South Korea’s Hyundai Glovis has signed a long-term charter deal for liquefied natural gas (LNG) carrier newbuild with a global trading company.
Under the agreement, the Seoul-based shipping arm of the Hyundai Motor Group will build a new 174,000 cu m unit to carry LNG under a contract lasting up to 15 years. The company said the deal is expected to generate roughly KRW580bn ($395m) over the contract term.
The vessel, slated for delivery and deployment beginning in 2029, is designed to transport more than half of South Korea’s daily LNG consumption in a single voyage, the company said, adding that it will ship LNG from the US Gulf Coast to major markets worldwide.
The counterparty has not been named but LNG market sources have placed Japanese trading giant Itochu behind the deal.
Hyundai Glovis has been broadening its shipping portfolio beyond vehicle logistics. The group already has one LPG carrier and one LNG carrier since 2024 and plans to add four additional LNG ships arriving in 2027 to meet growing demand from Middle East shippers.
A company spokesperson said: “We will continue to expand our fleet to enhance our competitiveness in the energy maritime transport market, including LNG, and to continuously expand our network with global shippers.”
