship is 292 meters long, approximately 40 meters longer than the height of the 63 Building in Yeouido.

Hyundai Glovis plans to deploy this vessel under an LNG transportation contract with the global energy company Woodside, transporting gas worldwide for up to 15 years. Through this, the company aims to increase its influence in the global gas maritime transportation market.

Global investment bank (IB) Goldman Sachs Research predicts that global LNG supply will increase by 80% by 2030. With the growing global emphasis on carbon neutrality, Hyundai Glovis intends to diversify its business structure, which has been centered on automobile transportation, by actively entering the LNG transportation market. Previously, the company formed a consortium with the Japanese shipping company K Line and won a maritime transportation contract for four LNG carriers from QatarEnergy, the world's largest LNG company, in line with this strategy.

A Hyundai Glovis official said, "Following LPG, we will accelerate the gas maritime transportation business to include LNG transportation," adding, "Furthermore, we plan to strengthen our maritime transportation capabilities for hydrogen and ammonia, which are considered future energy sources."

At the naming ceremony of the "Woodside Scarlet Ibis" held at the HD Hyundai Samho Shipyard in Jeonnam, Lee Gyubok, CEO of Hyundai Glovis (seventh from the left in the front row), and Woodside officials are taking a commemorative photo. (Photo by Hyundai Glovis)