LNG carrier

Shipowner behind $217M LNG carrier order revealed

Hyundai Glovis, the logistics arm of South Korea’s Hyundai Group, is believed to have placed a $217 million order with Korea Shipbuilding & Offshore Engineering Co. (KSOE) for a liquefied natural gas (LNG) carrier.

Illustration; LNG carrier; Photo by Hyundai Samho Heavy Industries

To remind, the Korean shipbuilding giant recently revealed the contract for 174,000 cbm LNG carrier to be constructed by KSOE’s unit Hyundai Samho Heavy Industries.

As disclosed, the construction order is Hyundai Glovis’ investment in securing maritime transport capabilities, the core of the hydrogen value chain and expanding the fleet powered by eco-friendly fuels.

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In line with this strategy, in 2020, the company teamed up with Oslo-based company Wilhelmsen Group to explore the potential of the global gas shipping market, and research alternative vessel fuels, such as liquefied hydrogen.

Furthermore, in September 2021, Hyundai Glovis entered into an agreement with Switzerland-based commodity trading company Trafigura to ship ammonia and liquefied natural gas (LPG) from 2024.

Under the agreement, two parties vowed to spend KRW200 billion ($172.8 million) to build two very large gas carriers for ammonia and LPG transportation.

The new vessel is expected to reach the largest level among global gas carriers with a loading capacity of 86,000 cbm, the parties said at the time.

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